Robinhood is raising $2 billion through zero-coupon convertible senior notes due October 2029, led by Goldman Sachs and JPMorgan. The notes carry no interest, with a 60–65% conversion premium above the reference stock price. About $300 million of proceeds will fund share buybacks, and capped call options will limit dilution if the stock surges. The offering comes days after Robinhood laid off roughly 10% of its workforce and follows a Q1 2026 earnings miss, with revenue of $1.07 billion falling short of expectations and crypto trading revenue down 47%. The capital raise is intended to fund aggressive product expansion including an AI agentic trading platform, credit cards, and crypto services. The zero-coupon convertible structure is part of a broader market trend, with $34 billion issued in early 2026 alone.
