Robinhood's investment in the RVI IPO creates a public trading vehicle that grants retail and institutional investors indirect exposure to private-stage valuations of SpaceX and OpenAI.

Robinhood Markets Inc. is preparing to launch its first private markets fund, which is expected to go public on the New York Stock Exchange in the coming weeks. The offering, known as Robinhood Ventures Fund I (RVI), will provide retail traders with access to high-profile private companies ahead of major public offerings from SpaceX and OpenAI this year. As a closed-end fund, RVI will list under the ticker symbol RVI and give investors exposure to a concentrated portfolio of private firms, including Airwallex, Boom, Databricks, Mercor, Oura, Ramp, and Revolut, with additional companies expected to be added over time.

Customers can request RVI IPO shares directly through Robinhood at an expected price of $25 per share. The company also stated it has agreed to purchase shares of Stripe, with that transaction expected to close after the IPO. RVI will pay a quarterly management fee to Robinhood Ventures, its investment adviser, at an annual rate of 2% of net assets. To reduce costs for investors at launch, Robinhood confirmed the management fee will be temporarily reduced to 1% for the first six months following RVI’s public debut.

Robinhood emphasized that RVI will be accessible to all investors, requiring no accreditation status or investment minimums, while charging no performance fees. “Opening up private markets will resolve one of the greatest longstanding inequities in capital markets today, and we’re excited to bring these opportunities to all with Robinhood Ventures Fund I,” said Robinhood CEO Vlad Tenev.

The announcement comes as Robinhood’s own stock has declined more than 33% year-to-date, largely driven by weakness in Bitcoin and lackluster results in its cryptocurrency segment. Despite this, Cantor Fitzgerald maintained a positive outlook, lowering its price target to $100 from $130, which still implies a 33% upside to the stock’s last closing price. The firm noted that while near-term market volatility is likely to persist, Robinhood retains several growth levers—including prediction markets, tokenization, international expansion, and retirement products—that position it well to thrive even in less favorable conditions. Meanwhile, Mizuho acknowledged that the company’s fundamentals are under pressure as the ongoing “crypto winter” continues to weigh on fourth-quarter profits, though it argued Robinhood remains better positioned than rival Coinbase.

Retail investor sentiment toward Robinhood recently dipped to “neutral” from “extremely bullish,” with message volumes settling at “normal” levels, according to Stocktwits data. Nevertheless, enthusiasm persists around the new fund: one bullish user projected the stock could reach $200 following the private fund announcement. In the 24 hours surrounding the news, retail message volumes on Stocktwits surged 173%, and the ticker has seen a 3% increase in followers over the past month. Over the broader 12-month period, Robinhood shares have gained more than 27%.