Robinhood Valued at $55 Billion on Secondary Market Ahead of IPO

Anticipation of Robinhood’s upcoming initial public offering, which took a step forward when the stock-trading app filed paperwork for the offering with the SEC on Thursday, has prompted secondary market investors to offer to buy its private shares at an implied valuation of $55 billion. That’s two-thirds higher than Robinhood’s last large private fundraising round in February.

Earlier this week, an unnamed investor offered to pay $59 per share for Robinhood, according to Rainmaker Securities, an investment bank that facilitates private stock deals. The recent offer, which did not result in a sale, would likely have been steeper without regulatory concerns that delayed Robinhood’s prospectus and disappointment over the share performance of Coinbase after its April public listing, according to investors.