Robinhood files for IPO of second retail venture fund RVII amid AI hype

Robinhood isn’t wasting time. The company confidentially filed an S-1 for its second retail venture fund, RVII, on May 11, 2026, barely two months after its first fund started trading on the New York Stock Exchange.

What RVII looks like

Where the first fund, RVI, focused on late-stage private companies, RVII is aiming earlier in the startup lifecycle. The second fund plans to target growth-stage and early-stage startups. The fundraising goal for RVII hasn’t been disclosed. But the structure is expected to mirror what made RVI appealing to retail investors: no accreditation requirement, no minimum investment threshold, and shares tradable through a standard brokerage account.

RVI set the template

The first fund launched on March 6, 2026, trading under the ticker NYSE:RVI at an IPO price of $25 per share.

Its portfolio reads like a who’s who of late-stage tech. The crown jewel: a $75 million investment in OpenAI, the company behind ChatGPT. Other holdings include stakes in Databricks and several other private tech firms. When the OpenAI investment was announced, RVI shares surged more than 20% in a single day. OpenAI’s estimated valuation sits around $800 billion.

RVI charges a 2% annual management fee, though that drops to 1% for the first six months.

What this means for investors

Robinhood has positioned itself ahead of potential IPOs from firms like SpaceX, which could be transformative liquidity events for these funds. If SpaceX or OpenAI files for an IPO while RVI or RVII holds shares, the funds could see substantial value unlocks.

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