Public

What Public does

Public (Public Holdings, Inc., operating as Public.com) is a US-licensed, privately held fintech brokerage founded in 2019 and headquartered in New York. The company offers a commission-free multi-asset platform covering 9,000+ stocks, ETFs, options, 10,000+ corporate bonds, 40+ crypto assets, US Treasuries, and Traditional/Roth IRAs (including a Crypto IRA and a Direct Indexing product), with clearing executed through Apex Clearing Corporation and investment advisory services provided by SEC-registered Public Advisors LLC. The platform is regulated as a FINRA/SIPC member broker-dealer (Open to the Public Investing, Inc.) and is positioned as the "world's first agentic brokerage," with a first-party suite of AI capabilities (autonomous AI Agents, GPT-4-powered Alpha research app, Generated Assets index builder, Research assistant, Earnings Hub) plus official Model Context Protocol (MCP) integrations that allow third-party AI agents (Claude Desktop, Perplexity Computer, OpenClaw) to execute trades via the Public Trading API.

Public's revenue stack is diversified across transaction-based and recurring streams: payment for order flow and a unique options rebate program ($0.06–$0.18 per contract), bond markups, margin interest (base 5.65% / lowest 3.95%), crypto trading via a software licensing arrangement with Zero Hash LLC, a Premium subscription tier, and advisory fees for Direct Indexing and Treasury Accounts. The company's go-to-market is primarily product-led growth through a self-serve mobile and web signup flow (under 5 minutes), supplemented by an exclusive Public Concierge program for accounts over $500,000 and experiential partnerships (Aston Martin Aramco, Enhanced Games). Public has scaled through both venture capital and disciplined M&A — including the acquisitions of HyperCharts and Otis in 2022, Stocktwits' TradeApp business in 2024, Tornado's 85,000+ retail brokerage accounts in 2025, Alto's CryptoIRA business in 2025, Rocket Social Impact in 2026, and Treasury App in 2026 — while raising $335M across the December 2024 Accel-led $135M Series D-2 and the March 2025 $200M Tiger Global-led round.

Name

Public

Legal name

Public Holdings, Inc.

Website

https://public.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

Public is a US-licensed, commission-free multi-asset brokerage offering stocks, ETFs, options, bonds, crypto, treasuries, and IRAs, combined with an AI-driven "agentic brokerage" platform that lets users and third-party AI agents automate trading and portfolio management for retail investors.

Ownership category

akta.pro rank

Product category

Retail Brokerage

NAICS

Investment Banking and Securities Intermediation (523150), Portfolio Management and Investment Advice (523940)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Digital Brokerage & Self-Directed Investing Platforms (FSAGAEAC)

akta.pro secondary industry

Full-Service Retail Brokerage & Wealth Platforms (FSAAAAAA)

Keywords

• Retail brokerage services
• Commission-free trading
• AI investing platform
• Multi-asset trading
• Retail investment app

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Payment for Order Flow / Options Rebates: Public Investing shares a percentage of its estimated order flow revenue for each completed options trade as a rebate, implying that order flow revenue is a primary monetization stream for the brokerage; rebate rates range from $0.06–$0.18 per contract depending on volume.
2. Bond Markups: Public Investing charges a markup on every bond trade placed in the Bond Account and on individual fractional bond purchases, providing transaction-based fee income from fixed-income activity.
3. Premium Subscription: Public offers a Premium tier (referenced in the site footer and across reviews); subscription fees for premium features and tools are charged to retail customers in addition to commission-free trades.
4. High-Yield Cash Account Administrative Fees: Apex Clearing and Public Investing receive administrative fees for operating the High-Yield Cash Account partner bank program, reducing the interest paid on swept cash and creating fee-based spread income.
5. Margin Interest: Public charges interest on margin balances; with a base rate of 5.65% and a lowest rate of 3.95% (among the lowest in the industry), this produces interest-based revenue on leveraged positions.
6. Crypto Trading Spread / Infrastructure Fee (via Zero Hash): Cryptocurrency services are provided by Zero Hash LLC through a software licensing agreement with Public Platform LLC, generating licensing/transaction-based revenue on crypto trading activity on Public's platform.
7. Direct Indexing Advisory Fees: Public Advisors LLC, an SEC-registered investment adviser (affiliate of Public Investing), charges advisory fees for Direct Index Accounts, Treasury Accounts, and Generated Assets Accounts.

Pricing tiers

Go-to-market motion5 records

Distribution channels5 records

Core offering

Public operates a multi-asset commission-free retail brokerage platform offering stocks, ETFs, options, bonds, crypto, and Treasuries through self-directed brokerage accounts held at Open to the Public Investing, Inc. (FINRA/SIPC). The platform is positioned as the world's first Agentic Brokerage, combining AI-powered research, autonomous AI Agents for portfolio management, Generated Assets (natural-language investable indices), and a commission-free individual Trading API with official MCP integrations for Claude Desktop, Perplexity Computer, and OpenClaw. Supporting account products include Bond Account, High-Yield Cash Account, Treasury Account (via Jiko Securities), Crypto IRA (custodied by Alto Trust Co), Traditional & Roth IRAs, Margin, Direct Indexing (via SEC-registered Public Advisors LLC), and the Public Concierge premium tier for investors with $500,000+ in accounts.

Product overview

Public operates as a multi-asset AI-driven brokerage platform — the world's first 'Agentic Brokerage' — combining a unified trading app with a growing ecosystem of AI-powered modules, custom-strategy tools, and high-yield account products. The core platform (offered via FINRA-registered Open to the Public Investing, Inc.) supports stocks, ETFs, options, bonds, crypto, Treasuries, and IRAs, and is supplemented by AI modules such as Agents (autonomous agentic trading), Alpha (GPT-4 powered research app), Generated Assets (AI-built investable indices), Direct Indexing, the Research assistant, and Earnings/Market/Income Hubs; account products include Bond Account, High-Yield Cash Account, Treasury Account (via Jiko Securities), Crypto IRA (custodied by Alto Trust Co), Margin, and the Public Concierge tier for high-balance investors. Public also exposes a commission-free individual Trading API (with official MCP server and Agent Skills for Claude Desktop, Perplexity Computer, and OpenClaw) and a Private Company Pages data product for pre-IPO institutional-grade data, positioning the platform as an AI-native brokerage integrating investing tools, education, and portfolio automation.

Differentiator

Problem solved

Functional benefit

Brands

• Alpha: AI-powered watchlist and research tool from Public Holdings, Inc., offering real-time market insights and later released as a standalone AI-powered chatbot app available globally.
• Public Concierge

Products and services

• Public Brokerage Platform
• Public Concierge
• Alpha (AI Research App)
• Agents (Agentic Brokerage)
• Public Trading API
• Private Company Pages
• Bond Account
• High-Yield Cash Account
• Treasury Account
• Crypto IRA
• Traditional & Roth IRAs
• Direct Indexing

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration15 records

AI capability12 records

Feature8 records

Partnerships

15 partnerships are on record, tiered core, flagship and minor.

• Enhanced (Enhanced Games)coreGTM or Marketing Partner · 14 May 2026Public partnered with Enhanced (NYSE: ENHA) on May 14, 2026 to bring exclusive experiences to its US members ahead of the inaugural Enhanced Games in Las Vegas on May 24, 2026. Partnership includes co-branded content, activations, broadcast integrations, and a VIP pass giveaway (premium seating, performance by The Killers, invite-only Zouk Nightclub after-party). Public was also a named sponsor of the games' $32M+ sponsorship slate.
• Treasury App (acquired by Public)coreStrategic or Co-development Partner · 6 May 2026Public acquired Treasury App on May 6, 2026, an investing education platform founded by Elias Rothblatt and Ivar Vong serving 40,000+ finance-creator communities with $100M+ in cumulative investments. Co-founder Elias Rothblatt joined Public as Senior Director of Operations to build AI-driven investing capabilities; assets automatically transferred to Public with positions intact.
• Nasdaq Private MarketflagshipTechnology or Integration · 21 April 2026Public launched Private Company Pages on April 21, 2026 powered by Nasdaq Private Market (Tape D) data, covering 60+ private companies including OpenAI, Anthropic, Stripe, and Ramp with valuation history, funding rounds, price trends, and Public Market Exposure analysis.
• Rocket Social Impact (acquired by Public Inc.)minorStrategic or Co-development Partner · 10 March 2026Public Inc. acquired Rocket Social Impact on March 10, 2026 to accelerate US growth and expand integrated social impact capabilities across the Public Holdings portfolio.
• Level2coreTechnology or Integration · 11 February 2026Level2, a no-code trading strategy platform, partnered with Public (Feb 11, 2026) to integrate its visual strategy builder directly into Public's offering for US retail investors. Members can build, backtest, and execute automated strategies without coding; Level2 offers new Public members a six-month free trial.
• Alto (CryptoIRA business)coreStrategic or Co-development Partner · 13 November 2025Public acquired Alto's CryptoIRA business on November 13, 2025 with plans to integrate it into Public's platform by early 2026, expanding Public's cryptocurrency retirement offerings including tax-advantaged crypto trading within IRAs (custodied by Alto Trust Co).
• Zero HashflagshipTechnology or Integration · 10 October 2025Zero Hash was selected as the digital assets trading service provider for Public in October 2025, enhancing Public's crypto offerings with 24/7 trading and broader token selection. Public's Crypto IRA and broader crypto trading rely on Zero Hash's NYDFS-licensed infrastructure and the Zero Hash MiCAR authorization (Nov 2025) for European operations.
• Tornado (retail brokerage acquisition)coreStrategic or Co-development Partner · 8 September 2025Public acquired the retail brokerage accounts of Tornado, an AI platform for financial institutions, on September 8, 2025, migrating 85,000+ customers onto Public's active trading platform; Tornado continues to focus on AI research for institutional clients.
• Aston Martin AramcocoreGTM or Marketing Partner · 24 April 2025Public teamed up with Aston Martin Aramco (announced April 24, 2025) to drive exclusive experiences and rewards for Public's US users via co-branded content and activations tied to the motorsport partnership.
• Otis (acquired by Public)coreStrategic or Co-development Partner · 9 March 2022Public acquired Otis in March 2022, a startup enabling fractional ownership of alternative assets like NFTs, memorabilia, artworks, sports cards, and trading cards — expanding Public's portfolio offerings into cultural/collectible assets.
• HyperCharts (acquired by Public)coreStrategic or Co-development Partner · 20 January 2022Public.com acquired HyperCharts in January 2022, a data visualization platform providing financial metrics for publicly-traded companies with interactive charts and financial signals aimed at retail investor education and transparency.
• Apex Clearing CorporationflagshipTechnology or IntegrationApex Clearing Corporation provides clearing and execution services for Public Investing's self-directed brokerage accounts, including fractional shares, options, and bonds; Apex also administers the High-Yield Cash Account partner-bank sweep program.
• Jiko Securities, Inc. (JSI)flagshipTechnology or IntegrationJiko Securities, Inc., a FINRA/SIPC-registered broker-dealer, provides Public Treasury Accounts offering 6-month US Treasury Bills through Jiko Bank (a division of Mid-Central National Bank); banking services are separate from Public Holdings and its subsidiaries.
• Anthropic (Claude Desktop)flagshipTechnology or IntegrationPublic maintains an official Model Context Protocol (MCP) server for Anthropic's Claude Desktop, enabling natural-language execution of stock, ETF, options, crypto, and multi-leg options trades against a free Public brokerage account and API key.
• Perplexity ComputercoreTechnology or IntegrationPublic has an official Agent Skill for Perplexity Computer (downloaded from GitHub), enabling natural-language research, options-chain analysis, multi-leg strategy construction, and live trade execution against the Public brokerage API.

Scale indicators14 records

Recent moves10 records

Expansion highlights8 records

Direct peers

• Robinhood Markets: Commission-free multi-asset retail brokerage offering stocks, ETFs, options, and crypto with a mobile-first UX and active-trader features. Most direct competitor to Public, sharing key investor Tiger Global, and rapidly expanding its own AI tooling.
• Webull: Commission-free retail brokerage with stocks, ETFs, options, and crypto, plus paper trading and active-trader tools. Targets the same active retail segment as Public with a comparable multi-asset product mix and competitive margin pricing.
• eToro: Multi-asset commission-free trading platform with social/community features and crypto offerings. Comparable to Public's original social trading strategy and current multi-asset, AI-enhanced approach.
• Coinbase: Largest US-regulated crypto exchange expanding into broader retail investing via Coinbase One and derivatives. Comparable to Public's crypto trading, custody-via-Zero Hash model, and Crypto IRA offering.
• SoFi Technologies: Multi-product fintech offering brokerage, banking, lending, and crypto in one app. Comparable to Public's IRA match, treasury accounts, and convergence of multiple retail financial products under a single platform.

Broad incumbents

• Interactive Brokers: Large established global brokerage offering a broad API, low margin rates, and multi-asset trading. Comparable to Public's professional-tier pricing strategy and API-first developer offering, though serving a more professional audience.
• Charles Schwab: One of the largest US brokerages offering retail trading, retirement, and advisory products with deep institutional resources. Comparable to Public on multi-asset IRA offerings and Direct Indexing via Public Advisors, though at vastly different scale.
• TradeStation: Active-trader focused brokerage offering stocks, options, futures, and crypto with API access. Comparable to Public's options rebate program, low margin rates, and API-first developer positioning.

Emerging players

• Alpaca: API-first brokerage providing commission-free trading infrastructure to developers and fintechs. Closely comparable to Public's Trading API and MCP integrations for AI-agent execution, though primarily B2B while Public is consumer-facing.
• M1 Finance: Retail investing platform offering automated portfolio management, fractional shares, and rebalancing. Comparable to Public's Direct Indexing, Generated Assets, and AI-driven automation strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Public
• Instagraminstagram.com/publicapp
• Facebookfacebook.com/PublicHello
• LinkedInlinkedin.com/company/PublicHello

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 records

Funding overview

Funding rounds9 records

Investors23 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Public