Robinhood Markets (HOOD) 10-Q 18 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 16, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-40691
Entity Registrant Name	Robinhood Markets, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	46-4364776
Entity Address, Street	85 Willow Rd
Entity Address, City	Menlo Park
Entity Address, State	CA
Entity Address, Postal Zip Code	94025
City Area Code	844
Local Phone Number	428-5411
Title of each class	Class A Common Stock - $0.0001 par value per share
Trading Symbol(s)	HOOD
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Central Index Key	0001783879
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		725,288,102
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		130,155,246

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 5,077,752	$ 1,402,629
Cash and securities segregated under federal and other regulations	5,374,594	4,914,660
Receivables from brokers, dealers and clearing organizations	209,792	124,501
Receivables from users, net	5,423,643	3,354,142
Deposits with clearing organizations	272,204	225,514
Other current assets	1,542,902	851,138
Total current assets	17,900,887	10,872,584
Property, software and equipment, net	71,078	45,834
Restricted cash	17,273	7,364
Non-current assets	99,344	62,692
Total assets	18,088,582	10,988,474
Current liabilities:
Accounts payable and accrued expenses	292,851	104,649
Payables to users	7,768,181	5,897,242
Amounts of liabilities presented on the unaudited condensed consolidated balance sheets	2,642,900	1,921,118
Other current liabilities	1,536,344	893,036
Total current liabilities	12,240,276	8,816,045
Convertible notes	5,189,783	0
Other non-current liabilities	463,548	48,012
Total liabilities	17,893,607	8,864,057
Commitments and contingencies (Note 14)
Mezzanine equity
Carrying Value of Stock, Net of Issuance Costs	2,179,739	2,179,739
Stockholders’ deficit:
Common stock, $0.0001 par value, 777,354,000 and 1,057,152,204 shares authorized at December 31, 2020 and June 30, 2021. 229,031,546 and 232,609,957 shares issued and outstanding at December 31, 2020 and June 30, 2021.	1	1
Additional paid-in capital	151,281	134,307
Accumulated other comprehensive income	525	473
Accumulated deficit	(2,136,571)	(190,103)
Total stockholders’ deficit	(1,984,764)	(55,322)
Total liabilities, mezzanine equity and stockholders’ deficit	$ 18,088,582	$ 10,988,474

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, authorized (in shares)	658,311,424	414,033,220
Redeemable convertible preferred stock, issued (in shares)	412,742,897	412,742,897
Redeemable convertible preferred stock, outstanding (in shares)	412,742,897	412,742,897
Redeemable convertible preferred stock, Liquidation preference	$ 2,191,086,000	$ 2,191,086,000
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,057,152,204	777,354,000
Common stock, shares issued (in shares)	232,609,957	229,031,546
Common stock, shares outstanding (in shares)	232,609,957	229,031,546

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Revenues	$ 451,167	$ 187,413	$ 871,606	$ 283,044
Net interest revenues	67,709	39,998	130,206	64,014
Total net revenues	565,333	244,211	1,087,507	371,761
Operating expenses:
Brokerage and transaction	37,812	28,612	78,816	49,016
Technology and development	156,347	44,971	273,205	78,176
Operations	101,065	30,464	167,629	52,277
Marketing	94,159	43,510	196,407	113,432
General and administrative	111,346	38,636	248,460	73,287
Total operating expenses	500,729	186,193	964,517	366,188
Change in fair value of convertible notes and warrant liability	528,052	0	2,020,321	0
Other expense (income), net	710	(100)	(149)	43
Income (loss) before income tax	(464,158)	58,118	(1,897,182)	5,530
Provision for income taxes	37,507	534	49,286	448
Net income (loss)	(501,665)	57,584	(1,946,468)	5,082
Net income (loss) attributable to common stockholders:
Basic	(501,665)	22,783	(1,946,468)	2,050
Diluted	$ (501,665)	$ 22,783	$ (1,946,468)	$ 2,050
Net income (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ (2.16)	$ 0.10	$ (8.41)	$ 0.01
Diluted (in dollars per share)	$ (2.16)	$ 0.09	$ (8.41)	$ 0.01
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic (in shares)	232,223,019	225,091,413	231,459,227	224,953,736
Diluted (in shares)	232,223,019	244,338,145	231,459,227	244,539,192
Transaction-based revenues
Revenues:
Revenues	$ 451,167	$ 187,413	$ 871,606	$ 283,044
Other revenues
Revenues:
Revenues	$ 46,457	$ 16,800	$ 85,695	$ 24,703

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (501,665)	$ 57,584	$ (1,946,468)	$ 5,082
Other comprehensive income (loss), net of tax:
Foreign currency translation	23	(42)	52	(174)
Total other comprehensive income (loss), net of tax	23	(42)	52	(174)
Total comprehensive income (loss)	$ (501,642)	$ 57,542	$ (1,946,416)	$ 4,908

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net income	$ (1,946,468)	$ 5,082
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	8,694	3,913
Provision for credit losses	36,745	23,933
Share-based compensation	10,134	3,777
Deferred income taxes	1	(88)
Change in fair value of convertible notes and warrant liability	2,020,321	0
Other	0	19
Changes in operating assets and liabilities:
Segregated securities under federal and other regulations	(214,990)	0
Receivables from brokers, dealers and clearing organizations	(85,291)	(116,703)
Receivables from users, net	(2,104,430)	(769,581)
Deposits with clearing organizations	(46,690)	(113,112)
Other current and non-current assets	(730,233)	(156,252)
Accounts payable and accrued expenses	182,214	18,248
Payables to users	1,870,939	2,913,253
Securities loaned	721,782	91,468
Other current and non-current liabilities	676,393	159,206
Net cash provided by (used in) operating activities	399,121	2,063,163
Investing activities:
Purchase of property, software and equipment	(22,085)	(11,689)
Capitalization of internally developed software	(5,777)	(4,573)
Net cash used in investing activities	(27,862)	(16,262)
Financing activities:
Proceeds from issuance of convertible notes and warrants	3,551,975	0
Draws on credit facilities	1,348,276	907,700
Repayments on credit facilities	(1,348,276)	(892,700)
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	0	557,297
Proceeds from exercise of stock options, net of repurchases	6,690	584
Net cash provided by financing activities	3,558,665	572,881
Effect of foreign exchange rate changes on cash and cash equivalents	52	(174)
Net increase in cash, cash equivalents, segregated cash and restricted cash	3,929,976	2,619,608
Cash, cash equivalents, segregated cash and restricted cash, beginning of the period	6,189,659	3,069,568
Cash, cash equivalents, segregated cash and restricted cash, end of the period	10,119,635	5,689,176
Cash and cash equivalents, end of the period	5,077,752	794,482
Segregated cash, end of the period	5,024,610	4,887,330
Restricted cash, end of the period	17,273	7,364
Cash, cash equivalents, segregated cash and restricted cash, end of the period	10,119,635	5,689,176
Supplemental disclosures:
Cash paid for interest	3,083	2,582
Cash paid for income taxes	$ 3,128	$ 417

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Redeemable convertible preferred stock	Common stock	Additional paid-in capital	Accumulated other comprehensive income	Accumulated deficit
Balance at beginning of period, Redeemable convertible preferred stock (in shares) at Dec. 31, 2019		321,626,778
Balance at beginning of period, Redeemable convertible preferred stock at Dec. 31, 2019		$ 912,411
Increase (decrease) in mazzanine equity
Issuance of Series F convertible preferred stock, net of issuance costs (in shares)		44,640,000
Issuance of Series F convertible preferred stock, net of issuance costs		$ 557,297
Balance at end of period, Redeemable convertible preferred stock (in shares) at Jun. 30, 2020		366,266,778
Balance at end of period, Redeemable convertible preferred stock at Jun. 30, 2020		$ 1,469,708
Balance at beginning of period, Common stock (in shares) at Dec. 31, 2019			224,802,545
Balance at beginning of period at Dec. 31, 2019	$ (97,048)		$ 1	$ 99,439	$ 189	$ (196,677)
Increase (decrease) in stockholder's equity
Net income (loss)	5,082					5,082
Shares issued in connection with employee stock plans (in shares)			1,017,823
Shares issued in connection with employee stock plans	1,440			1,440
Vesting of early-exercised stock options	312			312
Repurchase of common stock (in shares)			(70,000)
Repurchase of common stock	(875)					(875)
Change in other comprehensive income	(174)				(174)
Share-based compensation	4,314			4,314
Balance at end of period, Common stock (in shares) at Jun. 30, 2020			225,750,368
Balance at end of period at Jun. 30, 2020	(86,949)		$ 1	105,505	15	(192,470)
Balance at beginning of period, Redeemable convertible preferred stock (in shares) at Mar. 31, 2020		321,626,778
Balance at beginning of period, Redeemable convertible preferred stock at Mar. 31, 2020		$ 912,411
Increase (decrease) in mazzanine equity
Issuance of Series F convertible preferred stock, net of issuance costs (in shares)		44,640,000
Issuance of Series F convertible preferred stock, net of issuance costs		$ 557,297
Balance at end of period, Redeemable convertible preferred stock (in shares) at Jun. 30, 2020		366,266,778
Balance at end of period, Redeemable convertible preferred stock at Jun. 30, 2020		$ 1,469,708
Balance at beginning of period, Common stock (in shares) at Mar. 31, 2020			225,567,600
Balance at beginning of period at Mar. 31, 2020	(146,791)		$ 1	103,205	57	(250,054)
Increase (decrease) in stockholder's equity
Net income (loss)	57,584					57,584
Shares issued in connection with employee stock plans (in shares)			182,768
Shares issued in connection with employee stock plans	515			515
Vesting of early-exercised stock options	154			154
Change in other comprehensive income	(42)				(42)
Share-based compensation	1,631			1,631
Balance at end of period, Common stock (in shares) at Jun. 30, 2020			225,750,368
Balance at end of period at Jun. 30, 2020	$ (86,949)		$ 1	105,505	15	(192,470)
Balance at beginning of period, Redeemable convertible preferred stock (in shares) at Dec. 31, 2020	412,742,897	412,742,897
Balance at beginning of period, Redeemable convertible preferred stock at Dec. 31, 2020	$ 2,179,739	$ 2,179,739
Balance at end of period, Redeemable convertible preferred stock (in shares) at Jun. 30, 2021	412,742,897	412,742,897
Balance at end of period, Redeemable convertible preferred stock at Jun. 30, 2021	$ 2,179,739	$ 2,179,739
Balance at beginning of period, Common stock (in shares) at Dec. 31, 2020	229,031,546		229,031,546
Balance at beginning of period at Dec. 31, 2020	$ (55,322)		$ 1	134,307	473	(190,103)
Increase (decrease) in stockholder's equity
Net income (loss)	(1,946,468)					(1,946,468)
Shares issued in connection with employee stock plans (in shares)			3,581,521
Shares issued in connection with employee stock plans	6,579			6,579
Vesting of early-exercised stock options	173			173
Repurchase of common stock (in shares)			(3,110)
Change in other comprehensive income	52				52
Share-based compensation	$ 10,222			10,222
Balance at end of period, Common stock (in shares) at Jun. 30, 2021	232,609,957		232,609,957
Balance at end of period at Jun. 30, 2021	$ (1,984,764)		$ 1	151,281	525	(2,136,571)
Balance at beginning of period, Redeemable convertible preferred stock (in shares) at Mar. 31, 2021		412,742,897
Balance at beginning of period, Redeemable convertible preferred stock at Mar. 31, 2021		$ 2,179,739
Balance at end of period, Redeemable convertible preferred stock (in shares) at Jun. 30, 2021	412,742,897	412,742,897
Balance at end of period, Redeemable convertible preferred stock at Jun. 30, 2021	$ 2,179,739	$ 2,179,739
Balance at beginning of period, Common stock (in shares) at Mar. 31, 2021			232,257,374
Balance at beginning of period at Mar. 31, 2021	(1,485,186)		$ 1	149,217	502	(1,634,906)
Increase (decrease) in stockholder's equity
Net income (loss)	(501,665)					(501,665)
Shares issued in connection with employee stock plans (in shares)			355,693
Shares issued in connection with employee stock plans	782			782
Vesting of early-exercised stock options	113			113
Repurchase of common stock (in shares)			(3,110)
Change in other comprehensive income	23				23
Share-based compensation	$ 1,169			1,169
Balance at end of period, Common stock (in shares) at Jun. 30, 2021	232,609,957		232,609,957
Balance at end of period at Jun. 30, 2021	$ (1,984,764)		$ 1	$ 151,281	$ 525	$ (2,136,571)

DESCRIPTION OF BUSINESS AND SUM

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Robinhood Markets, Inc. (“RHM”, together with its subsidiaries, “Robinhood”, the “Company”, “we”, or “us”) was incorporated in the State of Delaware on November 22, 2013. Our most significant, wholly-owned subsidiaries are: • Robinhood Financial LLC (“RHF”), a registered introducing broker-dealer; • Robinhood Securities, LLC (“RHS”), a registered clearing broker-dealer; and • Robinhood Crypto, LLC (“RHC”), which provides users the ability to buy and sell cryptocurrencies. Acting as the agent of the user, we facilitate the purchase and sale of equities, options and cryptocurrencies through our platform by routing transactions through market makers, who are responsible for trade execution. Upon execution of a trade, users are legally required to purchase equities, options, or cryptocurrencies for cash from the transaction counterparty or to sell equities, options or cryptocurrencies for cash to the transaction counterparty, depending on the transaction. Acting as agent, we facilitate and confirm trades only when there are binding, matched legal obligations from the user and the market maker on both sides of the trade. Our users have ownership of the securities, including those that collateralize margin loans, and cryptocurrencies transacted on our platform and, as a result, any such securities or cryptocurrencies owned by users are not presented in our unaudited condensed consolidated balance sheets. We do not allow users to purchase cryptocurrency on margin. We hold cryptocurrency in custody for our users’ accounts in one or more omnibus cryptocurrency wallets. In March 2020, the World Health Organization declared the outbreak of the novel coronavirus referred to as “COVID-19” to be a global pandemic. The COVID-19 pandemic has negatively impacted the global economy and caused significant volatility in the financial markets. In response to the pandemic, we have enabled nearly all of our employees to work remotely and have restricted business travel. Throughout the COVID-19 pandemic, we have seen substantial growth in our user base, retention, engagement and trading activity metrics, as well as continued gains and periodic all-time highs achieved by the equity markets generally. During the COVID-19 pandemic, we have seen an increasing interest in personal finance and investing, coupled with low interest rates and a positive market environment, especially in the U.S. equity markets, that has encouraged an unprecedented number of first-time retail investors to become our customers and begin trading on our platform. At the same time, the COVID-19 pandemic has resulted, in part, in inefficiencies or delays in our business, operational challenges and additional costs related to business continuity initiatives as our workforce has fully transitioned to remote working. The extent of the impact of COVID-19 on our business and financial results will depend largely on future developments, including the duration of the pandemic, actions taken to contain COVID-19 or address its impact, the ability to reintegrate our workforce or to adapt to the long-term distributed workforce model (with some employees part- or full-time remote, and others not) we expect to adopt, the impact on capital and financial markets and the related impact on the financial circumstances of our customers, all of which are highly uncertain and cannot be predicted. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. The condensed consolidated financial statements are unaudited, and in management’s opinion, include all adjustments, including normal recurring adjustments and accruals necessary for a fair presentation of the results for the interim periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full fiscal year ended December 31, 2021 or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes included in our final prospectus for our IPO dated July 28, 2021 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1934 on July 30, 2021 (the “Final Prospectus”). There have been no material changes in our significant accounting policies as described in our consolidated financial statements included in our audited annual consolidated financial statements for the year ended December 31, 2020, other than the adoption of the accounting pronouncement as described below in Note 2. The unaudited condensed consolidated financial statements include the accounts of RHM and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. Use of estimates The preparation of unaudited condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. We base our estimates on historical experience, and other assumptions we believe to be reasonable under the circumstances, which together form the basis for making judgments about the carrying values of assets and liabilities. Assumptions and estimates used in preparing our unaudited condensed consolidated financial statements include those related to the determination of allowances for credit losses, the capitalization and estimated useful life of internally developed software, contingent liabilities, useful lives of property and equipment, the incremental borrowing rate used to determine the present value of lease payments, the valuation and recognition of share-based compensation, the valuation of the convertible notes and warrant liability, uncertain tax positions, and the recognition and measurement of current and deferred income tax assets and liabilities. Actual results could differ from these estimates and could have a material adverse effect on our unaudited condensed consolidated financial statements. Deferred offering costs We have capitalized qualified legal, accounting and other direct costs related to our efforts to raise capital through a sale of our common stock in an IPO. Deferred offering costs are included in other current assets on the unaudited condensed consolidated balance sheets and will be deferred until the completion of the IPO, at which time they will be reclassified to additional paid-in capital as a reduction of the IPO proceeds. If we terminate the planned IPO or there is a significant delay, all of the deferred offering costs will be immediately written off to operating expenses. As of December 31, 2020 and June 30, 2021, $1.3 million and $9.5 million of deferred offering costs were capitalized. Concentration of credit risk We had transaction-based revenues from individual market makers in excess of 10% of total revenues, as follows: Three Months Ended Six Months Ended 2020 2021 2020 2021 Market maker: Citadel Securities, LLC 36 % 14 % 34 % 21 % Tai Mo Shan Limited (1) 1 % 29 % 2 % 20 % Entities affiliated with Susquehanna International Group, LLP (2) 21 % 9 % 20 % 11 % Entity affiliated with Jane Street Group 1 % 12 % 1 % 9 % Entities affiliated with Wolverine Holdings, L.P. (3) 8 % 8 % 10 % 8 % All others individually less than 10% 10 % 7 % 9 % 11 % Total as percentage of total revenue: 77 % 79 % 76 % 80 % ________________ (1) Member of Jump Trading Group (2) Consists of Global Execution Brokers, LP and G1X Execution Services, LLC (3) Consists of Wolverine Execution Services, LLC and Wolverine Securities LLC We are engaged in various trading and brokerage activities in which the counterparties primarily include broker-dealers, banks, and other financial institutions. In the event our counterparties do not fulfill their obligations, we may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty. It is our policy to review, as necessary, the credit standing of each counterparty.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently adopted accounting pronouncements Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity’s Own Equity. This guidance simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments, amends the accounting guidance for evaluating the classification of certain contracts in an entity’s own equity, and modifies the diluted earnings per share calculations for convertible instruments. The guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. We adopted this guidance effective January 1, 2021 using the full retrospective method. The adoption of the guidance did not have a material impact on our unaudited condensed consolidated financial statements. Recently issued accounting pronouncements not yet adopted

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Disaggregation of revenues The following table presents our revenue disaggregated by revenue source: Three Months Ended Six Months Ended (in thousands) 2020 2021 2020 2021 Transaction-based revenues: Options $ 111,148 $ 164,604 $ 170,908 $ 362,464 Cryptocurrencies 5,320 233,103 9,558 320,690 Equities 70,606 52,012 102,195 185,313 Other 339 1,448 383 3,139 Total transaction-based revenues 187,413 451,167 283,044 871,606 Net interest revenues: Securities lending 28,633 39,448 35,138 75,074 Margin interest 10,958 31,230 18,787 58,961 Interest on segregated cash and securities 1,436 931 10,632 2,041 Other interest revenue 526 1,368 2,516 2,197 Interest expenses related to credit facilities (1,555) (5,268) (3,059) (8,067) Total net interest revenues 39,998 67,709 64,014 130,206 Other revenues 16,800 46,457 24,703 85,695 Total net revenues $ 244,211 $ 565,333 $ 371,761 $ 1,087,507 Receivables and Contract Balances Receivables are recognized when we have an unconditional right to invoice and receive payment under a contract with a customer and are derecognized when cash is received. Receivables primarily consist of transaction-based revenue receivables due from market makers and are reported in receivables from brokers, dealers and clearing organizations and other revenue receivables due from our partnership with a third-party investor communications company and are reported in other current assets on the unaudited condensed consolidated balance sheets. The table below sets forth contract receivables balances for the period indicated: (in thousands) Receivables Beginning of period, January 1, 2021 $ 111,871 End of period, June 30, 2021 147,168 Increase in receivables during the period $ 35,297 The difference between the opening and ending balance of our receivables primarily results from the growth of our business over the period and timing differences between our performance and counterparties’ payments. Contract liabilities consist of unearned subscription revenue which are recognized when users remit contractual cash payments in advance of us satisfying our performance obligations under the contract and are recorded as other current liabilities on the unaudited condensed consolidated balance sheets. The table below sets forth contract liabilities balances for the period indicated: (in thousands) Contract Liabilities Beginning of period, January 1, 2021 $ 2,060 End of period, June 30, 2021 3,605 Increase in contract liabilities during the period $ 1,545

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	6 Months Ended
	Jun. 30, 2021
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES	ALLOWANCE FOR CREDIT LOSSES The following table summarizes the allowance for credit losses, which primarily relate to unsecured balances of receivables from users due to fraudulent, unlawful or otherwise inappropriate customer behavior, such as when customers initiate deposits into their accounts, make trades on our platform using a short-term extension of credit from us, and then repatriate or reverse the deposits, resulting in a loss to us of the credited amount (“Fraudulent Deposit Transactions”) and to a lesser extent, losses on margin borrowings, for the periods indicated: Three Months Ended Six Months Ended (in thousands) 2020 2021 2020 2021 Beginning balance $ 27,070 $ 30,875 $ 17,122 $ 34,092 Provision for credit losses 13,985 20,342 23,933 36,745 Write-offs — (15,964) $ — $ (35,584) Ending balance $ 41,055 $ 35,253 $ 41,055 $ 35,253 During the three and six months ended June 30, 2020, the provision for credit losses related to unsecured balances of receivables from users was $13.4 million and $23.3 million while the remaining $0.6 million and $0.6 million was related to other receivables. During the three and six months ended June 30, 2021, the provision for credit losses related to unsecured receivables from users was $19.0 million and $34.9 million while the remaining $1.3 million and $1.8 million was related to other receivables. As of June 30, 2020 and 2021, the ending allowance for credit losses related to unsecured balances of receivables from users was $40.4 million and $32.9 million while the remaining $0.7 million and $2.4 million were related to other receivables.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Financial assets and liabilities measured at fair value on a recurring basis as of the date indicated below were presented on our unaudited condensed consolidated balance sheets as follows: December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,026,034 $ — $ — $ 1,026,034 Cash and securities segregated under federal and other regulations: U.S. Treasury securities 134,994 — — 134,994 Other current assets: Equity securities - user-held fractional shares 802,483 — — 802,483 Equity securities - securities owned 3,222 — — 3,222 Total financial assets $ 1,966,733 $ — $ — $ 1,966,733 Liabilities Accounts payable and accrued expenses: Equity securities - referral program liability $ 695 $ — $ — $ 695 Other current liabilities: Equity securities - repurchase obligations 802,483 — — 802,483 Total financial liabilities $ 803,178 $ — $ — $ 803,178 June 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,927,574 $ — $ — $ 1,927,574 U.S. Treasury securities 349,984 — — 349,984 Other current assets: Equity securities - user-held fractional shares 1,430,855 — — 1,430,855 Equity securities - securities owned 18,874 — — 18,874 Total financial assets $ 3,727,287 $ — $ — $ 3,727,287 Liabilities Accounts payable and accrued expenses: Equity securities - referral program liability $ 389 $ — $ — $ 389 Other current liabilities: Equity securities - repurchase obligations 1,430,855 — — 1,430,855 Convertible notes: Convertible notes — — 5,189,783 5,189,783 Other non-current liabilities: Warrant liability — — 382,513 382,513 Total financial liabilities $ 1,431,244 $ — $ 5,572,296 $ 7,003,540 We measure our cash equivalents, securities segregated under federal and other regulations, equity securities owned by us for the promotional stock referral and fractional shares programs, and user-held fractional shares at fair value. Repurchase obligations in connection with our fractional shares program and equity securities that were awarded to our users as a part of our promotional stock referral program but had not been claimed as of December 31, 2020 and June 30, 2021 are also measured at fair value. We have evaluated the estimated fair value of financial instruments using available market information such as quoted market prices for the same instrument in active markets. Such instruments are classified within Level 1 of the fair value hierarchy. Convertible notes and warrant liability In February 2021, we issued two tranches of convertible notes (the “convertible notes”) and granted to each purchaser of the Tranche I convertible notes a warrant to purchase equity securities (the “warrant liability”) - see Note 10 for more information. We have elected the fair value option for both tranches of the convertible notes as we believe it best reflects its underlying economics. Under the fair value option, the convertible notes are initially measured at their issuance date estimated fair value and subsequently remeasured at their estimated fair value at each reporting period. The valuation methodology for both the convertible notes and warrant liability is based on unobservable estimates and judgements, and therefore they are classified within Level 3 of the fair value hierarchy. The fair value of the convertible notes is determined using an if-converted approach and the fair value of the warrant liability is determined using a Black-Scholes option-pricing model. The significant unobservable inputs used in the fair value measurement of the convertible notes and warrant liability include: June 30, 2021 Convertible notes Warrant liability Fair value of common stock $ 38.00 $ 38.00 Volatility N/A 56 % Risk free rate N/A 1.42 % Fair value measurements are highly sensitive to changes in these inputs and significant changes in these inputs would result in a significantly different fair value. For the three and six months ended June 30, 2021, we recorded total expense due to changes in fair value of $514.7 million and $1,890.8 million for the convertible notes and $13.4 million and $129.6 million for the warrant liability in our unaudited condensed consolidated statements of operations, none of which is attributable to the change in the instrument-specific credit risk. We have elected to present the component related to accrued interest in the change in fair value of convertible notes and warrant liability. The following table sets forth a summary of the changes in the estimated fair value of our convertible notes and warrant liability: (in thousands) Convertible notes Warrant liability Beginning of period, January 1, 2021 $ — $ — Issued during the period 3,299,031 252,944 Change in fair value 1,890,752 129,569 End of period, June 30, 2021 $ 5,189,783 $ 382,513 During the six months ended June 30, 2021, we did not have any transfers in or out of Level 1, Level 2, or Level 3 assets or liabilities.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Three Months Ended Six Months Ended (in thousands, except percentages) 2020 2021 2020 2021 Income (loss) before income taxes $ 58,118 $ (464,158) $ 5,530 $ (1,897,182) Provision for income taxes 534 37,507 448 49,286 Effective Tax Rate 0.9 % (8.1) % 8.1 % (2.6) % Our tax provision for interim periods is determined using an estimated annual effective tax rate (“ETR”), adjusted for discrete items arising in the period. In each quarter, we update our estimated annual ETR and make a year-to-date calculation of the provision. For the three months ended June 30, 2020, the ETR was lower than the U.S. federal statutory rate primarily due to the full valuation allowance on our U.S. federal and state deferred tax assets offset by our current federal and state taxes payable. For the three months ended June 30, 2021, the ETR differs from the U.S. federal statutory rate primarily due to the non-deductible change in fair value of the convertible notes and warrant liability, and the change in valuation allowance on our remaining U.S. federal and state deferred tax assets offset by our current federal and state taxes payable. For the six months ended June 30, 2020, the ETR was lower than the U.S. federal statutory rate primarily due to the full valuation allowance on our U.S. federal and state deferred tax assets offset by our current federal and state taxes payable. For the six months ended June 30, 2021, the ETR differs from the U.S. federal statutory rate primarily due to the non-deductible change in fair value of the convertible notes and warrant liability, and the change in valuation allowance on our remaining U.S. federal and state deferred tax assets partially offset by our current federal and state taxes payable. The realization of tax benefits of net deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence during the six months ended June 30, 2021, we believe it is more likely than not that the tax benefits of the remaining U.S. net deferred tax assets may not be realized. We intend to maintain the full valuation allowance on the U.S. net deferred tax assets until enough positive evidence exists to support a reversal of, or decrease in, the valuation allowance. Utilization of the net operating loss and credit carryforwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and tax credits before utilization.

PROPERTY, SOFTWARE AND EQUIPMEN

PROPERTY, SOFTWARE AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
PROPERTY, SOFTWARE AND EQUIPMENT, NET	PROPERTY, SOFTWARE AND EQUIPMENT, NET Property, software and equipment are presented net of accumulated depreciation and amortization and summarized as follows: December 31, June 30, (in thousands) 2020 2021 Computer equipment $ 9,203 $ 17,459 Furniture and fixtures 8,024 14,764 Tenant improvements 18,945 38,426 Internally developed software 16,992 18,943 Construction in progress 9,756 7,266 Total 62,920 96,858 Less: accumulated depreciation and amortization (17,086) (25,780) Property, software and equipment, net $ 45,834 $ 71,078 Depreciation expense of property and equipment was $1.3 million and $2.1 million for the three and six months ended June 30, 2020, and $3.4 million and $5.8 million for the three and six months ended June 30, 2021. Amortization expense of internally developed software was $0.9 million and $1.8 million for the three and six months ended June 30, 2020 and $1.5 million and $2.9 million for the three and six months ended June 30, 2021.

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2021
Offsetting [Abstract]
OFFSETTING ASSETS AND LIABILITIES	OFFSETTING ASSETS AND LIABILITIESCertain financial instruments are eligible for offset on our unaudited condensed consolidated balance sheets under GAAP. Our securities borrowing and lending agreements are subject to master netting arrangements and collateral arrangements and meet the GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Our policy is to recognize amounts subject to master netting arrangements on a gross basis on the unaudited condensed consolidated balance sheets. Our assets and liabilities subject to master netting arrangements are as follows: December 31, June 30, (in thousands) 2020 2021 Assets Securities borrowed Gross amount of securities borrowed $ 372 $ 754 Gross amount offset on the unaudited condensed consolidated balance sheets — — Amounts of assets presented on the unaudited condensed consolidated balance sheets (1) 372 754 Gross amount of securities borrowed not offset in the unaudited condensed consolidated balance sheets: Securities borrowed 372 754 Security collateral received (361) (727) Net amount $ 11 $ 27 Liabilities Securities loaned Gross amount of securities loaned $ 1,921,118 $ 2,642,900 Gross amount of securities loaned offset on the unaudited condensed consolidated balance sheets — — Amounts of liabilities presented on the unaudited condensed consolidated balance sheets 1,921,118 2,642,900 Gross amount of securities loaned not offset on the unaudited condensed consolidated balance sheets: Securities loaned 1,921,118 2,642,900 Security collateral pledged (1,787,819) (2,531,114) Net amount $ 133,299 $ 111,786 ________________ (1) Securities borrowed are included in receivable from brokers, dealers and clearing organizations in the unaudited condensed consolidated balance sheets.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER CURRENT ASSETS	OTHER CURRENT ASSETSOther current assets primarily includes user-held fractional shares for our fractional share program and prepaid expenses, and to a lesser extent securities owned by us for the promotional stock referral and fractional shares program, and other receivables. We classify prepayments made under contracts as prepaid expenses and expense them over the contract terms. Prepaid expenses primarily include prepayments on cloud infrastructure and other software services, capitalized deferred offering costs for our IPO and prepayments on insurance. The following table presents the detail of other current assets: December 31, June 30, (in thousands) 2020 2021 User-held fractional shares $ 802,483 $ 1,430,855 Prepaid expenses 28,629 67,412 Securities owned 3,222 18,874 Other 16,804 25,761 Total other current assets $ 851,138 $ 1,542,902

FINANCING ACTIVITIES AND OFF-BA

FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK	FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK Revolving credit facilities In September 2019, we entered into a $400.0 million committed and secured line of credit with a maturity date of September 25, 2020 (the “September 2019 Credit Facility”). In June 2020, we amended the September 2019 Credit Facility and increased the aggregate committed and secured revolving line of credit amount to $550.0 million with a maturity date of June 5, 2021. This line of credit was primarily collateralized by users’ securities held as collateral for users’ margin loans. Interest for this line of credit was determined at the time a loan was initiated and the applicable interest rate under this line of credit was calculated as a per annum rate equal to 1.25% plus the federal funds rate at the applicable time. There were no outstanding borrowings under the September 2019 Credit Facility at December 31, 2020. We were obligated to pay a commitment fee calculated as a per annum rate equal to 0.35% on any unused amount of the credit facility. The September 2019 Credit Facility was terminated in April 2021. In October 2019, we entered into a $200.0 million committed and unsecured revolving line of credit with a syndicate of banks maturing in October 2023 (the “October 2019 Credit Facility”). In October 2020, we amended the October 2019 Credit Facility and, among other things, increased the aggregate committed and unsecured revolving line of credit amount to $600.0 million with a maturity date of October 29, 2024. In April 2021, we further increased the aggregate credit amount available under the October 2019 Credit Facility to $625.0 million. Loans under the October 2019 Credit Facility bear interest, at our option, at a per annum rate of either (a) the Eurodollar Rate plus 1.00% or (b) the Alternative Base Rate. The Eurodollar Rate is equal to the Eurodollar Base Rate, which is derived from London Interbank Offered Rate (“LIBOR”), multiplied by the Statutory Reserve Rate at the applicable time. The Alternative Base Rate is the greatest of (i) the prime rate then in effect, (ii) the Federal Reserve Bank of New York rate then in effect plus 0.50% and (iii) the Eurodollar Rate at such time for a one month interest period plus 1.00%. If LIBOR is unavailable or if we and the administrative agent elect, the Eurodollar Rate will be replaced by a rate calculated with reference to the Secured Overnight Financing Rate as set forth in the October 2019 Credit Facility agreement or an alternate benchmark rate selected by us and the administrative agent. There were no outstanding borrowings under the October 2019 Credit Facility at December 31, 2020 and June 30, 2021. We are obligated to pay a commitment fee calculated as a per annum rate equal to 0.10% on any unused amount of the October 2019 Credit Facility. The agreements for the September 2019 Credit Facility and the October 2019 Credit Facility contain customary covenants restricting our ability to incur debt, incur liens and undergo certain fundamental changes. We were in compliance with all covenants under these facilities as of December 31, 2020 and June 30, 2021. In April 2021, we entered into a $2.2 billion committed and secured revolving line of credit, subject to certain borrowing base limitations, with a maturity date of April 15, 2022 (the “April 2021 Credit Facility”). Borrowings from the April 2021 Credit Facility must be specified to be Tranche A, Tranche B, Tranche C or a combination thereof. Tranche A loans are secured by users’ securities and used primarily to finance margin loans. Tranche B loans are secured by the right to the return from National Securities Clearing Corporation (“NSCC”) of NSCC Margin Deposits and cash and property in a designated collateral account and used for the purpose of satisfying NSCC Deposit Requirements. Tranche C loans are secured by the right to the return of eligible funds from any reserve account of the Borrower and cash and property in a designated collateral account and used for the purpose of satisfying reserve requirements under Rule 15c3-3 of the Securities Exchange Act. Interest for this line of credit is determined at the time a loan is initiated and the applicable interest rate is calculated as a per annum rate equal to 1.25% for Tranche A loans and 2.50% for Tranche B and Tranche C loans, plus the Short-Term Funding Rate at the applicable time. The Short-Term Funding Rate is equal to the greatest of (i) the Eurodollar Rate for a one month interest period on such day, which equals to the Eurodollar Base Rate that is derived from LIBOR, multiplied by the Statutory Reserve Rate at the applicable time, (ii) the Federal Funds Effective Rate and (iii) the Overnight Bank Funding Rate in effect on such day. There were no outstanding borrowings under the April 2021 Credit Facility at June 30, 2021. This agreement contains customary covenants restricting RHS’s ability to incur debt, incur liens and undergo certain fundamental changes. We were in compliance with the covenants as of June 30, 2021. We are obligated to pay a commitment fee calculated as a per annum rate equal to 0.50% on any unused amount of the April 2021 Credit Facility. Convertible notes and warrant liability Convertible notes In February 2021, we issued two tranches of convertible notes, consisting of $2.53 billion aggregate principal amount of Tranche I convertible notes and $1.02 billion aggregate principal amount of Tranche II convertible notes. Interest on the convertible notes accrues at 6% per annum, compounding semi-annually in arrears, and is payable in kind. The convertible notes do not have a maturity date. In the event of (a) a public offering of our common stock to the public in an IPO on a nationally-recognized exchange in the United States, (b) upon the effectiveness of a registration statement filed under the Securities Act of 1933, as amended, that registers shares of our existing capital stock for resale not pursuant to an underwritten offering (a “Direct Listing”), or (c) an acquisition by a special purpose acquisition company, and in the case of clauses (a) and (c) resulting in at least $500 million of gross proceeds to us (“Qualifying IPO”) before the 12 month anniversary of the convertible notes issuance date (“Reference Date”), the convertible notes will automatically convert into shares of our Class A common stock at a conversion price equal to the lower of (i) 70% of the cash price per share paid by investors in the Qualifying IPO and (ii) $38.29 (in the case of the Tranche I convertible notes) or $42.12 (in the case of the Tranche II convertible notes). In the event of a sale of our preferred stock, having rights, preference or privileges senior or pari passu to the Series G Preferred Stock before the Reference Date with an aggregate proceed greater than $500 million (“Next Financing”), the convertible notes will convert at the holder’s option, in part or in whole, into our preferred stock at a conversion price equal to the lower of (i) 70% of the price per share in the Next Financing and (ii) $38.29 (in the case of the Tranche I convertible notes) or $42.12 (in the case of the Tranche II convertible notes). Warrant liability We granted to each purchaser of the Tranche I convertible notes a warrant, equal to 15% of the aggregate proceeds invested by such purchaser, to purchase a variable number of equity securities. In aggregate, the maximum purchase amount of all warrants is $379.8 million. The warrants can be exercised by the holder after the earlier of (1) February 12, 2022 and (2) Qualifying IPO or Next Financing. The warrants expire on February 12, 2031. The warrants can be settled in cash or in net shares at the holder’s option. In the event of a cash settlement, the number of equity securities the holder will receive is equal to their maximum purchase amount divided by the strike price, as described below. If a Qualifying IPO occurs prior to the Reference Date, outstanding warrants will become exercisable for shares of our Class A common stock at a strike price equal to the lower of (i) 70% of the price per share in the Qualifying IPO and (ii) $38.29. If a Next Financing occurs prior to the Reference Date, outstanding warrants will become exercisable for shares of our preferred stock issued in the Next Financing at a strike price equal to the lower of (i) 70% of the price per share in the Next Financing and (ii) $38.29. If a Qualifying IPO or Next Financing does not occur by the Reference Date, the outstanding warrants will become exercisable for shares of our series G-1 redeemable convertible preferred stock at a strike price of $18.60. Off-balance sheet risk two one

MEZZANINE EQUITY, COMMON STOCK

MEZZANINE EQUITY, COMMON STOCK AND STOCKHOLDERS’ DEFICIT	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
MEZZANINE EQUITY, COMMON STOCK AND STOCKHOLDERS’ DEFICIT	MEZZANINE EQUITY, COMMON STOCK AND STOCKHOLDERS’ DEFICIT Redeemable convertible preferred stock The following table is a summary of redeemable convertible preferred stock as of December 31, 2020: (in thousands, except share data and per share amounts) Series Shares Authorized Shares Issued and Outstanding Per Share Liquidation Preference Liquidation Amount Per Share Initial Conversion Price Carrying Value of Stock, Net of Issuance Costs A 131,913,460 131,913,460 $ 0.1954 $ 25,777 $ 0.1954 $ 16,139 B 80,263,020 80,263,020 0.6354 50,999 0.6354 50,999 C 43,788,180 43,788,180 2.5121 110,000 2.5121 109,870 D 35,774,761 35,774,761 10.1450 362,935 10.1450 362,670 E 29,887,357 29,887,357 12.4827 373,075 12.4827 372,733 F 48,000,000 48,000,000 12.5000 600,000 12.5000 599,284 G 44,406,442 43,116,119 15.5000 668,300 15.5000 668,044 414,033,220 412,742,897 $ 2,191,086 $ 2,179,739 The following table is a summary of redeemable convertible preferred stock as of June 30, 2021: (in thousands, except share data and per share amounts) Series Shares Authorized Shares Issued and Outstanding Per Share Liquidation Preference Liquidation Amount Per Share Initial Conversion Price Carrying Value of Stock, Net of Issuance Costs A 131,913,460 131,913,460 $ 0.1954 $ 25,777 $ 0.1954 $ 16,139 B 80,263,020 80,263,020 0.6354 50,999 0.6354 50,999 C 43,788,180 43,788,180 2.5121 110,000 2.5121 109,870 D 35,774,761 35,774,761 10.1450 362,935 10.1450 362,670 E 29,887,357 29,887,357 12.4827 373,075 12.4827 372,733 F 48,000,000 48,000,000 12.5000 600,000 12.5000 599,284 G 44,406,442 43,116,119 15.5000 668,300 15.5000 668,044 G-1 244,278,204 — 18.6000 — 18.6000 — 658,311,424 412,742,897 $ 2,191,086 $ 2,179,739 Voting The holders of the redeemable convertible preferred stock are entitled to a number of votes equal to the number of shares of common stock into which the redeemable convertible preferred stock is convertible. Except where otherwise specified in our Certificate of Incorporation, holders of preferred stock vote together with the holders of common stock as a single class. The holders of our Series A and Series B redeemable convertible preferred stock are entitled to elect one director each (each, a “Preferred Director”), with each series voting separately as exclusive classes. Holders of common stock, voting exclusively and as a separate class, are entitled to elect four directors, two of which shall be entitled to two votes on any matter before the Board of Directors. The holders of our Series C, Series D, Series E, Series F, Series G and Series G-1 redeemable convertible preferred stock have no voting rights with respect to the election of members of the Board of Directors or the determination of the size of the Board of Directors. As long as 50,000,000 shares of redeemable convertible preferred stock are outstanding, we must obtain approval from the holders of a majority of the then outstanding shares of redeemable convertible preferred stock (voting together as a single class and not as separate series, and on an as-converted basis) in order to, among other actions: (1) amend, alter or repeal any provision of the Certificate of Incorporation or our Bylaws; (2) increase the authorized number of shares of redeemable convertible preferred stock (or any series thereof) or common stock; (3) create, or authorize the creation of, a new class or series of our capital stock unless it ranks junior to the redeemable convertible preferred stock with respect to the distribution of assets in a liquidation, dissolution or winding up, the payment of dividends and rights of redemption; (4) declare or pay any dividend on any shares of shares of redeemable convertible preferred stock or common stock, subject to certain exceptions; (5) liquidate, dissolve or wind up our company, effect any merger or consolidation, or sell, lease, transfer or exclusively license all or substantially all of our assets; (6) increase or decrease the authorized size of the Board of Directors; or (7) effect a repurchase or redemption of, or distribution on, any shares of redeemable convertible preferred stock or common stock, subject to certain exceptions. Liquidation preferences In the event of any liquidation or winding up of our company, the holders of redeemable convertible preferred stock shall be entitled to receive, prior and in preference to the common stockholders, an amount equal to the aggregate original issue price for their shares of redeemable convertible preferred stock, plus any declared but unpaid dividends. After payment of the liquidation preference to the holders of the redeemable convertible preferred stock, our remaining assets are available for distribution to the holders of common stock on a pro rata basis. If the proceeds distributed among the holders of the redeemable convertible preferred stock are insufficient to permit the holders of redeemable convertible preferred stock to receive the full payment noted above, then the entire proceeds legally available for distribution shall be distributed ratably among the holders of the redeemable convertible preferred stock in proportion to the full preferential amount that each such holder is otherwise entitled to receive. Conversion rights Each share of redeemable convertible preferred stock is convertible, at the option of the holder, according to a conversion ratio, which is subject to adjustment for dilutive share issuances. The total number of shares of common stock into which the redeemable convertible preferred stock may be converted is determined by dividing the then-applicable conversion price by the initial conversion price, as shown in the table above. The redeemable convertible preferred stock, with the exception of our Series F redeemable convertible preferred stock, automatically converts into common stock at the applicable conversion rate upon the earliest of: (1) immediately prior to the closing of a public offering of common stock to the public in an IPO at a price of at least $12.4827 per share and resulting in at least $200 million of gross proceeds to us and resulting in the listing of our common stock on a nationally-recognized exchange in the United States (a “Qualified Public Offering”); (2) Direct Listing on a nationally-recognized exchange in the United States that is approved by the holders of a majority of the then outstanding redeemable convertible preferred stock (voting together as a single class and not as separate series, on as-converted basis); and (3) the date and time, or the occurrence of an event, specified by the vote or written consent of each of (i) the holders of the majority of the redeemable convertible preferred stock then outstanding (voting as a single class and on an as-converted basis), (ii) the holders of the majority of the then outstanding shares of Series B, C, G and G-1 redeemable convertible preferred stock (each voting exclusively and as a separate class), (iii) the holders of at least 60% of the then outstanding shares of Series D and E redeemable convertible preferred stock (each voting exclusively and as a separate class), and (iv) the holders of at least 65% of the then outstanding shares of Series A redeemable convertible preferred stock (voting exclusively and as a separate class). The Series F redeemable convertible preferred stock automatically converts into common stock at the applicable conversion rate upon the earliest of: (1) immediately prior to the closing of a public offering of our common stock to the public in the IPO resulting in at least $200 million of gross proceeds to us and resulting in the listing of our common stock on a nationally-recognized exchange in the United States; (2) a Direct Listing on a nationally-recognized exchange in the United States that is approved by the holders of a majority of the then outstanding redeemable convertible preferred stock (voting together as a single class and not as separate series, on as-converted basis); and (3) the date and time, or the occurrence of an event, specified by the vote or written consent from the holders of the majority of the then outstanding Series F redeemable convertible preferred stock. The Series F redeemable convertible preferred stock has a full-ratchet anti-dilution adjustment provision. In the event the price per share of our common stock in an IPO ends up being lower than the Series F redeemable convertible preferred stock conversion price, then the conversion price per share of the Series F redeemable convertible preferred stock will be reduced to the same price per share as the common stock price at the time of the IPO. We may also be obligated to issue additional shares of common stock to the holders of Series F redeemable convertible preferred stock in the event of a direct listing with a deemed trading price below the Series F redeemable convertible preferred stock conversion price. In addition, if we issue any additional common stock below the conversion price of our Series A, B, C, D, E, F, G and G-1 redeemable convertible preferred stock, the conversion price of such series of redeemable convertible preferred stock may be subject to adjustment via a broad-based anti-dilution calculation, subject to certain exceptions. Dividends The holders of shares of redeemable convertible preferred stock are entitled to receive dividends, when and if declared by the Board of Directors. Dividends are paid on a pari-passu basis with other holders of our redeemable convertible preferred stock and in preference to the payment of dividends to holders of our common stock. No dividends have been declared or paid by us as of June 30, 2021. Dividends are noncumulative. Classification The redeemable convertible preferred stock is contingently redeemable upon certain deemed liquidation events such as a merger or sale of substantially all of our assets. The redeemable convertible preferred stock is not mandatory redeemable but, since a deemed liquidation event would constitute a redeemable event outside of our control, all shares of the redeemable convertible preferred stock have been presented outside of permanent equity in mezzanine equity on the unaudited condensed consolidated balance sheets. Common stock Each share of voting common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the Board of Directors, subject to the prior rights of holders of redeemable convertible preferred stock outstanding. Equity incentive plans Amended and Restated 2013 Stock Plan and 2020 Equity Incentive Plan Under our Amended and Restated 2013 Stock Plan, as amended (the “2013 Plan”), and our 2020 Equity Incentive Plan, as amended (the “2020 Plan”), shares of common stock are reserved for issuance to eligible participants in connection with incentive stock options (“ISOs”), non-statutory stock options (“NSOs”), restricted stock units ("RSUs"), stock appreciation rights (“SARs”) or restricted stock awards. Options may be granted with an exercise price per share not less than the fair market value at the date of grant. Options granted generally vest over a four-year term from the date of grant, at a rate of 25% after one year, then monthly on a straight-line basis thereafter. Generally, options granted are exercisable for up to ten years from the date of grant. RSUs granted generally vest quarterly on a straight-line basis and the occurrence of a qualifying event, defined as the earlier of (1) the closing of certain, specific change in control transactions, or (2) an IPO. Generally, RSUs expire seven years from the date of grant. Shares of common stock issued under the 2013 Plan and 2020 Plan are subject to certain restrictions, including the right of first refusal by us for sales or transfers of shares to certain parties. Our rights of first refusal terminate upon completion of an IPO. Our 2013 Plan was terminated in connection with adoption of our 2020 Plan (but any awards outstanding under our 2013 Plan will remain in effect in accordance with their terms). No new awards may be granted under our 2013 Plan. As of June 30, 2021, an aggregate of 209,809,164 shares have been authorized for issuance under the 2013 Plan and the 2020 Plan, of which 46,928,833 shares have been issued under the plans, 149,733,898 shares were reserved for issuance upon the exercise or settlement of outstanding equity awards under the plans, and 13,146,433 shares remained available for new grants under the 2020 Plan. 2021 Omnibus Incentive Plan In June 2021, our board of directors and our stockholders approved and adopted our 2021 Omnibus Incentive Plan (the “2021 Plan”). Our 2021 Plan became effective immediately prior to the effective date of the Final Prospectus. Upon effectiveness of the 2021 Plan, no new awards may be granted under our 2020 Plan (but any awards outstanding under our 2020 Plan will remain in effect in accordance with their terms) and any shares remaining available for grant under the 2020 Plan became available for grant under the 2021 plan. Our 2021 Plan provides for the grant of stock options, including ISOs and NSOs, SARs, restricted stock, RSUs, performance units, other equity-based awards and cash-based awards. As of June 30, 2021, no awards were outstanding under the 2021 Plan. The aggregate number of shares available for grant under the 2021 Plan was equal to approximately 14% of the number of shares of our common stock (of all classes) outstanding immediately upon the closing of the IPO. Thereafter, any shares subject to awards under the 2013 Plan or the 2020 Plan that expire or terminate or are forfeited to or repurchased by the Company will become available under the 2021 Plan. In addition, the number of shares available under the 2021 Plan will automatically increase on the first day of each calendar year beginning on January 1, 2022 and ending with (and including) January 1, 2031. Such annual increase will be equal to the lesser of (i) 5% of the outstanding shares of all classes of our common stock on the last day of the immediately preceding calendar year and (ii) such number of shares determined by the board of directors. Stock option activity A summary of stock option activity for the six months ended June 30, 2021 is as follows: Number of Shares Weighted-Average Exercise Price Weighted- Average Remaining Life Total Intrinsic Value (in thousands) Balance at December 31, 2020 21,543,828 $ 2.19 6.52 $ 304,590 Exercised during the period (3,581,521) 1.87 Cancelled and forfeited during the period (276,657) 4.51 Balance at June 30, 2021 17,685,650 $ 2.22 5.76 $ 632,774 Options vested and expected to vest at June 30, 2021 17,685,650 $ 2.22 5.76 $ 632,774 Options exercisable at June 30, 2021 15,905,386 $ 1.75 5.56 $ 576,535 Time-Based RSUs We grant RSUs that vest only upon the satisfaction of both time-based service and performance-based conditions (“Time-Based RSUs”). The following table summarizes the activity related to our Time-Based RSUs for the six months ended June 30, 2021: Number of RSUs Weighted- average grant date fair value Unvested at December 31, 2020 47,711,649 $ 10.84 Granted 22,899,989 40.88 Forfeited (1,747,048) 16.48 Unvested at June 30, 2021 68,864,590 $ 26.12 Market-Based RSUs We granted 27,663,658 market-based awards in the form of RSUs to certain executives during the year ended December 31, 2019 that were modified in May 2021 (the “2019 Market-Based RSUs”). These awards vest based on (i) achievement of share price targets considered market vesting conditions (5,532,732, 13,831,828, and 8,299,098 RSUs vest upon achievement of share price targets of $30.45, $50.75, and $101.50, respectively, with the initial stock price target measured at the IPO price, and for all remaining RSUs that did not vest upon IPO, measurement of the price targets will be based on a trailing 60-trading-day average of the daily volume weighted average price), (ii) a performance based vesting condition requiring the occurrence of an IPO or other liquidity event, and (iii) continuous employment by each recipient through the vesting date, which is considered a service condition. Prior to the modification, any tranche of 2019 Market-Based RSUs that hadn’t achieved its share price target upon IPO would have been forfeited. The modification allows the awards to continue to be measured against the same price targets as were outlined in the original 2019 grant though December 31, 2025. The 2019 Market-Based RSUs had a weighted-average grant date fair value of $0.29 per RSU. Upon modification, the weighted-average incremental fair value of the 2019 Market-Based RSUs is $21.95 per RSU (see below). In May 2021, we granted 35,520,000 additional market-based awards in the form of RSUs to certain executives (the “2021 Market-Based RSUs”) with a weighted-average grant date fair value of $22.68 per RSU. These awards vest based on our stock price trading performance over a performance period of 8 years from issuance (4,560,000 will vest upon achievement of each of the $120 and $150 share price targets, and 5,280,000 will vest upon achievement of each of the $180, $210, $240, $270, and $300 share price targets, in each case, measured using a trailing-60-day average of the daily volume weighted average price) , and are subject to continuous employment by each recipient to vest, which is considered a service condition. The 2019 Market-Based RSUs and 2021 Market-Based RSUs (collectively, the “Market-Based RSUs”) were unvested as of December 31, 2020 and June 30, 2021. 2021 Employee Share Purchase Plan In June 2021, our board of directors and our stockholders approved and adopted the 2021 Employee Share Purchase Plan (the “ESPP”). Our ESPP became effective immediately prior to the effective date of the Final Prospectus. The purpose of the ESPP is to enable eligible employees to purchase shares of our common stock at a discount through payroll deductions of up to 15% of their eligible compensation. The purchase price is equal to 85% of the fair market value of a share of our common stock on the first date of an offering or the date of purchase, whichever is lower. As of June 30, 2021, there were no participants in the ESPP. The aggregate number of shares reserved for issuance under the ESPP was equal to approximately 2% of the number of shares of our common stock (of all classes) outstanding upon the closing of the IPO. The number of shares available under our ESPP will automatically increase on the first day of each calendar year beginning on January 1, 2022 and ending with (and including) January 1, 2031. Such annual increase will be equal to the lesser of (i) 1% of the outstanding shares of all classes of our common stock on the last day of the immediately preceding calendar year and (ii) such number of shares determined by the board of directors. No more than 200,000,000 shares of common stock may be issued under our ESPP. Share-based compensation The following table summarizes the effects of share-based compensation on our unaudited condensed consolidated statements of operations: Three Months Ended Six Months Ended (in thousands) 2020 2021 2020 2021 Brokerage and transaction $ 6 $ 6 $ 12 $ 12 Technology and development 824 717 2,540 2,025 Operations 8 3 18 6 Marketing 7 41 15 78 General and administrative 520 371 1,192 8,013 Total $ 1,365 $ 1,138 $ 3,777 $ 10,134 We capitalized share-based compensation expense related to internally developed software of $0.3 million and $0.6 million during the three and six months ended June 30, 2020, and $0.1 million during both of the three and six months ended June 30, 2021. As of June 30, 2021, th ere was $4.9 million of unrecognized compensation cost related to outstanding stock options that is expected to be recognized over a weighted-average period of 0.94 years . In March 2021, we modified certain Time-Based RSUs of approximately 500 employees to remove the one-year vesting cliff, considered to be an improbable to improbable modification. As of June 30, 2021, no share-based compensation expense had been recognized for such awards with a performance condition based on the occurrence of a qualifying event, such as an IPO, as such qualifying event was not probable. The modified RSUs were revalued at the modification date, and the modified grant date fair value of the awards of $39.75 per share will be used to calculate share-based compensation expense once the performance condition becomes probable. As of June 30, 2021 no share-based compensation expense had been recognized for the Time-Based RSUs based on the occurrence of a qualifying event, such as an IPO, as such qualifying event was not probable. The total unrecognized share-based compensation expense related to our Time-Based RSU s was $1.8 billion as of June 30, 2021. Of this amount, $660.0 million relates to awards for which the time-based vesting condition has been satisfied or partially satisfied while $1.2 billion relates to awards for which the time-based vesting condition had not yet been satisfied. As of June 30, 2021, no share-based compensation expense had been recognized for the 2019 or 2021 Market-Based RSUs as the qualifying event of an IPO was not probable. Because the amendment to the 2019 Market-based RSUs was determined to be a modification of a market condition, we estimated the pre-modification and post-modification fair value of the awards in order to determine the incremental fair value generated by the modification. To value the awards, we used a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into the valuation the possibility that the price targets may not be satisfied. The total unrecognized share-based compensation expense relating to the 2019 Market-Based RSUs, including the incremental expense due to modification, was $615.2 million as of June 30, 2021. If a qualifying liquidity event had occurred on June 30, 2021, we would have recorded $203.9 million share-based compensation related to the 2019 Market-Based RSUs. The remaining incremental share-based compensation expense of approximately $411.3 million would be recognized over a remaining weighted-average service period of 1.28 years, based on both explicit service periods and derived service periods based on the median of the passage of time it takes to achieve the price target in the Monte Carlo simulations. If the price targets are met sooner than the derived service period, we will adjust our share-based compensation expense to reflect the cumulative expense associated with the vested award. We estimated the grant date fair value of the 2021 Market-Based RSUs using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into the valuation the possibility that the price targets may not be satisfied. We will recognize the total share-based compensation expense over a weighted average derived requisite service period of 4.33 years, considering the Monte Carlo simulation median time to achieve each of the seven separate tranches. The total unrecognized share-based compensation expense relating to the 2021 Market-Based RSU awards was $805.5 million as of June 30, 2021. If a qualifying liquidity event had occurred on June 30, 2021, we would have recorded $18.2 million of share-based compensation expense related to the 2021 Market-Based RSUs based on the derived service period. The remaining incremental share-based compensation expense of approximately $787.3 million would be recognized over a remaining weighted-average derived service period of 4.23 years. If the price targets are met sooner than the derived service period, we will adjust our share-based compensation expense to reflect the cumulative expense associated with the vested award.

INCOME (LOSS) PER SHARE

INCOME (LOSS) PER SHARE	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
INCOME (LOSS) PER SHARE	INCOME (LOSS) PER SHARE The following table presents the calculation of basic and diluted income (loss) per share: (in thousands, except per share data) Three Months Ended Six Months Ended 2020 2021 2020 2021 Net income (loss) $ 57,584 $ (501,665) $ 5,082 $ (1,946,468) Less: allocation of earnings to participating securities $ 34,801 $ — $ 3,032 $ — Net income (loss) attributable to common stockholders $ 22,783 $ (501,665) $ 2,050 $ (1,946,468) Weighted-average common stock outstanding - basic 225,091,413 232,223,019 224,953,736 231,459,227 Dilutive effect of stock options and unvested shares 19,246,732 — 19,585,456 — Weighted-average common stock outstanding - diluted 244,338,145 232,223,019 244,539,192 231,459,227 Net income (loss) per share attributable to common stockholders: Basic $ 0.10 $ (2.16) $ 0.01 $ (8.41) Diluted $ 0.09 $ (2.16) $ 0.01 $ (8.41) The following potential common shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period: Three Months Ended Six Months Ended 2020 2021 2020 2021 Redeemable convertible preferred stock 366,266,778 412,742,897 366,266,778 412,742,897 RSUs 62,362,190 132,048,248 62,362,190 132,048,248 Stock options 89,110 17,685,650 82,182 17,685,650 Unvested shares 735 128,228 735 128,228 Total anti-dilutive securities 428,718,813 562,605,023 428,711,885 562,605,023 The table above does not include contingently issuable shares due to the conversion of our convertible notes or exercise of the warrants issued in February 2021, described in Note 10.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Related party transactions may include any transaction between entities under common control or with a related party. We have defined related parties as members of the board of directors, executive officers, principal owners of our outstanding stock and any immediate family members of each such related party, as well as any other person or entity with significant influence over our management or operations. In February 2021, we issued two tranches of convertible notes and granted to each purchaser of the Tranche I convertible notes a warrant to purchase equity securities - see Note 10. Two of the Tranche I

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments Leases Our operating leases are comprised of office facilities, with the most significant leases relating to our corporate headquarters in Menlo Park. Our leases have remaining terms of 1 year to 10 years, and many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. We do not have any finance leases. As of December 31, 2020 and June 30, 2021 we had $49.2 million and $74.7 million of operating right-of-use assets included as other non-current assets other current liabilities other non-current liabilities The components of lease expense were as follows: Three Months Ended Six Months Ended (in thousands) 2020 2021 2020 2021 Fixed operating lease costs $ 2,693 $ 5,011 $ 5,063 $ 8,790 Variable operating lease costs 704 1,374 1,427 2,452 Short-term lease costs 307 356 313 610 Total lease costs $ 3,704 $ 6,741 $ 6,803 $ 11,852 Fixed operating lease costs primarily consist of monthly base rent amounts due. Variable operating lease costs are primarily related to payments made to our landlords for common area maintenance, property taxes, insurance, and other operating expenses. Other information related to our operating leases was as follows: December 31, June 30, 2020 2021 Weighted-average remaining lease term 5.41 years 5.23 years Weighted-average discount rate 7.02 % 6.21 % Cash flows related to leases were as follows: Six Months Ended (in thousands) 2020 2021 Operating cash flows: Payments for operating lease liabilities $ 9,609 $ 1,070 Supplemental cash flow data: Lease liabilities arising from obtaining right-of-use assets $ 14,902 $ 31,693 Future minimum lease payments under non-cancellable operating leases (with initial lease terms in excess of one year) as of June 30, 2021 are as follows: (in thousands) Remainder of 2021 $ 8,975 2022 25,150 2023 22,841 2024 18,291 2025 17,239 Thereafter 22,270 Total undiscounted lease payments 114,766 Less: imputed interest (17,965) Less: lease incentives (10,051) Total lease liabilities $ 86,750 Contingencies The securities industry is highly regulated and many aspects of our business involve substantial risk of liability. In past years, there has been an increasing incidence of litigation involving the brokerage industry, including class action suits that generally seek substantial damages. Damages may include, in some cases, punitive damages. Compliance and trading problems that are reported to federal, state and provincial regulators, exchanges or other self-regulatory organizations (“SROs”) by dissatisfied customers are investigated by such regulatory bodies, and, if pursued by such regulatory body or such customers, may rise to the level of arbitration or disciplinary action. We are also subject to periodic regulatory audits and inspections. Like other brokerage firms, we have been named as a defendant in lawsuits and from time to time we have been threatened with, or named as a defendant in arbitrations and administrative proceedings. Legal and regulatory matters The outcomes of the legal and regulatory matters discussed in this section are inherently uncertain and some of these matters may result in adverse judgments or awards, including penalties, injunctions or other relief, and we may also determine to settle a matter because of the uncertainty and risks of litigation. Described below are certain historical matters as well as certain pending matters in which there is at least a reasonable possibility that a material loss could be incurred. We intend to continue to vigorously defend the pending matters. Litigation is inherently uncertain, and any judgment entered against us, or any adverse settlement, could materially and adversely impact our business, financial condition, operating results, and cash flows. Unless otherwise noted below with respect to a specific matter, we are unable to provide a reasonable estimate of any potential liability given the uncertain nature of litigation and the stage of proceedings in these matters. With respect to all other pending matters not disclosed below, based on current information, we do not believe that such matters, individually or in the aggregate, would have a material adverse impact on our business, financial condition, operating results, or cash flows. Best Execution, Payment for Order Flow, and Sources of Revenue Matters In May 2019, the SEC’s Division of Enforcement (“Enforcement Division”) commenced an investigation into RHF’s best execution and payment for order flow (“PFOF”) practices, as well as statements concerning its sources of revenue, including the fact that, in FAQs on our website describing how it made money, and in certain communications with customers addressing the same issue, RHF had omitted PFOF when it described its revenue sources. On December 17, 2020, RHF, on a neither admit nor deny basis, consented to the entry of an SEC order (i) requiring RHF to cease and desist from committing or causing any violations and any future violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act and Section 17(a) of the Exchange Act and Rule 17a-4 thereunder; (ii) censuring RHF; and (iii) requiring RHF to pay a $65 million civil penalty in December 2020. RHF paid the $65 million penalty in cash and also agreed to engage an independent compliance consultant. Beginning on December 23, 2020, six putative securities fraud class action lawsuits were filed against RHM, RHF and/or RHS. The lawsuits generally allege that we violated the duty of best execution and misled putative class members by publishing misleading statements and omissions in customer communications relating to the execution of trades and revenue sources (including PFOF). Five of the complaints asserted claims for violations of Section 10(b) of the Exchange Act. All of the complaints asserted state law claims under California or New York law, and sought damages, restitution, disgorgement and other relief. One of the cases was voluntarily dismissed without prejudice. The five remaining actions have been consolidated under the caption In re Robinhood Order Flow Litigation in the United States District Court for the Northern District of California. On June 29, 2021, we filed a motion to dismiss the amended consolidated complaint and a motion to deny class certification. March 2020 Outages Beginning on March 4, 2020, 15 putative class actions and one individual action were filed against RHM, RHF and RHS in state and federal district courts relating to service outages on our stock trading platform on March 2-3, 2020 and March 9, 2020 (the “March 2020 Outages”). One of the putative class actions and the individual action were voluntarily dismissed following settlements between the parties. Thirteen of the remaining putative class actions have been consolidated as In re Robinhood Outage Litigation in the United States District Court for the Northern District of California. The one remaining putative class action, Withouski v. Robinhood Financial LLC, et al. , pending in the Superior Court of the State of California, County of San Mateo, has been stayed by agreement of the parties. The lawsuits generally allege that putative class members were unable to execute trades during the March 2020 Outages because our platform was inadequately designed to handle customer demand and RHM, RHF and RHS failed to implement appropriate backup systems. The lawsuits include, among other things, claims for breach of contract, negligence, gross negligence, breach of fiduciary duty, unjust enrichment and violations of certain California consumer protection statutes. The lawsuits generally seek damages, restitution, and/or disgorgement, as well as declaratory and injunctive relief. Fact discovery has been completed and expert discovery is currently scheduled to be completed in August 2021. We have also received notice that approximately 1,600 jointly represented customers may pursue arbitration of individual claims against us arising out of the March 2020 Outages, in addition to other alleged system outages. The SEC Division of Examinations (“Examinations Division”) conducted an examination and identified a deficiency, to which RHF responded, with respect to RHF’s creation of a reasonably designed business continuity plan. In addition, Financial Industry Regulatory Authority (“FINRA”) conducted an investigation and certain state regulatory authorities are conducting investigations, regarding the March 2020 Outages and related procedures. RHF and RHS are cooperating with the requests from these regulators and RHF has reached a settlement with FINRA with respect to certain matters. See “—FINRA Multi-Matter Settlement” below for more information. Options Trading and Related Customer Communications and Displays The SEC Examinations Division conducted an examination and identified deficiencies, to which RHF responded, with respect to account takeovers, identity theft in connection with new account opening, processes for approving or rejecting certain accounts for options trading, and customer support response times. Certain state regulatory authorities are conducting investigations regarding RHF’s options trading and related customer communications and displays and options trading approval process. RHF is cooperating with the regulators’ requests. FINRA also conducted an investigation and reached a settlement with RHF regarding the same options trading issues. On February 8, 2021, the family of Alexander Kearns, a Robinhood customer who traded options, filed a lawsuit in the Superior Court of the State of California, County of Santa Clara, against RHF, RHS and RHM in connection with Mr. Kearns’s death by suicide in June 2020. This matter was dismissed with prejudice following a settlement between the parties. FINRA Multi-Matter Settlement RHF and RHS are subject to FINRA investigations and enforcement matters, including those described elsewhere in this footnote as well as investigations regarding certain other matters, such as RHF’s margin call procedures, RHS’s fractional share trade reporting, customer support procedures, customer arbitration agreements, processing of corporate actions and displays of historical performance data. On June 30, 2021, RHF resolved with FINRA, on a no admit, no deny basis, certain of these investigations and examinations, including investigations into systems outages, RHF’s options product offering, and margin-related communications with customers, among others. The resolution does not address all the matters FINRA is investigating, including those relating to the Early 2021 Trading Restrictions (as defined below), account takeovers and anti-money laundering issues, RHS’s fractional share trade reporting, customer support procedures or customer arbitration agreements. RHF and RHS will continue to cooperate with FINRA on these matters. The resolution involved the following components: (i) charges of violations of FINRA rules; (ii) a fine of $57.0 million; (iii) customer restitution of approximately $12.6 million, of which approximately $8.1 million already has been paid, $0.75 million has been offered to be paid, and the remaining $3.75 million is to be paid; (iv) a censure; and (v) engagement of an independent consultant. As of June 30, 2021, we had accrued the $57.0 million fine as well as $4.5 million of customer restitution to be paid. RHC Anti-Money Laundering, Cybersecurity and Other Issues On July 24, 2020, the New York State Department of Financial Services (“NYDFS”) issued a report of its examination of RHC citing a number of “matters requiring attention” focused primarily on anti-money laundering and cybersecurity-related issues. The matter was subsequently referred to the NYDFS’s Consumer Protection and Financial Enforcement Division for investigation. In March 2021, the NYDFS informed RHC of certain alleged violations of applicable (i) anti-money laundering and New York Banking Law requirements, including the failure to maintain and certify a compliant anti-money laundering program, (ii) notification provisions under RHC’s Supervisory Agreement with the NYDFS, and (iii) cybersecurity and virtual currency requirements, including certain deficiencies in our policies and procedures regarding risk assessment, lack of an adequate incident response and business continuity plan, and deficiencies in our application development security. RHC and the NYDFS have reached a settlement in principle with respect to these allegations, subject to final documentation, in connection with which, among other things, RHC expects to pay a monetary penalty of $30.0 million and engage a monitor. Additionally, on April 14, 2021, the California Attorney General’s Office issued an investigative subpoena to RHC, seeking documents and answers to interrogatories about RHC’s trading platform, business and operations, application of California’s commodities regulations to RHC and other matters. RHC is cooperating with this investigation. We cannot predict the outcome of this investigation or any consequences that might result from it. Account Takeovers In November 2020, FINRA Enforcement commenced an investigation into RHF concerning account takeovers, or circumstances under which an unauthorized actor successfully logs into a customer account, as well as anti-money laundering and cybersecurity issues. Since February 1, 2021, RHF has received requests for documents and information from the SEC’s Enforcement Division in connection with its investigation into account takeovers and, more recently, suspicious activity report filings. Additionally, state regulators, including the NYDFS and the New York Attorney General’s Office, have opened inquiries into RHM, RHF and RHC related to account takeovers. RHM, RHF and RHC are cooperating with these investigations and inquiries. The SEC’s Examinations Division also conducted an examination and identified deficiencies, to which RHF responded, with respect to, among other things, account takeovers and identity theft in connection with new account opening. On January 8, 2021, a putative class action was filed in California Superior Court (Santa Clara County) against RHF and RHS by Siddharth Mehta, purportedly on behalf of approximately 2,000 Robinhood customers whose accounts were allegedly accessed by unauthorized users. RHF and RHS removed this action to the United States District Court for the Northern District of California. Plaintiffs generally allege that RHF and RHS breached commitments made and duties owed to customers to safeguard customer data and assets and seek monetary damages and injunctive relief. In March 2021, RHF and RHS filed a motion to dismiss the amended complaint, which was granted in part and denied in part in May 2021. A second amended complaint was filed by the plaintiffs on May 20, 2021, which RHF and RHS moved to dismiss on June 3, 2021. Massachusetts Securities Division Matter On December 16, 2020, the Enforcement Section of the Massachusetts Securities Division (“MSD”) filed an administrative complaint against RHF, which stems from an investigation initiated by the MSD in July 2020. The complaint alleges three counts of Massachusetts securities law violations regarding alleged unethical and dishonest conduct or practices, failure to supervise, and failure to act in accordance with the Massachusetts fiduciary duty standard, which became effective on March 6, 2020 and had an effective enforcement date beginning September 1, 2020. The initial complaint seeks, among other things, injunctive relief, censure, unspecified restitution, unspecified disgorgement, the appointment of an independent consultant and an unspecified administrative fine. The proposed amended complaint also seeks revocation of RHF's license to operate in Massachusetts. If RHF were to lose its license to operate in Massachusetts, we would not be able to acquire any new customers in Massachusetts, and we expect that our current customers in Massachusetts would be unable to continue utilizing any of the services or products offered on our platform (other than closing their positions) and that we may be forced to transfer such customers’ accounts to other broker-dealers. Additionally, revocation of RHF’s Massachusetts license could trigger similar disqualification or proceedings to restrict or condition RHF’s registration by other state regulators. A revocation of RHF’s license to operate in Massachusetts would result in RHF and RHS being subject to statutory disqualification by FINRA and the SEC, which would then result in RHF needing to obtain relief from FINRA subject to SEC review in order to remain a FINRA member and RHS possibly needing relief from FINRA or other SROs. On April 15, 2021, RHF filed a complaint and motion for preliminary injunction and declaratory relief in Massachusetts state court seeking to enjoin the MSD administrative proceeding and challenging the legality of the Massachusetts fiduciary duty standard. On May 27, 2021, the state court denied RHF’s motion for a preliminary injunction, finding that RHF would not suffer irreparable harm if MSD proceeded with the pending administrative action, but determined that RHF may seek a declaration that the disputed regulation is unlawful without first exhausting its remedies in the administrative action. On June 14, 2021, the state court declined to stay the entire matter pending resolution of the administrative proceeding, finding that RHF is entitled to have the state court decide certain of its challenges to the Massachusetts fiduciary standard without waiting for the MSD to complete its administrative proceeding. RHF has engaged in settlement discussions with the MSD at certain times since the MSD filed its initial complaint, however, such negotiations have not been successful and RHF is currently not engaged in any such settlement discussions with the MSD. Pinchasov v. Robinhood Financial LLC On November 5, 2020, plaintiff Shterna Pinchasov filed a putative class action in the Circuit Court of the 11th Judicial Circuit of Florida in and for Miami-Dade County asserting claims of negligence and breach of fiduciary duty based on allegations that RHF failed to prevent customers from using its interface for stocks that were subject to a “T1 Halt,” and seeking damages. Securities exchanges, such as the New York Stock Exchange and the Nasdaq Stock Market, have the authority to halt and delay trading in a security, and a “T1 Halt” (or regulatory halt) may occur pending the release of material news about a company. RHF removed this action to the U.S. District Court for the Southern District of Florida. The case is now in the fact discovery stage, which is currently scheduled to close in December 2021. Text Message Litigation On October 29, 2019, a putative class action was filed by Isaac Gordon against RHF and RHM in the Superior Court for the State of Washington, County of Spokane. The complaint alleged that RHF and RHM initiated or assisted in the transmission of commercial electronic text messages to Washington State residents without their consent in violation of Washington State law. The action was removed to the Eastern District of Washington. On January 25, 2021, the court granted the plaintiff’s motion for class certification. On June 25, 2021, RHF filed a motion to decertify the class and disqualify class counsel. On July 27, 2021, the court granted RHF’s motion to decertify the class, denied the motion to disqualify class counsel, and remanded the case to state court. On August 9, 2021, a new, substantially similar putative class action was filed by Cooper Moore against RHF in the U.S. District Court for the Northern District of California. Early 2021 Trading Restrictions Matters Beginning on January 28, 2021, due to increased deposit requirements imposed on RHS by the NSCC in response to unprecedented market volatility, particularly in certain securities, RHS temporarily restricted or limited its customers’ purchase of certain securities, including GameStop Corp. and AMC Entertainment Holdings, Inc., on our platform (the “Early 2021 Trading Restrictions”). We have become aware of approximately 50 putative class actions and four individual actions that have been filed against one or more of RHM, RHF and RHS in various federal and state courts relating to the Early 2021 Trading Restrictions. On April 1, 2021, the Judicial Panel on Multidistrict Litigation entered an order centralizing the federal cases identified in a motion filed by certain plaintiffs to transfer and coordinate or consolidate the actions filed in connection with the Early 2021 Trading Restrictions in the United States District Court for the Southern District of Florida captioned In re: January 2021 Short Squeeze Trading Litigation, Case No. 21-2989-MDL-ALTONAGA/Torres (the “MDL”). In May 2021, the court appointed interim lead plaintiffs’ counsel for certain claims. On July 26, 2021, interim lead plaintiffs’ counsel filed two consolidated complaints: the first complaint asserts a federal antitrust claim; the second complaint asserts negligence and breach of fiduciary duty claims. The consolidated complaints seek monetary damages. Other plaintiffs have filed federal securities claims, which are governed by the procedures under the Private Securities Litigation Reform Act of 1995, and will proceed separately. RHM, RHF, RHS and our Co-Founder and CEO, Vladimir Tenev, among others, have received requests for information, and in some cases, subpoenas and requests for testimony, related to investigations and examinations of the Early 2021 Trading Restrictions from the United States Attorney’s Office for the Northern District of California (“USAO”), the U.S. Department of Justice, Antitrust Division, the SEC staff, FINRA, the New York Attorney General’s Office, other state attorneys general offices and a number of state securities regulators. Also, a related search warrant was executed by the USAO to obtain Mr. Tenev’s cell phone. There have been several inquiries based on specific customer complaints. We have also received inquiries from the SEC’s Division of Examinations and FINRA related to employee trading in certain securities that were subject to the Early 2021 Trading Restrictions, including GameStop Corp. and AMC Entertainment Holdings, Inc., during the week of January 25, 2021. These matters include inquiries related to whether any employee trading in these securities may have occurred in advance of the public announcement of the Early 2021 Trading Restrictions on January 28, 2021. In addition, we have received information and testimony requests from certain committees and members of the U.S. Congress and Mr. Tenev, among others, has provided or will provide testimony with respect to the Early 2021 Trading Restrictions. We are cooperating with these investigations and examinations. Due to the preliminary nature of all of these proceedings, we are unable at this time to estimate the likelihood or magnitude of any possible losses related to these matters. “For You” Document Request On May 26, 2021, the SEC’s Enforcement Division issued a request to RHM and RHF seeking documents and information related to the “For You” feature, which was available in the past on our website only and is not currently an active product offering on our website or platform, and other features displaying lists of securities to customers. Robinhood is cooperating with the Staff’s investigation. Dansberger v. Robinhood Securities On June 11, 2021, RHS was sued by Thomas Dansberger on behalf of a putative class in the Circuit Court for Seminole County in Florida seeking monetary damages as well as declaratory and injunctive relief. Mr. Dansberger purports to represent “All Florida residents who purchased Robinhood Gold on or by January 21, 2021 and (b) who were not able to buy or sell cryptocurrencies on January 21, 2021.” The plaintiff alleges that RHS engaged in unfair and deceptive trade practices by advertising and marketing that Robinhood Gold would provide access for customers to buy and sell cryptocurrencies but failed to do so on January 28, 2021 when it allegedly halted the buying and selling of cryptocurrencies. Registration Requirements for Member Personnel On July 26, 2021, RHF received a FINRA investigative request seeking documents and information related to its compliance with FINRA registration requirements for member personnel, including related to the FINRA non-registration status of Mr. Tenev and Co-Founder and Chief Creative Officer Mr. Bhatt. Robinhood is evaluating this matter and is cooperating with the investigation.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SEBSEQUENT EVENTS	SUBSEQUENT EVENTS Amended and Restated Certificate of Incorporation On August 2, 2021 (the “IPO Closing Date”), we amended and restated our certificate of incorporation to effect a reclassification of our outstanding common stock into Class A common stock (with one vote per share) and, with respect to shares held by our founders and certain of their related entities, Class B common stock (with ten votes per share). The amended and restated certificate also provides for Class C common stock (with zero votes per share) of which none is outstanding on the date of this quarterly report. Initial Public Offering On the IPO Closing Date, we closed our IPO of 55,000,000 shares of Class A common stock at a public offering price of $38.00 per share. In the IPO, 52,375,000 shares of Class A common stock were sold by us and 2,625,000 shares of Class A common stock were sold by selling stockholders. Our net proceeds from the sale of Class A common stock by us in the IPO were approximately $1.9 billion after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. In connection with the IPO, 130,155,246 shares of our Class A common stock owned by our founders and their related entities were exchanged for an equivalent number of shares of Class B common stock. In addition, all of the outstanding shares of convertible preferred stock and all of our outstanding convertible notes automatically converted into Class A common stock of 412,742,897 and 137,305,156 shares and all warrants became exercisable at a strike price of $26.60 per share for an aggregate of 14,278,034 shares of Class A common stock. Upon completion of the IPO, approximately $13.4 million of deferred offering costs were reclassified into stockholders’ equity as a reduction of the IPO proceeds and we recognized a one-time cumulative share-based compensation expense of $1.0 billion related to RSUs for which the time-based vesting condition was satisfied or partially satisfied as the performance condition was satisfied. Acquisition of Say On August 13, 2021, the Company completed the acquisition of A Say Inc. and its subsidiaries (collectively “Say”). New York-based Say, founded in 2017, provides an investor communications and shareholder engagement platform that empowers shareholders to access their full ownership rights and facilitates proxy and voting for issuers. The purchase price is approximately $140 million in cash, subject to customary purchase price adjustments. The Company is currently evaluating purchase price allocation. It is not practicable to disclose the preliminary purchase price allocation for this acquisition given the short period of time between the acquisition date and the issuance of these unaudited condensed consolidated financial statements.

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Use of estimates	Use of estimates The preparation of unaudited condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and accompanying notes. We base our estimates on historical experience, and other assumptions we believe to be reasonable under the circumstances, which together form the basis for making judgments about the carrying values of assets and liabilities. Assumptions and estimates used in preparing our unaudited condensed consolidated financial statements include those related to the determination of allowances for credit losses, the capitalization and estimated useful life of internally developed software, contingent liabilities, useful lives of property and equipment, the incremental borrowing rate used to determine the present value of lease payments, the valuation and recognition of share-based compensation, the valuation of the convertible notes and warrant liability, uncertain tax positions, and the recognition and measurement of current and deferred income tax assets and liabilities. Actual results could differ from these estimates and could have a material adverse effect on our unaudited condensed consolidated financial statements.
Deferred offering costs	Deferred offering costsWe have capitalized qualified legal, accounting and other direct costs related to our efforts to raise capital through a sale of our common stock in an IPO. Deferred offering costs are included in other current assets on the unaudited condensed consolidated balance sheets and will be deferred until the completion of the IPO, at which time they will be reclassified to additional paid-in capital as a reduction of the IPO proceeds. If we terminate the planned IPO or there is a significant delay, all of the deferred offering costs will be immediately written off to operating expenses.
Recently adopted accounting pronouncements/Recently issued accounting pronouncements not yet adopted	Recently adopted accounting pronouncements Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity’s Own Equity. This guidance simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments, amends the accounting guidance for evaluating the classification of certain contracts in an entity’s own equity, and modifies the diluted earnings per share calculations for convertible instruments. The guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. We adopted this guidance effective January 1, 2021 using the full retrospective method. The adoption of the guidance did not have a material impact on our unaudited condensed consolidated financial statements. Recently issued accounting pronouncements not yet adopted

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
SCHEDULE OF CONCENTRATION OF CREDIT RISK	We had transaction-based revenues from individual market makers in excess of 10% of total revenues, as follows: Three Months Ended Six Months Ended 2020 2021 2020 2021 Market maker: Citadel Securities, LLC 36 % 14 % 34 % 21 % Tai Mo Shan Limited (1) 1 % 29 % 2 % 20 % Entities affiliated with Susquehanna International Group, LLP (2) 21 % 9 % 20 % 11 % Entity affiliated with Jane Street Group 1 % 12 % 1 % 9 % Entities affiliated with Wolverine Holdings, L.P. (3) 8 % 8 % 10 % 8 % All others individually less than 10% 10 % 7 % 9 % 11 % Total as percentage of total revenue: 77 % 79 % 76 % 80 % ________________ (1) Member of Jump Trading Group (2) Consists of Global Execution Brokers, LP and G1X Execution Services, LLC (3) Consists of Wolverine Execution Services, LLC and Wolverine Securities LLC

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE DISAGGREGATED BY REVENUE SOURCE	The following table presents our revenue disaggregated by revenue source: Three Months Ended Six Months Ended (in thousands) 2020 2021 2020 2021 Transaction-based revenues: Options $ 111,148 $ 164,604 $ 170,908 $ 362,464 Cryptocurrencies 5,320 233,103 9,558 320,690 Equities 70,606 52,012 102,195 185,313 Other 339 1,448 383 3,139 Total transaction-based revenues 187,413 451,167 283,044 871,606 Net interest revenues: Securities lending 28,633 39,448 35,138 75,074 Margin interest 10,958 31,230 18,787 58,961 Interest on segregated cash and securities 1,436 931 10,632 2,041 Other interest revenue 526 1,368 2,516 2,197 Interest expenses related to credit facilities (1,555) (5,268) (3,059) (8,067) Total net interest revenues 39,998 67,709 64,014 130,206 Other revenues 16,800 46,457 24,703 85,695 Total net revenues $ 244,211 $ 565,333 $ 371,761 $ 1,087,507
RECEIVABLES AND CONTRACT BALANCES	The table below sets forth contract receivables balances for the period indicated: (in thousands) Receivables Beginning of period, January 1, 2021 $ 111,871 End of period, June 30, 2021 147,168 Increase in receivables during the period $ 35,297 The table below sets forth contract liabilities balances for the period indicated: (in thousands) Contract Liabilities Beginning of period, January 1, 2021 $ 2,060 End of period, June 30, 2021 3,605 Increase in contract liabilities during the period $ 1,545

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	6 Months Ended
	Jun. 30, 2021
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES OF RECEIVABLES FROM USERS	The following table summarizes the allowance for credit losses, which primarily relate to unsecured balances of receivables from users due to fraudulent, unlawful or otherwise inappropriate customer behavior, such as when customers initiate deposits into their accounts, make trades on our platform using a short-term extension of credit from us, and then repatriate or reverse the deposits, resulting in a loss to us of the credited amount (“Fraudulent Deposit Transactions”) and to a lesser extent, losses on margin borrowings, for the periods indicated: Three Months Ended Six Months Ended (in thousands) 2020 2021 2020 2021 Beginning balance $ 27,070 $ 30,875 $ 17,122 $ 34,092 Provision for credit losses 13,985 20,342 23,933 36,745 Write-offs — (15,964) $ — $ (35,584) Ending balance $ 41,055 $ 35,253 $ 41,055 $ 35,253

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS	Financial assets and liabilities measured at fair value on a recurring basis as of the date indicated below were presented on our unaudited condensed consolidated balance sheets as follows: December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,026,034 $ — $ — $ 1,026,034 Cash and securities segregated under federal and other regulations: U.S. Treasury securities 134,994 — — 134,994 Other current assets: Equity securities - user-held fractional shares 802,483 — — 802,483 Equity securities - securities owned 3,222 — — 3,222 Total financial assets $ 1,966,733 $ — $ — $ 1,966,733 Liabilities Accounts payable and accrued expenses: Equity securities - referral program liability $ 695 $ — $ — $ 695 Other current liabilities: Equity securities - repurchase obligations 802,483 — — 802,483 Total financial liabilities $ 803,178 $ — $ — $ 803,178 June 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,927,574 $ — $ — $ 1,927,574 U.S. Treasury securities 349,984 — — 349,984 Other current assets: Equity securities - user-held fractional shares 1,430,855 — — 1,430,855 Equity securities - securities owned 18,874 — — 18,874 Total financial assets $ 3,727,287 $ — $ — $ 3,727,287 Liabilities Accounts payable and accrued expenses: Equity securities - referral program liability $ 389 $ — $ — $ 389 Other current liabilities: Equity securities - repurchase obligations 1,430,855 — — 1,430,855 Convertible notes: Convertible notes — — 5,189,783 5,189,783 Other non-current liabilities: Warrant liability — — 382,513 382,513 Total financial liabilities $ 1,431,244 $ — $ 5,572,296 $ 7,003,540
SCHEDULE OF SIGNIFICANT UNOBSERVABLE INPUTS	The significant unobservable inputs used in the fair value measurement of the convertible notes and warrant liability include: June 30, 2021 Convertible notes Warrant liability Fair value of common stock $ 38.00 $ 38.00 Volatility N/A 56 % Risk free rate N/A 1.42 %
SCHEDULE OF CHANGES IN ESTIMATED FAIR VALUE OF CONVERTIBLE NOTES AND WARRANT LIABILITY	The following table sets forth a summary of the changes in the estimated fair value of our convertible notes and warrant liability: (in thousands) Convertible notes Warrant liability Beginning of period, January 1, 2021 $ — $ — Issued during the period 3,299,031 252,944 Change in fair value 1,890,752 129,569 End of period, June 30, 2021 $ 5,189,783 $ 382,513

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
SCHEDULE OF INCOME TAX PROVISION (BENEFIT)	Three Months Ended Six Months Ended (in thousands, except percentages) 2020 2021 2020 2021 Income (loss) before income taxes $ 58,118 $ (464,158) $ 5,530 $ (1,897,182) Provision for income taxes 534 37,507 448 49,286 Effective Tax Rate 0.9 % (8.1) % 8.1 % (2.6) %

PROPERTY, SOFTWARE AND EQUIPM_2

PROPERTY, SOFTWARE AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY, SOFTWARE AND EQUIPMENT	Property, software and equipment are presented net of accumulated depreciation and amortization and summarized as follows: December 31, June 30, (in thousands) 2020 2021 Computer equipment $ 9,203 $ 17,459 Furniture and fixtures 8,024 14,764 Tenant improvements 18,945 38,426 Internally developed software 16,992 18,943 Construction in progress 9,756 7,266 Total 62,920 96,858 Less: accumulated depreciation and amortization (17,086) (25,780) Property, software and equipment, net $ 45,834 $ 71,078

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Offsetting [Abstract]
SCHEDULE OF ASSETS SUBJECT TO MASTER NETTING ARRANGEMENT	Our assets and liabilities subject to master netting arrangements are as follows: December 31, June 30, (in thousands) 2020 2021 Assets Securities borrowed Gross amount of securities borrowed $ 372 $ 754 Gross amount offset on the unaudited condensed consolidated balance sheets — — Amounts of assets presented on the unaudited condensed consolidated balance sheets (1) 372 754 Gross amount of securities borrowed not offset in the unaudited condensed consolidated balance sheets: Securities borrowed 372 754 Security collateral received (361) (727) Net amount $ 11 $ 27 Liabilities Securities loaned Gross amount of securities loaned $ 1,921,118 $ 2,642,900 Gross amount of securities loaned offset on the unaudited condensed consolidated balance sheets — — Amounts of liabilities presented on the unaudited condensed consolidated balance sheets 1,921,118 2,642,900 Gross amount of securities loaned not offset on the unaudited condensed consolidated balance sheets: Securities loaned 1,921,118 2,642,900 Security collateral pledged (1,787,819) (2,531,114) Net amount $ 133,299 $ 111,786 ________________ (1) Securities borrowed are included in receivable from brokers, dealers and clearing organizations in the unaudited condensed consolidated balance sheets.
SCHEDULE OF LIABILITIES SUBJECT TO MASTER NETTING ARRANGEMENT	Our assets and liabilities subject to master netting arrangements are as follows: December 31, June 30, (in thousands) 2020 2021 Assets Securities borrowed Gross amount of securities borrowed $ 372 $ 754 Gross amount offset on the unaudited condensed consolidated balance sheets — — Amounts of assets presented on the unaudited condensed consolidated balance sheets (1) 372 754 Gross amount of securities borrowed not offset in the unaudited condensed consolidated balance sheets: Securities borrowed 372 754 Security collateral received (361) (727) Net amount $ 11 $ 27 Liabilities Securities loaned Gross amount of securities loaned $ 1,921,118 $ 2,642,900 Gross amount of securities loaned offset on the unaudited condensed consolidated balance sheets — — Amounts of liabilities presented on the unaudited condensed consolidated balance sheets 1,921,118 2,642,900 Gross amount of securities loaned not offset on the unaudited condensed consolidated balance sheets: Securities loaned 1,921,118 2,642,900 Security collateral pledged (1,787,819) (2,531,114) Net amount $ 133,299 $ 111,786 ________________ (1) Securities borrowed are included in receivable from brokers, dealers and clearing organizations in the unaudited condensed consolidated balance sheets.

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
DETAIL OF OTHER CURRENT ASSETS	The following table presents the detail of other current assets: December 31, June 30, (in thousands) 2020 2021 User-held fractional shares $ 802,483 $ 1,430,855 Prepaid expenses 28,629 67,412 Securities owned 3,222 18,874 Other 16,804 25,761 Total other current assets $ 851,138 $ 1,542,902

MEZZANINE EQUITY, COMMON STOC_2

MEZZANINE EQUITY, COMMON STOCK AND STOCKHOLDERS’ DEFICIT (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED STOCK	The following table is a summary of redeemable convertible preferred stock as of December 31, 2020: (in thousands, except share data and per share amounts) Series Shares Authorized Shares Issued and Outstanding Per Share Liquidation Preference Liquidation Amount Per Share Initial Conversion Price Carrying Value of Stock, Net of Issuance Costs A 131,913,460 131,913,460 $ 0.1954 $ 25,777 $ 0.1954 $ 16,139 B 80,263,020 80,263,020 0.6354 50,999 0.6354 50,999 C 43,788,180 43,788,180 2.5121 110,000 2.5121 109,870 D 35,774,761 35,774,761 10.1450 362,935 10.1450 362,670 E 29,887,357 29,887,357 12.4827 373,075 12.4827 372,733 F 48,000,000 48,000,000 12.5000 600,000 12.5000 599,284 G 44,406,442 43,116,119 15.5000 668,300 15.5000 668,044 414,033,220 412,742,897 $ 2,191,086 $ 2,179,739 The following table is a summary of redeemable convertible preferred stock as of June 30, 2021: (in thousands, except share data and per share amounts) Series Shares Authorized Shares Issued and Outstanding Per Share Liquidation Preference Liquidation Amount Per Share Initial Conversion Price Carrying Value of Stock, Net of Issuance Costs A 131,913,460 131,913,460 $ 0.1954 $ 25,777 $ 0.1954 $ 16,139 B 80,263,020 80,263,020 0.6354 50,999 0.6354 50,999 C 43,788,180 43,788,180 2.5121 110,000 2.5121 109,870 D 35,774,761 35,774,761 10.1450 362,935 10.1450 362,670 E 29,887,357 29,887,357 12.4827 373,075 12.4827 372,733 F 48,000,000 48,000,000 12.5000 600,000 12.5000 599,284 G 44,406,442 43,116,119 15.5000 668,300 15.5000 668,044 G-1 244,278,204 — 18.6000 — 18.6000 — 658,311,424 412,742,897 $ 2,191,086 $ 2,179,739
SCHEDULE OF STOCK OPTION ACTIVITY	A summary of stock option activity for the six months ended June 30, 2021 is as follows: Number of Shares Weighted-Average Exercise Price Weighted- Average Remaining Life Total Intrinsic Value (in thousands) Balance at December 31, 2020 21,543,828 $ 2.19 6.52 $ 304,590 Exercised during the period (3,581,521) 1.87 Cancelled and forfeited during the period (276,657) 4.51 Balance at June 30, 2021 17,685,650 $ 2.22 5.76 $ 632,774 Options vested and expected to vest at June 30, 2021 17,685,650 $ 2.22 5.76 $ 632,774 Options exercisable at June 30, 2021 15,905,386 $ 1.75 5.56 $ 576,535
SCHEDULE OF ACTIVITY RELATED TO TIME-BASED RSUs	The following table summarizes the activity related to our Time-Based RSUs for the six months ended June 30, 2021: Number of RSUs Weighted- average grant date fair value Unvested at December 31, 2020 47,711,649 $ 10.84 Granted 22,899,989 40.88 Forfeited (1,747,048) 16.48 Unvested at June 30, 2021 68,864,590 $ 26.12
SCHEDULE OF SHARE-BASED COMPENSATION	The following table summarizes the effects of share-based compensation on our unaudited condensed consolidated statements of operations: Three Months Ended Six Months Ended (in thousands) 2020 2021 2020 2021 Brokerage and transaction $ 6 $ 6 $ 12 $ 12 Technology and development 824 717 2,540 2,025 Operations 8 3 18 6 Marketing 7 41 15 78 General and administrative 520 371 1,192 8,013 Total $ 1,365 $ 1,138 $ 3,777 $ 10,134

INCOME (LOSS) PER SHARE (Tables

INCOME (LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
CALCULATION OF BASIC AND DILUTED INCOME (LOSS) PER SHARE	The following table presents the calculation of basic and diluted income (loss) per share: (in thousands, except per share data) Three Months Ended Six Months Ended 2020 2021 2020 2021 Net income (loss) $ 57,584 $ (501,665) $ 5,082 $ (1,946,468) Less: allocation of earnings to participating securities $ 34,801 $ — $ 3,032 $ — Net income (loss) attributable to common stockholders $ 22,783 $ (501,665) $ 2,050 $ (1,946,468) Weighted-average common stock outstanding - basic 225,091,413 232,223,019 224,953,736 231,459,227 Dilutive effect of stock options and unvested shares 19,246,732 — 19,585,456 — Weighted-average common stock outstanding - diluted 244,338,145 232,223,019 244,539,192 231,459,227 Net income (loss) per share attributable to common stockholders: Basic $ 0.10 $ (2.16) $ 0.01 $ (8.41) Diluted $ 0.09 $ (2.16) $ 0.01 $ (8.41)
POTENTIAL COMMON SHARES EXCLUDED FROM THE CALCULATION OF DILUTED NET INCOME (LOSS) PER SHARE	The following potential common shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period: Three Months Ended Six Months Ended 2020 2021 2020 2021 Redeemable convertible preferred stock 366,266,778 412,742,897 366,266,778 412,742,897 RSUs 62,362,190 132,048,248 62,362,190 132,048,248 Stock options 89,110 17,685,650 82,182 17,685,650 Unvested shares 735 128,228 735 128,228 Total anti-dilutive securities 428,718,813 562,605,023 428,711,885 562,605,023

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
SCHEDULE OF COMPONENTS OF LEASE EXPENSE, OTHER INFORMATION AND CASH FLOWS	The components of lease expense were as follows: Three Months Ended Six Months Ended (in thousands) 2020 2021 2020 2021 Fixed operating lease costs $ 2,693 $ 5,011 $ 5,063 $ 8,790 Variable operating lease costs 704 1,374 1,427 2,452 Short-term lease costs 307 356 313 610 Total lease costs $ 3,704 $ 6,741 $ 6,803 $ 11,852 Other information related to our operating leases was as follows: December 31, June 30, 2020 2021 Weighted-average remaining lease term 5.41 years 5.23 years Weighted-average discount rate 7.02 % 6.21 % Cash flows related to leases were as follows: Six Months Ended (in thousands) 2020 2021 Operating cash flows: Payments for operating lease liabilities $ 9,609 $ 1,070 Supplemental cash flow data: Lease liabilities arising from obtaining right-of-use assets $ 14,902 $ 31,693
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS	Future minimum lease payments under non-cancellable operating leases (with initial lease terms in excess of one year) as of June 30, 2021 are as follows: (in thousands) Remainder of 2021 $ 8,975 2022 25,150 2023 22,841 2024 18,291 2025 17,239 Thereafter 22,270 Total undiscounted lease payments 114,766 Less: imputed interest (17,965) Less: lease incentives (10,051) Total lease liabilities $ 86,750

DESCRIPTION OF BUSINESS AND S_4

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NARRATIVE (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Deferred offering costs	$ 9.5	$ 1.3

DESCRIPTION OF BUSINESS AND S_5

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF CONCENTRATION OF CREDIT RISK (Details) - Customer Concentration Risk - Revenue Benchmark	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Citadel Securities, LLC
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%	36.00%	21.00%	34.00%
Tai Mo Shan Limited
Concentration Risk [Line Items]
Concentration risk, percentage	29.00%	1.00%	20.00%	2.00%
Entities affiliated with Susquehanna International Group, LLP
Concentration Risk [Line Items]
Concentration risk, percentage	9.00%	21.00%	11.00%	20.00%
Entity affiliated with Jane Street Group
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	1.00%	9.00%	1.00%
Entities affiliated with Wolverine Holdings, L.P.
Concentration Risk [Line Items]
Concentration risk, percentage	8.00%	8.00%	8.00%	10.00%
All others individually less than 10%
Concentration Risk [Line Items]
Concentration risk, percentage	7.00%	10.00%	11.00%	9.00%
Total as percentage of total revenue
Concentration Risk [Line Items]
Concentration risk, percentage	79.00%	77.00%	80.00%	76.00%

REVENUE - REVENUE DISAGGREGATED

REVENUE - REVENUE DISAGGREGATED BY REVENUE SOURCE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 451,167	$ 187,413	$ 871,606	$ 283,044
Securities lending	39,448	28,633	75,074	35,138
Margin interest	31,230	10,958	58,961	18,787
Interest on segregated cash and securities	931	1,436	2,041	10,632
Other interest revenue	1,368	526	2,197	2,516
Interest expenses related to credit facilities	(5,268)	(1,555)	(8,067)	(3,059)
Net interest revenues	67,709	39,998	130,206	64,014
Total net revenues	565,333	244,211	1,087,507	371,761
Options
Disaggregation of Revenue [Line Items]
Revenues	164,604	111,148	362,464	170,908
Cryptocurrencies
Disaggregation of Revenue [Line Items]
Revenues	233,103	5,320	320,690	9,558
Equities
Disaggregation of Revenue [Line Items]
Revenues	52,012	70,606	185,313	102,195
Other
Disaggregation of Revenue [Line Items]
Revenues	1,448	339	3,139	383
Other revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 46,457	$ 16,800	$ 85,695	$ 24,703

REVENUE - RECEIVABLES AND CONTR

REVENUE - RECEIVABLES AND CONTRACT LIABILITIES BALANCES (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Contract with Customer, Asset [Roll Forward]
Beginning of period, January 1, 2021	$ 111,871
End of period, June 30, 2021	147,168
Increase in receivables during the period	35,297
Contract with Customer, Liability [Roll Forward]
Beginning of period, January 1, 2021	2,060
End of period, June 30, 2021	3,605
Increase in contract liabilities during the period	$ 1,545

ALLOWANCE FOR CREDIT LOSSES - A

ALLOWANCE FOR CREDIT LOSSES - ALLOWANCE FOR CREDIT LOSSES OF RECEIVABLES FROM USERS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Contract with Customer, Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 30,875	$ 27,070	$ 34,092	$ 17,122
Provision for credit losses	20,342	13,985	36,745	23,933
Write-offs	(15,964)	0	(35,584)	0
Ending balance	$ 35,253	$ 41,055	$ 35,253	$ 41,055

ALLOWANCE FOR CREDIT LOSSES - N

ALLOWANCE FOR CREDIT LOSSES - NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Provision for credit losses	$ (20,342)	$ (13,985)	$ (36,745)	$ (23,933)
Allowance for credit losses	35,253	41,055	35,253	41,055	$ 30,875	$ 34,092	$ 27,070	$ 17,122
Transaction-based revenues
Disaggregation of Revenue [Line Items]
Provision for credit losses	19,000	13,400	34,900	23,300
Allowance for credit losses	32,900	40,400	32,900	40,400
Other revenues
Disaggregation of Revenue [Line Items]
Provision for credit losses	1,300	600	1,800	600
Allowance for credit losses	$ 2,400	$ 700	$ 2,400	$ 700

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Liabilities
Convertible notes	$ 5,189,783
Warrant liability	382,513
Level 1
Liabilities
Convertible notes	0
Warrant liability	0
Level 2
Liabilities
Convertible notes	0
Warrant liability	0
Level 3
Liabilities
Convertible notes	5,189,783
Warrant liability	382,513
Fair Value, Recurring
Assets
Total financial assets	3,727,287	$ 1,966,733
Liabilities
Total financial liabilities	7,003,540	803,178
Fair Value, Recurring | Equity securities - user-held fractional shares
Assets
Other current assets	1,430,855	802,483
Fair Value, Recurring | Equity securities - securities owned
Assets
Other current assets	18,874	3,222
Fair Value, Recurring | U.S. Treasury securities
Assets
Cash and securities segregated under federal and other regulations		134,994
Fair Value, Recurring | Equity securities - referral program liability
Liabilities
Accounts payable and accrued expenses	389	695
Fair Value, Recurring | Equity securities - repurchase obligations
Liabilities
Other current liabilities	1,430,855	802,483
Fair Value, Recurring | Money market funds
Assets
Cash equivalents	1,927,574	1,026,034
Fair Value, Recurring | U.S. Treasury securities
Assets
Cash equivalents	349,984
Fair Value, Recurring | Level 1
Assets
Total financial assets	3,727,287	1,966,733
Liabilities
Total financial liabilities	1,431,244	803,178
Fair Value, Recurring | Level 1 | Equity securities - user-held fractional shares
Assets
Other current assets	1,430,855	802,483
Fair Value, Recurring | Level 1 | Equity securities - securities owned
Assets
Other current assets	18,874	3,222
Fair Value, Recurring | Level 1 | U.S. Treasury securities
Assets
Cash and securities segregated under federal and other regulations		134,994
Fair Value, Recurring | Level 1 | Equity securities - referral program liability
Liabilities
Accounts payable and accrued expenses	389	695
Fair Value, Recurring | Level 1 | Equity securities - repurchase obligations
Liabilities
Other current liabilities	1,430,855	802,483
Fair Value, Recurring | Level 1 | Money market funds
Assets
Cash equivalents	1,927,574	1,026,034
Fair Value, Recurring | Level 1 | U.S. Treasury securities
Assets
Cash equivalents	349,984
Fair Value, Recurring | Level 2
Assets
Total financial assets	0	0
Liabilities
Total financial liabilities	0	0
Fair Value, Recurring | Level 2 | Equity securities - user-held fractional shares
Assets
Other current assets	0	0
Fair Value, Recurring | Level 2 | Equity securities - securities owned
Assets
Other current assets	0	0
Fair Value, Recurring | Level 2 | U.S. Treasury securities
Assets
Cash and securities segregated under federal and other regulations		0
Fair Value, Recurring | Level 2 | Equity securities - referral program liability
Liabilities
Accounts payable and accrued expenses	0	0
Fair Value, Recurring | Level 2 | Equity securities - repurchase obligations
Liabilities
Other current liabilities	0	0
Fair Value, Recurring | Level 2 | Money market funds
Assets
Cash equivalents	0	0
Fair Value, Recurring | Level 2 | U.S. Treasury securities
Assets
Cash equivalents	0
Fair Value, Recurring | Level 3
Assets
Total financial assets	0	0
Liabilities
Total financial liabilities	5,572,296	0
Fair Value, Recurring | Level 3 | Equity securities - user-held fractional shares
Assets
Other current assets	0	0
Fair Value, Recurring | Level 3 | Equity securities - securities owned
Assets
Other current assets	0	0
Fair Value, Recurring | Level 3 | U.S. Treasury securities
Assets
Cash and securities segregated under federal and other regulations		0
Fair Value, Recurring | Level 3 | Equity securities - referral program liability
Liabilities
Accounts payable and accrued expenses	0	0
Fair Value, Recurring | Level 3 | Equity securities - repurchase obligations
Liabilities
Other current liabilities	0	0
Fair Value, Recurring | Level 3 | Money market funds
Assets
Cash equivalents	0	$ 0
Fair Value, Recurring | Level 3 | U.S. Treasury securities
Assets
Cash equivalents	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF SIGNIFICANT UNOBSERVABLE INPUTS (Details)	Jun. 30, 2021
Convertible notes | Fair value of common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible notes, measurement input	38
Warrant liability | Fair value of common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	38
Warrant liability | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.56
Warrant liability | Risk free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.0142

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - NARRATIVE (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Feb. 28, 2021tranche
Convertible notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total loss due to changes in fair value | $	$ (514,700)	$ (1,890,752)
Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total loss due to changes in fair value | $	$ (13,400)	$ (129,569)
Convertible notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of tranches issued | tranche			2
Convertible notes | Investor
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of tranches issued | tranche			2

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF CHANGES IN ESTIMATED FAIR VALUE OF CONVERTIBLE NOTES AND WARRANT LIABILITY (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Convertible notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period, January 1, 2021		$ 0
Issued during the period		3,299,031
Change in fair value	$ 514,700	1,890,752
End of period, June 30, 2021	5,189,783	5,189,783
Warrant liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period, January 1, 2021		0
Issued during the period		252,944
Change in fair value	13,400	129,569
End of period, June 30, 2021	$ 382,513	$ 382,513

INCOME TAXES - SCHEDULE OF INCO

INCOME TAXES - SCHEDULE OF INCOME TAX PROVISION (BENEFIT) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (464,158)	$ 58,118	$ (1,897,182)	$ 5,530
Provision for income taxes	$ 37,507	$ 534	$ 49,286	$ 448
Effective Tax Rate	(8.10%)	0.90%	(2.60%)	8.10%

PROPERTY, SOFTWARE AND EQUIPM_3

PROPERTY, SOFTWARE AND EQUIPMENT, NET - SCHEDULE OF PROPERTY, SOFTWARE AND EQUIPMENT (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, software and equipment, gross	$ 96,858	$ 62,920
Less: accumulated depreciation and amortization	(25,780)	(17,086)
Property, software and equipment, net	71,078	45,834
Computer equipment
Property, Plant and Equipment [Line Items]
Property, software and equipment, gross	17,459	9,203
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, software and equipment, gross	14,764	8,024
Tenant improvements
Property, Plant and Equipment [Line Items]
Property, software and equipment, gross	38,426	18,945
Internally developed software
Property, Plant and Equipment [Line Items]
Property, software and equipment, gross	18,943	16,992
Construction in progress
Property, Plant and Equipment [Line Items]
Property, software and equipment, gross	$ 7,266	$ 9,756

PROPERTY, SOFTWARE AND EQUIPM_4

PROPERTY, SOFTWARE AND EQUIPMENT, NET - NARRATIVE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense of property and equipment	$ 3.4	$ 1.3	$ 5.8	$ 2.1
Amortization expense of internally developed software	$ 1.5	$ 0.9	$ 2.9	$ 1.8

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - SCHEDULE OF ASSETS AND LIABILITIES SUBJECT TO MASTER NETTING ARRANGEMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Gross amount of securities borrowed	$ 754	$ 372
Gross amount offset on the unaudited condensed consolidated balance sheets	0	0
Amounts of assets presented on the unaudited condensed consolidated balance sheets	754	372
Securities borrowed	754	372
Security collateral received	(727)	(361)
Net amount	27	11
Liabilities
Gross amount of securities loaned	2,642,900	1,921,118
Gross amount of securities loaned offset on the unaudited condensed consolidated balance sheets	0	0
Amounts of liabilities presented on the unaudited condensed consolidated balance sheets	2,642,900	1,921,118
Securities loaned	2,642,900	1,921,118
Security collateral pledged	(2,531,114)	(1,787,819)
Net amount	$ 111,786	$ 133,299

OFFSETTING ASSETS AND LIABILI_4

OFFSETTING ASSETS AND LIABILITIES - NARRATIVE (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Offsetting [Abstract]
Fair value of securities re-pledged	$ 7,517,000	$ 4,632,600
Security collateral received	727	$ 361
Amount re-pledged with clearing organizations to meet deposit requirements	$ 165,500

OTHER CURRENT ASSETS - DETAIL O

OTHER CURRENT ASSETS - DETAIL OF OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
User-held fractional shares	$ 1,430,855	$ 802,483
Prepaid expenses	67,412	28,629
Securities owned	18,874	3,222
Other	25,761	16,804
Other current assets	$ 1,542,902	$ 851,138

FINANCING ACTIVITIES AND OFF-_2

FINANCING ACTIVITIES AND OFF-BALANCE SHEET RISK - NARRATIVE (Details)	1 Months Ended				6 Months Ended
	Apr. 30, 2021USD ($)	Feb. 28, 2021USD ($)tranche$ / shares	Oct. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Oct. 31, 2020USD ($)	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Settlement date basis, equities					2 days
Settlement date basis, options					1 day
Tranche 1 Convertible Note Holders
Debt Instrument [Line Items]
Aggregate proceeds invested, percentage		15.00%
Maximum amount of all warrants		$ 379,800,000
Common Class A | Tranche 1 Convertible Note Holders
Debt Instrument [Line Items]
Conversion price percentage, warrant		70.00%
Exercise price (in dollars per share) | $ / shares		$ 38.29
Preferred Stock | Tranche 1 Convertible Note Holders
Debt Instrument [Line Items]
Conversion price percentage, warrant		70.00%
Exercise price (in dollars per share) | $ / shares		$ 38.29
Outstanding warrants strike price (in dollars per share) | $ / shares		$ 18.60
Convertible notes
Debt Instrument [Line Items]
Number of tranches issued | tranche		2
Interest rate on loan		6.00%
Convertible notes | Common Class A
Debt Instrument [Line Items]
Gross proceeds from IPO offering to trigger convesion		$ 500,000,000
Conversion price percentage, convertible debt		70.00%
Convertible notes | Preferred Stock
Debt Instrument [Line Items]
Gross proceeds from IPO offering to trigger convesion		$ 500,000,000
Conversion price percentage, convertible debt		70.00%
Tranche I Convertible Notes | Convertible notes
Debt Instrument [Line Items]
Notes issued		$ 2,530,000,000
Tranche I Convertible Notes | Convertible notes | Common Class A
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares		$ 38.29
Tranche I Convertible Notes | Convertible notes | Preferred Stock
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares		$ 38.29
Tranche II Convertible Notes | Convertible notes
Debt Instrument [Line Items]
Notes issued		$ 1,020,000,000
Tranche II Convertible Notes | Convertible notes | Common Class A
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares		$ 42.12
Tranche II Convertible Notes | Convertible notes | Preferred Stock
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares		$ 42.12
Revolving Credit Facility | October 2019 Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, amount entered into			$ 200,000,000
Commitment fee percentage			0.10%
Outstanding borrowings, long-term					$ 0	$ 0
Revolving Credit Facility | October 2019 Credit Facility | Eurodollar | Line of Credit
Debt Instrument [Line Items]
Variable rate on loan			1.00%
Revolving Credit Facility | October 2019 Credit Facility | Federal Reserve Bank of New York Rate | Line of Credit
Debt Instrument [Line Items]
Variable rate on loan			0.50%
Revolving Credit Facility | October 2019 Credit Facility | Eurodollar, One Month Interest Period | Line of Credit
Debt Instrument [Line Items]
Variable rate on loan			1.00%
Revolving Credit Facility | October 2019 Credit Facility, As Amended | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, amount entered into	$ 625,000,000						$ 600,000,000
Revolving Credit Facility | Line of Credit | September 2019 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, amount entered into				$ 400,000,000
Outstanding borrowings, short-term						$ 0
Commitment fee percentage				0.35%
Revolving Credit Facility | Line of Credit | September 2019 Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Variable rate on loan				1.25%
Revolving Credit Facility | Line of Credit | September 2019 Credit Facility, As Amended
Debt Instrument [Line Items]
Line of credit facility, amount entered into								$ 550,000,000
Revolving Credit Facility | Line of Credit | April 2021 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, amount entered into	$ 2,200,000,000
Outstanding borrowings, short-term					$ 0
Commitment fee percentage	0.50%
Revolving Credit Facility | Line of Credit | April 2021 Credit Facility, Tranche A | Short-Term Funding Rate
Debt Instrument [Line Items]
Variable rate on loan	1.25%
Revolving Credit Facility | Line of Credit | April 2021 Credit Facility, Tranche B and C | Short-Term Funding Rate
Debt Instrument [Line Items]
Variable rate on loan	2.50%

MEZZANINE EQUITY, COMMON STOC_3

MEZZANINE EQUITY, COMMON STOCK AND STOCKHOLDERS’ DEFICIT - SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED STOCK (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Shares Authorized (in shares)	658,311,424	414,033,220
Shares issued (in shares)	412,742,897	412,742,897
Shares outstanding (in shares)	412,742,897	412,742,897
Liquidation Amount	$ 2,191,086,000	$ 2,191,086,000
Carrying Value of Stock, Net of Issuance Costs	$ 2,179,739,000	$ 2,179,739,000
Series A
Temporary Equity [Line Items]
Shares Authorized (in shares)	131,913,460	131,913,460
Shares issued (in shares)	131,913,460	131,913,460
Shares outstanding (in shares)	131,913,460	131,913,460
Per Share Liquidation Preference (in dollars per share)	$ 0.1954	$ 0.1954
Liquidation Amount	$ 25,777,000	$ 25,777,000
Per Share Initial Conversion Price (in dollars per share)	$ 0.1954	$ 0.1954
Carrying Value of Stock, Net of Issuance Costs	$ 16,139,000	$ 16,139,000
Series B
Temporary Equity [Line Items]
Shares Authorized (in shares)	80,263,020	80,263,020
Shares issued (in shares)	80,263,020	80,263,020
Shares outstanding (in shares)	80,263,020	80,263,020
Per Share Liquidation Preference (in dollars per share)	$ 0.6354	$ 0.6354
Liquidation Amount	$ 50,999,000	$ 50,999,000
Per Share Initial Conversion Price (in dollars per share)	$ 0.6354	$ 0.6354
Carrying Value of Stock, Net of Issuance Costs	$ 50,999,000	$ 50,999,000
Series C
Temporary Equity [Line Items]
Shares Authorized (in shares)	43,788,180	43,788,180
Shares issued (in shares)	43,788,180	43,788,180
Shares outstanding (in shares)	43,788,180	43,788,180
Per Share Liquidation Preference (in dollars per share)	$ 2.5121	$ 2.5121
Liquidation Amount	$ 110,000,000	$ 110,000,000
Per Share Initial Conversion Price (in dollars per share)	$ 2.5121	$ 2.5121
Carrying Value of Stock, Net of Issuance Costs	$ 109,870,000	$ 109,870,000
Series D
Temporary Equity [Line Items]
Shares Authorized (in shares)	35,774,761	35,774,761
Shares issued (in shares)	35,774,761	35,774,761
Shares outstanding (in shares)	35,774,761	35,774,761
Per Share Liquidation Preference (in dollars per share)	$ 10.1450	$ 10.1450
Liquidation Amount	$ 362,935,000	$ 362,935,000
Per Share Initial Conversion Price (in dollars per share)	$ 10.1450	$ 10.1450
Carrying Value of Stock, Net of Issuance Costs	$ 362,670,000	$ 362,670,000
Series E
Temporary Equity [Line Items]
Shares Authorized (in shares)	29,887,357	29,887,357
Shares issued (in shares)	29,887,357	29,887,357
Shares outstanding (in shares)	29,887,357	29,887,357
Per Share Liquidation Preference (in dollars per share)	$ 12.4827	$ 12.4827
Liquidation Amount	$ 373,075,000	$ 373,075,000
Per Share Initial Conversion Price (in dollars per share)	$ 12.4827	$ 12.4827
Carrying Value of Stock, Net of Issuance Costs	$ 372,733,000	$ 372,733,000
Series F
Temporary Equity [Line Items]
Shares Authorized (in shares)	48,000,000	48,000,000
Shares issued (in shares)	48,000,000	48,000,000
Shares outstanding (in shares)	48,000,000	48,000,000
Per Share Liquidation Preference (in dollars per share)	$ 12.5000	$ 12.5000
Liquidation Amount	$ 600,000,000	$ 600,000,000
Per Share Initial Conversion Price (in dollars per share)	$ 12.5000	$ 12.5000
Carrying Value of Stock, Net of Issuance Costs	$ 599,284,000	$ 599,284,000
Series G
Temporary Equity [Line Items]
Shares Authorized (in shares)	44,406,442	44,406,442
Shares issued (in shares)	43,116,119	43,116,119
Shares outstanding (in shares)	43,116,119	43,116,119
Per Share Liquidation Preference (in dollars per share)	$ 15.5000	$ 15.5000
Liquidation Amount	$ 668,300,000	$ 668,300,000
Per Share Initial Conversion Price (in dollars per share)	$ 15.5000	$ 15.5000
Carrying Value of Stock, Net of Issuance Costs	$ 668,044,000	$ 668,044,000
Series G-1
Temporary Equity [Line Items]
Shares Authorized (in shares)	244,278,204
Shares issued (in shares)	0
Shares outstanding (in shares)	0
Per Share Liquidation Preference (in dollars per share)	$ 18.6000
Liquidation Amount	$ 0
Per Share Initial Conversion Price (in dollars per share)	$ 18.6000
Carrying Value of Stock, Net of Issuance Costs	$ 0

MEZZANINE EQUITY, COMMON STOC_4

MEZZANINE EQUITY, COMMON STOCK AND STOCKHOLDERS’ DEFICIT - NARRATIVE (Details)	Jun. 30, 2021USD ($)votetranchedirectorholder$ / sharesshares	Jun. 30, 2021USD ($)votetranchedirectorholder$ / sharesshares	May 31, 2021$ / sharesshares	Mar. 31, 2021employee$ / shares	Jun. 30, 2021USD ($)votetranchedirectorholder$ / sharesshares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)votetranchedirectorholder$ / sharesshares	Jun. 30, 2020USD ($)	Dec. 31, 2019$ / sharesshares	Dec. 31, 2020$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of elected directors entitled to holders | director	4	4			4		4
Number of holders entitled to matters before the board of directors | holder	2	2			2		2
Number of votes on matters before the board of directors | vote	2	2			2		2
Number of voting rights per share | vote	1	1			1		1
Capitalized share-based compensation expense | $					$ 100,000	$ 300,000	$ 100,000	$ 600,000
2013 and 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized (in shares) | shares	209,809,164	209,809,164			209,809,164		209,809,164
Shares issued under plans (in shares) | shares							46,928,833
Common stock reserved for issuance (in shares) | shares							149,733,898
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for issuance (in shares) | shares	13,146,433	13,146,433			13,146,433		13,146,433
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares reserved for issuance under equity incentive plan							14.00%
Annual increase as a percentage of outstanding shares							5.00%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized (in shares) | shares	200,000,000	200,000,000			200,000,000		200,000,000
Annual increase as a percentage of outstanding shares		1.00%
Maximum payroll deduction for ESPP, percentage	15.00%	15.00%			15.00%		15.00%
ESPP purchase price discount, percentage		85.00%
Percentage of shares outstanding after close of offering		2.00%
Dividend Declared
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends | $	$ 0	$ 0			$ 0		$ 0
Dividend Paid
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends | $	0	0			0		$ 0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable, period (up to)							10 years
Vesting rate, percentage							25.00%
Vesting period							4 years
Unrecognized compensation cost | $	4,900,000	4,900,000			4,900,000		$ 4,900,000
Unrecognized compensation cost related to outstanding stock options, weighted-average period							11 months 8 days
Stock options | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period							1 year
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable, period (up to)							7 years
Vesting period			8 years	1 year
Granted (in shares) | shares			35,520,000				22,899,989		27,663,658
Granted, Weighted-average grant date fair value (in dollars per share) | $ / shares			$ 22.68				$ 40.88		$ 0.29
Weighted-average incremental fair value (in dollars per share) | $ / shares									$ 21.95
Unrecognized compensation cost | $	$ 1,800,000,000	$ 1,800,000,000			$ 1,800,000,000		$ 1,800,000,000
Number of employees affected | employee				500
Modified grant date fair value (in dollars per share) | $ / shares	$ 26.12	$ 26.12		$ 39.75	$ 26.12		$ 26.12			$ 10.84
RSUs | 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense, including incremental expense due to modification | $	$ 615,200,000	$ 615,200,000			$ 615,200,000		$ 615,200,000
Incremental share-based compensation expense | $							$ 411,300,000
Remaining weighted-average service period							1 year 3 months 10 days
RSUs | 2019 | Pro Forma
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Qualifying liquidity event, share-based compensation expense | $	203,900,000
RSUs | 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 805,500,000	$ 805,500,000			$ 805,500,000		$ 805,500,000
Incremental share-based compensation expense | $							$ 787,300,000
Remaining weighted-average service period							4 years 2 months 23 days
Requisite service period							4 years 3 months 29 days
Number of tranches | tranche	7	7			7		7
RSUs | 2021 | Pro Forma
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Qualifying liquidity event, share-based compensation expense | $	$ 18,200,000
RSUs | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares upon achievement of price targets (in shares) | shares			4,560,000						5,532,732
Price targets, vested (in dollars per share) | $ / shares			$ 120						$ 30.45
RSUs | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares upon achievement of price targets (in shares) | shares			4,560,000						13,831,828
Price targets, vested (in dollars per share) | $ / shares			$ 150						$ 50.75
RSUs | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares upon achievement of price targets (in shares) | shares			5,280,000						8,299,098
Price targets, vested (in dollars per share) | $ / shares			$ 180						$ 101.50
RSUs | Share-based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares upon achievement of price targets (in shares) | shares			5,280,000
Price targets, vested (in dollars per share) | $ / shares			$ 210
RSUs | Share-based Payment Arrangement, Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares upon achievement of price targets (in shares) | shares			5,280,000
Price targets, vested (in dollars per share) | $ / shares			$ 240
RSUs | Share-based Payment Arrangement, Tranche Six
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares upon achievement of price targets (in shares) | shares			5,280,000
Price targets, vested (in dollars per share) | $ / shares			$ 270
RSUs | Share-based Payment Arrangement, Tranche Seven
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares upon achievement of price targets (in shares) | shares			5,280,000
Price targets, vested (in dollars per share) | $ / shares			$ 300
RSUs | Vesting Condition, Satisfied or Partially Satisfied
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	660,000,000	$ 660,000,000			$ 660,000,000		$ 660,000,000
RSUs | Vesting Condition, Not Yet Satisfied
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 1,200,000,000	$ 1,200,000,000			$ 1,200,000,000		$ 1,200,000,000
Redeemable convertible preferred stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold outstanding to obtain approval (in shares) | shares							50,000,000
Series F
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Per Share Liquidation Preference (in dollars per share) | $ / shares	$ 12.5000	$ 12.5000			$ 12.5000		$ 12.5000			12.5000
Series F | IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Per Share Liquidation Preference (in dollars per share) | $ / shares	$ 12.4827	$ 12.4827			$ 12.4827		$ 12.4827
Proceeds to trigger conversion of redeemable convertible preferred stock | $							$ 200,000,000
Series A and B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, number of elected directors entitled to holders | director	1	1			1		1
Series D and E
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion, percentage of outstanding shares	60.00%	60.00%			60.00%		60.00%
Series A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Per Share Liquidation Preference (in dollars per share) | $ / shares	$ 0.1954	$ 0.1954			$ 0.1954		$ 0.1954			$ 0.1954
Conversion, percentage of outstanding shares	65.00%	65.00%			65.00%		65.00%

MEZZANINE EQUITY, COMMON STOC_5

MEZZANINE EQUITY, COMMON STOCK AND STOCKHOLDERS’ DEFICIT - SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Number of Shares
Beginning balance (in shares)	21,543,828
Exercised during the period (in shares)	(3,581,521)
Cancelled and forfeited during the period (in shares)	(276,657)
Ending balance (in shares)	17,685,650	21,543,828
Options vested and expected to vest (in shares)	17,685,650
Options exercisable (in shares)	15,905,386
Weighted-Average Exercise Price
Beginning balance, Weighted-Average Exercise Price (in dollars per share)	$ 2.19
Exercised during the period, Weighted-Average Exercise Price (in dollars per share)	1.87
Cancelled and forfeited during the period, Weighted-Average Exercise Price (in dollars per share)	4.51
Ending balance, Weighted-Average Exercise Price (in dollars per share)	2.22	$ 2.19
Options vested and expected to vest, Weighted-Average Exercise Price (in dollars per share)	2.22
Options exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 1.75
Weighted- Average Remaining Life
Weighted- Average Remaining Life	5 years 9 months 3 days	6 years 6 months 7 days
Options vested and expected to vest, Weighted-Average Remaining Life	5 years 9 months 3 days
Options exercisable, Weighted-Average Remaining Life	5 years 6 months 21 days
Total Intrinsic Value (in thousands)
Total Intrinsic Value (in thousands)	$ 632,774	$ 304,590
Options vested and expected to vest, Total Intrinsic Value	632,774
Options exercisable, Total Intrinsic Value	$ 576,535

MEZZANINE EQUITY, COMMON STOC_6

MEZZANINE EQUITY, COMMON STOCK AND STOCKHOLDERS' DEFICIT - SCHEDULE OF ACTIVITY RELATED TO TIME-BASED RSUs (Details) - RSUs - $ / shares	1 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2021	Jun. 30, 2021	Dec. 31, 2019
Number of RSUs
Unvested restricted stock, beginning balance (in shares)		47,711,649
Granted (in shares)	35,520,000	22,899,989	27,663,658
Forfeited (in shares)		(1,747,048)
Unvested restricted stock, ending balance (in shares)		68,864,590
Weighted- average grant date fair value
Unvested restricted stock, Weighted-average grant date fair value, beginning balance (in dollars per share)		$ 10.84
Granted, Weighted-average grant date fair value (in dollars per share)	$ 22.68	40.88	$ 0.29
Forfeited, Weighted-average grant date fair value (in dollars per share)		16.48
Unvested restricted stock, Weighted-average grant date fair value, ending balance (in dollars per share)		$ 26.12

MEZZANINE EQUITY, COMMON STOC_7

MEZZANINE EQUITY, COMMON STOCK AND STOCKHOLDERS’ DEFICIT - SCHEDULE OF SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 1,138	$ 1,365	$ 10,134	$ 3,777
Brokerage and transaction
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	6	6	12	12
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	717	824	2,025	2,540
Operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	3	8	6	18
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	41	7	78	15
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 371	$ 520	$ 8,013	$ 1,192

INCOME (LOSS) PER SHARE - CALCU

INCOME (LOSS) PER SHARE - CALCULATION OF BASIC AND DILUTED INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ (501,665)	$ 57,584	$ (1,946,468)	$ 5,082
Less: allocation of earnings to participating securities	0	34,801	0	3,032
Net income (loss) attributable to common stockholders	(501,665)	22,783	(1,946,468)	2,050
Net income (loss) attributable to common stockholders	$ (501,665)	$ 22,783	$ (1,946,468)	$ 2,050
Weighted-average common stock outstanding - basic (in shares)	232,223,019	225,091,413	231,459,227	224,953,736
Dilutive effect of stock options and unvested shares (in shares)	0	19,246,732	0	19,585,456
Weighted-average common stock outstanding - diluted (in shares)	232,223,019	244,338,145	231,459,227	244,539,192
Net income (loss) per share attributable to common stockholders:
Net income (loss) per share attributable to common stockholders, Basic (in dollars per share)	$ (2.16)	$ 0.10	$ (8.41)	$ 0.01
Net income (loss) per share attributable to common stockholders, Diluted (in dollars per share)	$ (2.16)	$ 0.09	$ (8.41)	$ 0.01

INCOME (LOSS) PER SHARE - POTEN

INCOME (LOSS) PER SHARE - POTENTIAL COMMON SHARES EXCLUDED FROM THE CALCULATION OF DILUTED NET INCOME (LOSS) PER SHARE (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	562,605,023	428,718,813	562,605,023	428,711,885
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	132,048,248	62,362,190	132,048,248	62,362,190
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	17,685,650	89,110	17,685,650	82,182
Unvested shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	128,228	735	128,228	735
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	412,742,897	366,266,778	412,742,897	366,266,778

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Jun. 30, 2021USD ($)party	Feb. 28, 2021tranche
Related Party Transaction [Line Items]
Convertible notes	$ 5,189,783
Convertible notes
Related Party Transaction [Line Items]
Number of tranches issued | tranche		2
Investor
Related Party Transaction [Line Items]
Number of related parties | party	2
Convertible notes	$ 182,600
Warrant liabilities	$ 18,900
Investor | Convertible notes
Related Party Transaction [Line Items]
Number of tranches issued | tranche		2

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - NARRATIVE (Details) tranche in Thousands, $ in Thousands	Jul. 26, 2021lawsuit	Jun. 30, 2021USD ($)option	Jan. 28, 2021lawsuit	Jan. 08, 2021tranche	Dec. 23, 2020lawsuit	Jul. 24, 2020USD ($)	Mar. 04, 2020lawsuitplaintiff	Dec. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Number of renewal options (or more) | option		1
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Non-current assets						Non-current assets
Operating lease right-of-use assets		$ 74,700						$ 49,200
Total lease liabilities		$ 86,750						$ 54,100
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Other current liabilities						Other current liabilities
Operating lease liabilities		$ 12,800						$ 6,100
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other non-current liabilities						Other non-current liabilities
Operating lease liabilities, net of current portion		$ 73,900						$ 48,000
Best Execution, Payment for Order Flow, and Source of Revenue Matters | Unfavorable Regulatory Action
Lessee, Lease, Description [Line Items]
Fine, amount								65,000
Penalty paid in cash								$ 65,000
Putative Securities Fraud Class Action Lawsuit
Lessee, Lease, Description [Line Items]
Number of lawsuits | lawsuit					6
Putative Class Actions
Lessee, Lease, Description [Line Items]
Number of lawsuits | lawsuit			50				15
Number of customers | tranche				2
Individual Action
Lessee, Lease, Description [Line Items]
Number of lawsuits | lawsuit							1
March 2020 Outages
Lessee, Lease, Description [Line Items]
Number of customers | plaintiff							1,600
FINRA Multi-Matter Settlement | Unfavorable Regulatory Action
Lessee, Lease, Description [Line Items]
Fine, amount		57,000
Accrued fine		57,000
FINRA Multi-Matter Settlement | Unfavorable Regulatory Action, Customer Restitution
Lessee, Lease, Description [Line Items]
Fine, amount		12,600
Customer restitution payment		8,100
Amount offered to be paid		750
Remaining to be paid		3,750
Customer restitution to be paid		$ 4,500
RHC Anti-Money Laundering, Cybersecurity and Other Issues | Unfavorable Regulatory Action
Lessee, Lease, Description [Line Items]
Expected monetary penalty						$ 30,000
Early 2021 Trading Restrictions
Lessee, Lease, Description [Line Items]
Number of lawsuits | lawsuit			4
Consolidated Claims | Subsequent Event
Lessee, Lease, Description [Line Items]
Number of lawsuits | lawsuit	2
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term		10 years

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF COMPONENTS OF LEASE EXPENSE, OTHER INFORMATION AND CASH FLOWS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Lease, Cost [Abstract]
Fixed operating lease costs	$ 5,011	$ 2,693	$ 8,790	$ 5,063
Variable operating lease costs	1,374	704	2,452	1,427
Short-term lease costs	356	307	610	313
Total lease costs	$ 6,741	$ 3,704	$ 11,852	6,803
Weighted Average Remaining Lease Term and Discount Rate [Abstract]
Weighted-average remaining lease term	5 years 2 months 23 days		5 years 2 months 23 days		5 years 4 months 28 days
Weighted-average discount rate	6.21%		6.21%		7.02%
Operating cash flows:
Payments for operating lease liabilities			$ 1,070	9,609
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets			$ 31,693	$ 14,902

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2021	$ 8,975
2022	25,150
2023	22,841
2024	18,291
2025	17,239
Thereafter	22,270
Total undiscounted lease payments	114,766
Less: imputed interest	(17,965)
Less: lease incentives	(10,051)
Total lease liabilities	$ 86,750	$ 54,100

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands	Aug. 13, 2021USD ($)	Aug. 02, 2021USD ($)vote$ / sharesshares	Jun. 30, 2021USD ($)voteshares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)voteshares	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)shares
Subsequent Event [Line Items]
Number of voting rights per share | vote			1		1
Common stock, shares outstanding (in shares)			232,609,957		232,609,957		229,031,546
Deferred offering costs | $			$ 9,500		$ 9,500		$ 1,300
Share-based compensation | $			$ 1,138	$ 1,365	$ 10,134	$ 3,777
Subsequent Event | Say
Subsequent Event [Line Items]
Purchase price in cash | $	$ 140,000
Subsequent Event | IPO
Subsequent Event [Line Items]
Deferred offering costs | $		$ 13,400
Subsequent Event | IPO | RSUs
Subsequent Event [Line Items]
Share-based compensation | $		$ 1,000,000
Subsequent Event | Common Class A
Subsequent Event [Line Items]
Number of voting rights per share | vote		1
Subsequent Event | Common Class A | IPO
Subsequent Event [Line Items]
Shares issued in IPO (in shares)		55,000,000
Offering price in IPO (in dollars per share) | $ / shares		$ 38
Net proceeds from sale in IPO | $		$ 1,900,000
Conversion of Stock, Shares Converted		130,155,246
Conversion of convertible preferred stock (in shares)		412,742,897
Convertible notes converted to common stock (in shares)		137,305,156
Exercise price (in dollars per share) | $ / shares		$ 26.60
Aggregate warrants exercisable (in shares)		14,278,034
Subsequent Event | Common Class A | IPO - Shares from Company
Subsequent Event [Line Items]
Shares issued in IPO (in shares)		52,375,000
Subsequent Event | Common Class A | IPO - Shares from Existing Shareholders
Subsequent Event [Line Items]
Shares issued in IPO (in shares)		2,625,000
Subsequent Event | Common Class B
Subsequent Event [Line Items]
Number of voting rights per share | vote		10
Subsequent Event | Common Class C
Subsequent Event [Line Items]
Number of voting rights per share | vote		0
Common stock, shares outstanding (in shares)		0