Robinhood Securities has received approval to serve as an IPO underwriter, CEO Vlad Tenev announced Tuesday, positioning the zero-commission broker to compete directly with Wall Street banks on the mega-IPO pipeline.

Robinhood Securities wins approval to underwrite IPOs as the brokerage expands beyond retail trading.

Robinhood gains approval to underwrite IPOs just as SpaceX tests a huge retail allocation and crypto markets trade pre‑IPO derivatives on platforms like Hyperliquid.