Charles Schwab reported record second quarter revenue and earnings above Wall Street estimates as market volatility and the SpaceX initial public offering drove increased activity among retail traders.

The brokerage recorded 11.9 million daily average trades during the quarter, up 57% from the previous year. Trading revenue climbed 28% to $1.2 billion as clients remained active amid geopolitical uncertainty and broader market volatility.

Schwab generated $7.07 billion in net revenue during the three months through June, an increase of 21% from the previous year and above the $6.92 billion expected by analysts. Adjusted earnings reached a quarterly record of $1.62 per share, beating estimates of $1.54.

The company also attracted $118.7 billion in net new assets, representing a 61% increase and exceeding analyst estimates of $111 billion. 

Total client assets reached approximately $13.1 trillion as Schwab continued adding brokerage accounts and expanding its lending and wealth management businesses.

SpaceX’s June market debut contributed to the surge in activity. The company raised $75 billion after pricing its shares at $135, completing the largest initial public offering in history. 

Schwab Chief Executive Rick Wurster said the listing produced one of the busiest trading days in the brokerage’s 55 year history.

Following the results, Schwab raised its full year revenue growth forecast to between 17.5% and 18.5%. The company had previously expected growth of between 14% and 15%.

Schwab is also increasing its use of artificial intelligence across its consumer services and has signaled plans to introduce products linked strictly to financial events as competition across retail brokerage services intensifies.

Schwab shares remained flat on the day, although they have traded sideways near their all time high since early July.