Robinhood CEO, Vlad Tenev and co-founder, Baiju Bhatt, are set to be the newest tech billionaires after their company goes public later this year. Based on the pricing indicated in a filing with the Securities and Exchange Commission Tuesday, Tenev and Bhatt could be worth around $2.5 billion each following the transaction.

According to a commission filing, Robinhood plans to sell 55 million class A common stock priced at between $38 and $42 per share. At the higher end of the range, the company could raise up to $2.3 billion. The company said it plans to hit a market valuation of up to $35 billion through the transaction.

The company said it will make 35% of the initial public offering shares available to retail traders. The stock will be listed on the Nasdaq under the ticker symbol "HOOD." Goldman Sachs, JPMorgan and Citigroup are the underwriters for the deal.

Both Tenev and Bhatt each own an 8% stake in the company. Together, the two co-founders own about two-thirds of the voting shares. The two are also set to earn billions more in the coming years, thanks to a generous compensation package. Tenev is set to receive up to 22.2 million restricted stock units within the next eight years if the stock hits a certain target, while Bhatt will receive 13.2 million shares.

Under the incentive plan, which was approved by Robinhood's board in May, Tenev and Bhatt will receive the additional shares if the stock hits $300 per share. At that price, the stocks Tenev will receive will be valued at about $4.7 billion, while Bhatt's shares will be worth about $2.8 billion.

Despite the growing anticipation for its blockbuster listing, investor concerns regarding the company's business and the growing scrutiny by lawmakers and regulators still linger. Robinhood, which offers equity, derivative and cryptocurrency trading services, has come under fire following its involvement in the recent meme stock frenzy.

The company was hit with a wave of class-action lawsuits and criticism after it restricted trades of "meme" stocks such as AMC and GameStop earlier in the year. The company said it was forced to do so because of a lack of liquidity to comply with trading regulations.