Robinhood prices $2B zero-coupon convertible notes due 2029; ~$290M for share buybacks

Robinhood Markets, Inc.

Priced $2.0B aggregate principal of 0.00% convertible senior notes due Oct 1, 2029; initial purchasers have $200M greenshoe option.
Initial conversion price of $174.42/share (~65% premium over last sale); capped call cap price $237.85/share (~125% premium).
Net proceeds ~$1,971.8M; uses: ~$290M concurrent share repurchase, $112M for capped call costs, remainder general corporate.
Notes convertible upon specified conditions; redeemable after July 1, 2028 if stock >=120% of conversion price for 20 of 30 trading days.
Offering expected to close June 25, 2026; capped calls reduce dilution on conversion up to the cap price.

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