Not sure they get a fixed % of the original IPO price cash that's raised - where they make their money is the underwriter's over-allotment, so it's in their interest to lowball the IPO price. They also make big clients a ton of money, and they do get a % of AUM from people that let them manage their money - normal people usually can't subscribe to the IPO. As far as justifying market caps, you can't do it for Robinhood stocks - things like SPCE and MRNA are no worth anything close to their MC - I'd argue TSLA isn't either. Is AAPL really worth $2 TRILLION?
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