Editing Robinhood Markets, Inc. (section)

=== Interpretation & Implications ===

The very large TAM (~$300+ trillion in global personal wealth) highlights the ceiling of what Robinhood could theoretically address through its platform expansion (trading + wealth + subscriptions + tokenised assets).

The SAM metrics illustrate more immediately reachable markets — e.g., ~2.8 billion USD in European trading-platform revenue, ~560 million global crypto users — markets where Robinhood is already active or expanding.

The SOM is the share Robinhood might realistically capture, given competition, regulation and execution risk. For example, even a 5-10% share of a ~$12-14 billion global e-brokerage revenue pool implies ~$0.6-1.4 billion of annualised revenue from that slice alone — before interest, subscriptions and crypto income.

From a valuation perspective, the size of these markets helps justify a premium growth multiple — but crucially, execution matters. A large TAM doesn’t guarantee share capture; regulatory shocks, competitive dynamics and execution missteps can limit the SOM and thus impair return potential.

In the context of your earlier Valuation & Recommendation section, this TAM/SAM/SOM framing reinforces the upside case — but it also underlines that the baseline assumption must be that Robinhood continues to deliver growth, monetisation and regulatory clearance.