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Can anyone explain to me how a company with $85B AUM can try to IPO at $35B

Fidelity AUM- $10,400B, valuation~ $100B (I know they are private this is from a Google search), even though they offer real services, financial advice and guidance, run most peoples 401k's…

Robinhood AUM- $85B, pre-ipo "valuation"- $35B, all they offer is a shitty app, no customer support, allow you to "trade" coins, even though they dont hold any.

Shouldnt Robinhood be worth like $0.8B, why are they being valued at 100 times more than Fidelity?

Robinhood has less assets and offer less services, what am I missing here?

Also why do they think they are entitled to a third of their customers assets, seriously they are basically just calling their customers degen gamblers, but how long can they just expect people to lose money?

Really hoping this IPO actually opens at $85B valuation.

submitted by /u/discst8
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