The company not only has to appeal to two customer bases, it has to appeal to two customer bases that hate each other. This separation of users and revenue is not unique, of course, but Robinhood’s position is made fraught by the cultural battle in which financial markets are embroiled. It seeks the affection of the YOLO’ing retail trader while it looks to garner the trust of the large financial institutions from which it makes its money. The heart of this conflict seems to be that Robinhood isn’t quite sure what power source it’s appealing to. Does Robinhood want to be the Allegiance of Magicians from Arrested Development or Mean Girls’ “cool Mom”? Is this an addictive social app with an economic agenda, or a bank with a sense of humor? But it leaves the impression of a business unsure of whether it wants to be the most serious fun company or the most fun serious company. A similar juxtaposition plays out a moment later: right before Robinhood’s founders extoll their values - clear-minded and sober as they are - they wink again at Roaring Kitty with this paraphrase: “If you like these values, you may like the stock.' One spread proclaims “Our mission is to democratize finance for all” the next alludes to the Game Stop fiasco’s chief protagonist with a cheeky “ROAR” ticker.

This is clear even within the first few pages. (Alight on a third and you’d anticipate a nerdy sleepover, all esoteric comic books, and wonkish, penetrating conversation.)ĭepending on where you look, Robinhood is animated by contrasting energies, trying to convince you of the intelligence and nobility of its endeavor at the same time that it assures you of its playfulness. Read another and you’d imagine a Davey Day Trader fan meeting, spilled pitchers lacquering the tables of a local watering hole. Read part of the S-1 and you might expect a symposium on the democratization of finance held in a hedge funder’s brownstone. Robinhood does not know what party they are throwing. Its appeal depends on who you are and what you care about - these filings have a vibe, and if you share it, then perhaps you will come along. Palantir’s is a LARP of the First Crusade - take up arms, repel the infidels!Įach has its own merits and is internally consistent. Bumble is a Paint N’ Sip for young female executives. Roblox’s is a summons to the birthday party of a precocious, terrifying thirteen-year-old. Unity’s S-1 is an invitation to candy flip in Joshua Tree, spending the weekend staring into the metaverse. These are the contours of the argument, but each party differs in appeal and aesthetics. They will explain that they are extremely fun people who have long histories of throwing the biggest ragers with the prettiest people and that frankly, you are late, very late for this one, this party, which may be the best ever.

The company is the eager host, keen to entice you, the investor, to join them. One way to look at S-1 filings is as an invitation to a party.

Apex clearing vs securities robinhood