NEW YORK, Jan 29, 2026, 12:00 EST — Regular session
- Robinhood shares dropped roughly 3% amid falling crypto prices and a pullback in U.S. stocks
- Bloomberg reports the broker is competing for a retail slot in a possible SpaceX IPO through its IPO Access program
- A U.S. filing revealed that Robinhood’s CTO sold shares through a pre-arranged trading plan
Shares of Robinhood Markets (HOOD.O) dropped 3.4% to $99.88 by midday Thursday, sliding as low as $99.30. The decline came amid a bitcoin slump and tech sector selloff, overshadowing renewed buzz about a possible SpaceX IPO. The stock had closed at $103.40 the previous day.
The pullback hits Robinhood at a tricky time for its bulls. Investors have used the stock as a stand-in for risk appetite: when crypto and high-beta tech stumble, HOOD tends to drop too.
Any credible way for Robinhood to secure marquee IPO allocations on its app could reignite the “retail gateway” pitch that fueled past rallies.
Bloomberg says Robinhood is competing with multiple Wall Street banks for a sizable chunk of SpaceX shares to offer straight to its retail clients, according to sources familiar with the situation. These shares would probably come through Robinhood’s IPO Access platform, allowing users to buy at the IPO price ahead of public trading. (Bloomberg Law)
SpaceX is reportedly considering an IPO in mid-June that might pull in up to $50 billion, valuing the company at about $1.5 trillion, according to the Financial Times, Reuters reported Wednesday. SpaceX didn’t respond to a Reuters request for comment, Reuters noted. (Reuters)
For now, the tape is doing most of the talking. Wall Street’s main indexes slipped to their lowest in more than a week amid concerns that a fresh surge in AI-related capital spending is outpacing returns. The Nasdaq was down over 2% by late morning, Reuters reported. “They’re starting to look under the hood and see what’s really going on,” said Max Wasserman, co-founder and senior portfolio manager at Miramar Capital. (Reuters)
Crypto-related stocks took a bigger hit than the coins themselves. Coinbase Global dropped roughly 6.9% by midday, with ether losing around 5.5%.
Insider moves caught investors’ attention as well. On Jan. 26, Chief Technology Officer Jeffrey Tsvi Pinner offloaded 5,864 shares through a Rule 10b5-1 plan, a pre-set trading arrangement. After the sale, he reported holding 9,133 shares. (SEC)
Needham’s John Todaro maintained a $135 price target on Robinhood Wednesday, per Quiver Quantitative data, zeroing in on the challenge of keeping user engagement steady as market activity slows. (Quiver Quantitative)
But the upside hinges on several “ifs.” SpaceX’s IPO schedule might shift, allocations get decided behind closed doors, and Robinhood could miss out on a significant share. Plus, a prolonged crypto slump would likely drag down trading volume on the app.
Robinhood’s next major event is just around the corner. The company plans to release its fourth-quarter and full-year 2025 results on Feb. 10 after markets close, followed by a video call at 5 p.m. ET with CEO Vlad Tenev and incoming CFO Shiv Verma. Shareholders can start submitting and upvoting questions from Feb. 3, the company announced. (Globenewswire)
