Robinhood funded customers in 2026

Robinhood ended Q2 2026 at 28.4 million funded customers, so the company needs another 1.8 million net additions to clear 30.2 million by year-end. That is a meaningful hurdle, but not an extreme one if the recent quarterly pace holds: Q2 added about 940 thousand customers sequentially, and even after stripping out roughly 300 thousand from WonderFi, the organic gain was still unusually strong for the business.

The bull case is that customer growth has several live catalysts at once, including banking, the credit card, international expansion, and broader product adoption that can keep existing users active enough to count under Robinhood's 45-day funded-customer definition. Strong market conditions also tend to help retail onboarding and engagement, and management clearly signaled that customer acquisition remains a top priority.

The bear case is that Q2 was helped by a one-off acquisition bump and was the strongest sequential increase in years, so simply repeating it twice is a high bar. On balance, I think the market is a little conservative at 52%; my fair value is 60% because the current run-rate and definition tailwinds make a modest year-end beat more likely than not, even though the threshold is still close enough that a slowdown would flip the outcome.