CEO Vlad Tenev on Robinhood's Record Year (+200%, ~$100B Market Cap)

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Jan 10, 2026

Vlad Tenev, co-founder and CEO of Robinhood, shares insights about the company’s astounding growth, including 11 revenue streams each surpassing $100M. He explores prediction markets as a new frontier for sports and insurance, innovative tokenization strategies, and the introduction of Robinhood Cortex, an AI financial assistant for users. Vlad discusses generational shifts in retail investing and reimagining earnings calls as live, interactive events. His vision encompasses expanding Robinhood's global presence and enhancing accessibility to private markets for everyday investors.

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INSIGHT

From V6 To V12: Business Diversification

Robinhood transformed from a narrow crypto/options/equities shop into a diversified platform with 11 $100M+ revenue lines.
The company intentionally rebuilt to be “all-weather” after interest-rate and market regime changes hit its IPO-era thesis.

ADVICE

Grow Trading By Improving Rates And UX

Compete on rates and user experience to grow margin and active trading products fast.
Build subscription value (Robinhood Gold) to convert new customers into durable revenue streams.

INSIGHT

Three Parallel Growth Arcs

Robinhood pursues three long-term arcs: be #1 for active traders, win wallet share for the next generation, and expand globally into institutional markets.
Each arc offers a distinct 10x growth vector across products, geographies, and customer types.

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Robinhood CEO Vlad Tenev joins Molly O’Shea from Robinhood HQ to break down the company’s record year and what powered its growth.

Robinhood (NASDAQ: HOOD) stock opened 2025 under $40/share and ended the year around $113/share, a ~200% annual gain, pushing the company to roughly $120B in market capitalization. But as Vlad explains, the bigger story is under the hood.

Today, Robinhood has 11 separate business lines generating $100M+ in annual revenue (!!), including prediction markets, margin, Gold subscriptions, cash sweep, crypto, and institutional infrastructure via Bitstamp. Vlad walks through Robinhood’s three long-term arcs: becoming #1 for active traders, owning wallet share for the next generation, and expanding globally into business and institutional markets.

The conversation spans:

Prediction markets as a new supercycle (sports, weather, insurance)
Tokenized stocks and 24/7 trading in Europe
Reinventing earnings calls as live, interactive experiences
Unlocking private markets and AI companies for retail investors
Robinhood Cortex, an AI financial assistant with full portfolio context
Why retail investors today look very different than in 2021

This is a deep look at how Robinhood matured alongside its users — and how Vlad thinks about the next decade of finance.

Vlad Tenev:Molly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc

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Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.