Robinhood looks undervalued at the current approximately 22 billion USD market capitalisation.
I see Robinhood markets as an investment in cryptocurrencies, especially Bitcoin. Robinnood markets is essentially turning into a cryptocurrency, Bitcoin merchant bank or at least a large part of its business.
If Bitcoin's price goes to 100 000 USD I think Robinhood will be worth 55 billion USD and it might temporarily overshoot its intrinsic value to 75 billion USD driven by investor euphoria.
If Bitcoin rises to 200 billion USD Robinhood could well be worth 100 billion USD.
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