Robinhood participated as an underwriter in the IPO of fitness ring maker Oura, acting as the 18th of 18 underwriters alongside Goldman Sachs, Morgan Stanley and J.P. Morgan. This participation marks a major shift: retail investors, once seen as amateurs, are now treated as permanent and influential players in capital markets. SpaceX’s IPO reserved over 20% of its shares for retail investors, a record for a company of this magnitude. Public companies now recognize retail buyers as a source of stability for their stock, unlike institutional investors who quickly liquidate positions using algorithms. Oura’s IPO has been postponed, with some observers citing an unfavorable climate due to higher interest rates and anticipation of the OpenAI and Anthropic listings.
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