Robinhood (HOOD) Stock: $1 Billion IPO Fund Opens Private Markets to Retail Investors

TLDR

• Robinhood Markets is launching a $1 billion IPO of a closed-end fund called Robinhood Ventures Fund I (RVI), targeting retail investors.
• The fund will trade on the NYSE under the ticker RVI at an expected price of $25 per share.
• Retail investors can request IPO shares from February 17, with trading expected to begin February 26.
• RVI will invest in private companies including Stripe, Databricks, Revolut, and Ramp, with no single holding exceeding 20% of assets.
• The fund requires no accreditation, no investment minimums, and carries a 2% annual management fee (reduced to 1% for the first six months).

Robinhood Markets is making a push into private markets with the launch of Robinhood Ventures Fund I (RVI), a closed-end fund aiming to raise $1 billion in an IPO on the New York Stock Exchange.

The fund is designed to give everyday retail investors access to private companies — a space that has historically been reserved for institutional players and wealthy, well-connected individuals.

Robinhood customers can request IPO shares at an expected price of $25 per share starting February 17. Trading is set to begin on the NYSE under the ticker RVI on February 26.

Robinhood Markets, Inc., HOOD

The fund’s initial portfolio includes some high-profile private names: Airwallex, Boom, Databricks, Mercor, Oura, Ramp, and Revolut. Robinhood also has an agreement in place to purchase shares of Stripe (STRIP) once the IPO closes.

No single company will be allowed to exceed 20% of the fund’s total assets. Additional capital raised after the initial investments will go toward buying new positions.

No Minimums, No Accreditation

One of the more eye-catching features of RVI is its accessibility. There are no accreditation requirements, no investment minimums, and no performance fees.

The management fee is set at 2% annually, calculated and paid quarterly — but that drops to 1% for the first six months following the IPO. Goldman Sachs is leading the deal.

The company points to data from Apollo Academy and the Federal Reserve showing there are 6.5 times as many private companies as public ones, with U.S. private companies’ total value now exceeding $10 trillion.

A Growing Trend Among Crypto Platforms

Robinhood’s move comes as several crypto-linked firms make their own IPO plays. Kraken filed for a U.S. IPO late last year. Ledger announced it is targeting a $4 billion valuation IPO in 2025, working with Goldman Sachs and Barclays.

BitGo Holdings (BTGO) already made its debut, listing on the NYSE on January 22, 2026, at $18 per share, raising roughly $213 million at a $2.08 billion valuation.

Robinhood has been expanding its reach in recent months. In June 2025, the company announced it would allow trading of tokenized stocks in Europe.

The fund will not pay regular dividends. According to CFO Shiv Verma, dividends will only be considered if there is excess cash in the portfolio.

HOOD shares rose 0.9% in Tuesday afternoon trading on the news.

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