Finance17 March, 20262 min read
Robinhood Prepares RVII IPO For Second Retail Venture Fund After First Listing
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RVII filed confidential registration for a second retail venture fund. RVI already holds stakes in Stripe and ElevenLabs.
Robinhood readies RVII
Robinhood is preparing a second retail venture fund IPO, filing a confidential registration for RVII just two months after listing its first venture fund on the stock market.
“Just two months after listing its first venture fund on the stock market, Robinhood is preparing to launch a second.”
TechCrunch said RVII is a standard regulatory step that allows Robinhood to work through the approval process before making details public, and that RVII will cast a wider net investing in growth-stage and early-stage startups.
TechCrunch reported that RVII’s fundraising target has not yet been set, while Robinhood’s first fund currently holds stakes in 10 late-stage companies including Airwallex, Boom, Databricks, ElevenLabs, Mercor, OpenAI, Oura, Ramp, Revolut, and Stripe.
In an interview at The Wall Street Journal’s Future of Everything conference, Robinhood CEO Vlad Tenev described the funds as “a publicly traded venture capital firm with daily liquidity. No accreditation requirements and no carry,” tying the pitch to access for investors who are otherwise locked out of private-company deals under federal rules.
RVI’s performance and stakes
Robinhood Ventures Fund I (RVI) has drawn more than 150,000 retail investors, according to TechCrunch as cited by Startup Fortune, and it gives buyers exposure to private tech names including OpenAI, Stripe and Databricks.
Startup Fortune said RVI began trading in March under the ticker RVI after an offering priced at $25 per share, and it later added a $75 million investment in OpenAI.
Stocktwits reported that RVI crossed the $1 billion market capitalization milestone on Friday, with Robinhood Markets Inc. (HOOD) CEO Vlad Tenev announcing the milestone on X and RVI closing up more than 14% on Friday at $39.13.
Stocktwits also said the fund has invested $14.6 million in Stripe and nearly $20 million in ElevenLabs, and it listed additional stakes including Databricks, Revolut, Mercor, and Airwallex as retail sentiment stayed “bullish.”
AI rally, valuation debate
The push for RVII is framed as part of an AI-driven private-market surge, with The Tech Buzz saying venture funding hit record highs in early 2026 and that AI companies absorbed nearly 40% of all capital deployed, citing PitchBook data. The Tech Buzz said Robinhood’s first venture fund launched in 2024 let its 23 million users buy stakes in early-stage startups for as little as $100, while Startup Fortune described the product as a route into private AI and tech names that raises questions about valuation and liquidity.
In a separate critique, Startup Fortune said daily liquidity can be psychologically misleading because a closed-end fund can trade above or below its net asset value, especially when demand is driven by excitement around a name like OpenAI. Stocktwits linked the fund’s momentum to OpenAI, saying Robinhood Ventures Fund I gained significant attention after announcing an investment of about $75 million in artificial intelligence company OpenAI on April 17 ahead of the company’s planned massive public listing later this year.