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Illustration: Rae Cook/Axios

No-fee trading app Robinhood on Monday disclosed details for its upcoming IPO, with plans to raise around $2.2 billion at a $33 billion valuation.

Why it matters: This is expected to be one of the largest and most closely-watched IPOs on 2021, as the company's fortunes are closely correlated to the stock-trading among young, retail investors.

Go deeper: Robinhood IPO filing caps stunning rebound

Go deeper

Dan Primack, author of Pro Rata
Sep 30, 2021 - Economy & Business

Fanatics Trading Cards raises $350 million

Illustration: Aïda Amer/Axios

Fanatics Trading Cards, a new collectibles unit of sports merchandise retailer Fanatics, raised $350 million at a $10.4 billion valuation from Silver Lake, Insight Partners and Endeavor.

Why it matters: This is an extraordinary valuation for a consumer products company that hasn't made anything yet.

Dan Primack, author of Pro Rata
Sep 29, 2021 - Economy & Business

Warby Parker to go public via direct listing

Illustration: Annelise Capossela/Axios

Warby Parker is set to go public Wednesday via a direct listing. It got a $40 per share reference price, which would value the eyeglasses retailer at nearly $5 billion.

Why it matters: This could be a fraught time for direct listings, as vested employees are getting jumbled guidance from D.C. on how their potential sales would be taxed. But that didn't seem to hurt yesterday's direct listing by Amplitude, the data analytics company whose first-day performance defied the Nasdaq's worst trading session since March.

Inside Biden's Taiwan flubs

Illustration: Aïda Amer/Axios

Twice this year, President Biden has blurted out commitments that the U.S. is prepared to defend Taiwan against a Chinese invasion — forcing the White House to walk back his statements and leading to confusion over a high-stakes national security policy.

Why it matters: U.S. defense officials have publicly aired their concerns that China will take Taiwan by force in the next four to six years, perhaps sooner. The president's position on this question may soon have real-world, life and death consequences.