Robinhood Ventures Fund II has priced an 8 million-share preliminary public providing at $25 per share, elevating $200 million earlier than charges as Robinhood expands its retail-focused non-public market fund enterprise.
In keeping with a press launch from Robinhood Ventures Fund II, the providing values the fund at $225.5 million earlier than gross sales load and providing bills, with the whole doubtlessly reaching $255.5 million if underwriters absolutely train an choice protecting one other 1.2 million frequent shares.
Shares of the fund are anticipated to start buying and selling on the New York Inventory Alternate on Aug. 13 underneath the ticker RVII. Topic to customary closing situations, the providing is scheduled to shut on Friday.
Underwriters have additionally acquired a 30-day choice to buy as much as 1.2 million extra RVII shares on the $25 IPO worth, much less underwriting reductions and commissions. A full train would add one other $30 million to the transaction.
The Securities and Alternate Fee declared the registration assertion protecting the common-share sale efficient on Tuesday, clearing the fund to proceed with the general public providing.
Robinhood Ventures Fund II offers retail traders non-public market publicity
Structured as a enterprise improvement firm, Robinhood Ventures Fund II is a closed-end funding automobile designed to present public-market traders entry to a portfolio of personal companies.
The construction permits traders to buy exchange-traded shares in a fund that may maintain positions in firms earlier than they grow to be publicly listed. Robinhood Ventures serves as RVII’s funding adviser and is wholly owned by Robinhood Markets.
The second fund builds on Robinhood’s present private-market technique by means of Robinhood Ventures Fund I, which trades on the NYSE underneath the ticker RVI.
As crypto.information beforehand reported, Robinhood Ventures Fund I purchased OpenAI shares price about $75 million in April. The acquisition, accomplished on April 17, grew to become one of many fund’s largest investments and gave the automobile publicity to one of many world’s most intently watched non-public expertise firms.
RVI launched in March 2026 and was structured to make non-public firms accessible to retail traders with out accreditation necessities or funding minimums. Its portfolio has included non-public companies comparable to OpenAI, Stripe, Ramp, Revolut and Databricks, in response to the April report.
Earlier investments additionally put capital into firms with hyperlinks to crypto infrastructure. In March, the primary Robinhood Ventures fund invested about $35 million throughout funds firm Stripe and synthetic intelligence startup ElevenLabs. About $14.6 million went to Stripe and roughly $20 million to ElevenLabs, in response to protection on the time.
Stripe’s crypto operations embody stablecoin and tokenization infrastructure, whereas ElevenLabs develops AI-based audio expertise. The investments positioned non-public expertise firms with totally different enterprise fashions inside the identical retail-access fund construction.
RVII IPO follows Robinhood’s first enterprise fund
Robinhood Markets has already used the primary automobile to construct positions throughout a number of non-public firms whereas its shares commerce publicly by means of the NYSE.
Extra not too long ago, a July regulatory submitting confirmed Robinhood Markets promoting 21,294 frequent shares of useful curiosity in RVI on July 6 and July 7. The RVI share gross sales have been accomplished at costs starting from $30.815 to $34.31.
The identical report stated RVI had gained publicity to personal firms together with Canva, SpaceX, Stripe and ElevenLabs. Robinhood designed the fund round non-public companies working in early or pre-public levels, giving traders a publicly traded route into firms that in any other case will not be immediately accessible by means of extraordinary brokerage accounts.
RVII will use the same enterprise improvement firm construction. In contrast to buying shares immediately from a non-public firm, traders purchase shares within the listed fund and obtain publicity by means of the portfolio managed by Robinhood Ventures.
Goldman Sachs & Co. LLC is serving as lead bookrunner for the brand new providing. Citigroup, J.P. Morgan, UBS Funding Financial institution and Wells Fargo Securities are performing as joint bookrunners.
The group of underwriters can collectively buy the extra 1.2 million shares in the course of the 30-day choice interval, topic to the phrases of the providing.
Robinhood is including extra routes into capital markets
Alongside its enterprise funds, Robinhood has been constructing different merchandise that join retail customers with property or transactions traditionally dominated by institutional traders.
In June, Robinhood Securities acquired underwriting approval, permitting the enterprise to function an underwriter in public choices. CEO Vlad Tenev stated on the time that retail traders had moved from being an afterthought in IPO planning to enjoying a bigger position in how issuers contemplate allocations.
Robinhood had already operated IPO Entry since 2021, a service by means of which retail prospects can take part in chosen public choices. The underwriting approval expanded its position from offering prospects entry to IPO allocations to taking part immediately within the underwriting enterprise.
Non-public-company publicity has additionally grow to be a part of Robinhood’s crypto technique exterior the U.S. In July, the corporate launched Robinhood Chain, an Ethereum Layer 2 community constructed utilizing Arbitrum expertise, alongside tokenized shares and decentralized perpetual futures.
Eligible Robinhood Pockets customers in additional than 120 nations got entry to tokenized shares on supported decentralized exchanges, though the product was not made accessible to customers in the US, Canada, the UK, Switzerland, the United Arab Emirates and several other different restricted jurisdictions.
Robinhood additionally retained its earlier Traditional Inventory Tokens product inside its European app. The sooner model originated from the corporate’s 2025 tokenized-equity rollout, which included merchandise offering financial publicity to personal firms comparable to OpenAI and SpaceX.
Non-public firm entry has carried totally different possession constructions
Robinhood’s private-market merchandise don’t all present traders with the identical authorized relationship to the underlying firms.
RVI, for instance, bought OpenAI frequent inventory by means of the fund, whereas traders purchased shares within the listed funding automobile moderately than changing into direct OpenAI shareholders. Robinhood additionally deliberate to make use of the funding as an underlying asset for enterprise tokens designed to trace publicity by means of the fund.
The excellence beforehand grew to become a difficulty when OpenAI rejected any suggestion that Robinhood’s European OpenAI-linked tokens represented direct possession within the firm. OpenAI stated in July 2025 that the merchandise weren’t OpenAI fairness and that it had not partnered with Robinhood or authorized an fairness switch related to them.
Tenev later defined that the merchandise weren’t technically fairness however have been supposed to supply retail traders with publicity to personal property. Robinhood’s newer listed enterprise funds as a substitute function as funding firms whose portfolios can immediately maintain private-company positions whereas traders personal publicly traded pursuits within the funds.
For RVII, the SEC’s Tuesday effectiveness declaration coated the registration assertion for the frequent shares being offered within the IPO. The fund expects the 8 million shares priced at $25 every to start NYSE buying and selling underneath RVII on Aug. 13, with the providing scheduled to shut Friday if customary closing situations are glad.
