Introducing Robinhood Ventures Fund I (RVI)

Rhea-AI Summary

Robinhood Ventures Fund I (NYSE: RVI) is expected to IPO in the coming weeks with an anticipated offering price of $25 per share. The closed-end fund aims to give retail investors access to a concentrated portfolio of private companies, with daily public trading on the NYSE and no accreditation or minimums.

The fund charges a 2.00% annual management fee (reduced to 1.00% for the first six months) and has no performance fee; Robinhood Ventures is the investment adviser. The fund disclosed an agreement to buy Stripe shares expected to close after the IPO and cautioned about illiquidity, valuation uncertainty, leverage, and speculative risk.

Positive

• Expected IPO price of $25 per share
• Management fee reduced to 1.00% for first six months
• Provides retail access to private firms including Databricks and Revolut
• Entered agreement to acquire Stripe shares post-IPO

Negative

• Fund is speculative with substantial risk of loss
• Investments face illiquidity and valuation uncertainty
• May use leverage and has limited operating history
• Closed-end structure means no redemption rights for shareholders

News Market Reaction – HOOD

-0.70%

1 alert

-0.70% News Effect

On the day this news was published, HOOD declined 0.70%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Expected IPO price: $25 per share Standard management fee: 2.00% of net assets Intro management fee: 1.00% of net assets +5 more

8 metrics

Expected IPO price $25 per share Robinhood Ventures Fund I (RVI) anticipated NYSE IPO price

Standard management fee 2.00% of net assets Annual fee rate paid to Robinhood Ventures, calculated and payable quarterly

Intro management fee 1.00% of net assets Reduced fee for first six months after RVI’s IPO

US public companies 2000 about 7,000 Number of publicly traded US companies in year 2000

US public companies 2024 about 4,000 Number of publicly traded US companies in 2024

Private vs public count more than 6.5 times Private firms vs public with >$100M LTM revenue (by count)

US private firm value $10 trillion Estimated value of US private firms referenced in article

Form N-2 file number 333-290253 RVI registration statement file number with SEC

Market Reality Check

Price: $77.53 Vol: Volume 42,263,602 vs 20-d...

normal vol

$77.53 Last Close

Volume Volume 42,263,602 vs 20-day average 36,693,761 (1.15x average volume). normal

Technical Price $75.97 is trading below the 200-day MA of $105.81 and 50.62% below the 52-week high.

Peers on Argus

HOOD gained 6.82% while peers were mixed: IBKR +2.4%, LPLA +1.42%, FUTU +0.1%, b...

HOOD gained 6.82% while peers were mixed: IBKR +2.4%, LPLA +1.42%, FUTU +0.1%, but SCHW -0.36% and TW -2.58%, pointing to a stock-specific reaction.

Historical Context

5 past events · Latest: Feb 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 10	Full-year earnings	Positive	-1.1%	Record 2025 revenues, EPS, and net deposits with strong customer growth.
Jan 21	MIAXdx acquisition close	Positive	+0.1%	Completed purchase of 90% of MIAXdx derivatives exchange joint venture.
Jan 02	Earnings date notice	Neutral	+1.9%	Announced timing and format of Q4 and full-year 2025 earnings release.
Dec 10	Monthly operating data	Neutral	-0.0%	Reported mixed November metrics with strong year-over-year platform growth.
Nov 25	MIAXdx deal announcement	Positive	+0.5%	Announced agreement to acquire 90% of MIAXdx, expanding derivatives exposure.

Pattern Detected

Recent news has generally seen modest price reactions, with one notable divergence where strong earnings coincided with a slight next-day decline.

Recent Company History

Over the past few months, Robinhood reported record 2025 financial results with revenues of $4.5 billion and diluted EPS of $2.05, alongside strong platform growth. It also advanced its derivatives strategy via the MIAXdx joint venture and provided detailed monthly operating metrics showing mixed near-term trends but solid year-over-year gains. Against this backdrop, the launch of Robinhood Ventures Fund I (RVI) adds a new product line focused on private “Frontier Companies,” extending Robinhood’s platform into closed-end funds targeting private markets.

Market Pulse Summary

This announcement introduced Robinhood Ventures Fund I (RVI), a non-diversified closed-end fund targ...

Analysis

This announcement introduced Robinhood Ventures Fund I (RVI), a non-diversified closed-end fund targeting private “Frontier Companies” with an expected IPO price of $25 per share on the NYSE. It extends Robinhood’s platform into listed vehicles holding private assets, with a management fee starting at 1.00% for six months and then 2.00% of net assets. Investors may monitor how quickly RVI raises capital, the quality and diversification of its portfolio, and any follow-on disclosures in SEC filings.

Key Terms

closed-end fund, net assets, initial public offering, registration statement, +2 more

6 terms

closed-end fund financial

"RVI is a closed-end fund that provides retail investors exposure..."

A closed-end fund is a pool of money collected from many investors to buy a diversified mix of stocks, bonds, or other assets, and it is managed by professionals. Unlike some investment options, its shares are bought and sold on stock exchanges at prices determined by supply and demand, which can be above or below the fund's actual value. This structure allows investors to buy or sell shares easily, but the value may fluctuate based on market conditions.

net assets financial

"a management fee at an annual rate of 2.00% of net assets, calculated..."

Net assets represent the total value of what an organization owns minus what it owes. Think of it like a person’s belongings after paying off any debts—what remains is their net worth. For investors, net assets indicate the overall financial strength of a company or fund, showing how much value is available to shareholders.

initial public offering financial

"immediately following RVI’s initial public offering."

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

registration statement regulatory

"has filed a registration statement (including a preliminary prospectus)..."

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

preliminary prospectus regulatory

"including a preliminary prospectus on Form N-2 (File No. 333-290253)..."

A preliminary prospectus is an early draft of the official document a company files when planning to sell shares to the public; it outlines the business, risks, how the offering will work and estimated terms but omits final price and some details. Investors use it to evaluate the opportunity and risks—like reading a menu draft before a restaurant opens—because it signals intent, reveals important red flags, and helps assess whether the eventual offering fits their investment goals.

form n-2 regulatory

"on Form N-2 (File No. 333-290253) with the Securities and Exchange..."

Form N-2 is a U.S. Securities and Exchange Commission filing that investment companies use to register and describe closed-end funds and certain management companies for public investors. It lays out the fund’s purpose, fees, risks, portfolio policies and management team—like a detailed product label for a financial product—so investors can compare offerings, understand costs and risks, and make informed decisions before buying shares.

AI-generated analysis. Not financial advice.

Starting today, customers can request IPO shares of Robinhood Ventures Fund I (RVI) at an expected price of $25 per share–the Fund is expected to IPO in the coming weeks on the New York Stock Exchange

MENLO PARK, Calif., Feb. 17, 2026 (GLOBE NEWSWIRE) -- For too long, private markets have been out of reach to everyday investors. At Robinhood, we believe access shouldn’t be limited to a select few.

Today, we’re announcing that Robinhood Ventures Fund I (RVI), the first fund from Robinhood Ventures, is expected to IPO in the coming weeks on the New York Stock Exchange (NYSE) under the symbol RVI. Customers can request IPO shares of RVI through Robinhood at an expected price of $25 per share. RVI is a closed-end fund that provides retail investors exposure to a concentrated portfolio of private companies including Airwallex, Boom, Databricks, Mercor, Oura, Ramp, and Revolut with additional companies expected to be added over time. For example, we have entered into an agreement to buy shares of Stripe that we expect will close after the IPO.

“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.

Unlike many traditional private market vehicles, RVI is designed to be accessible to all investors, with no accreditation requirements, no investment minimums, a competitive management fee, no performance fees, and daily liquidity as a publicly traded fund on the NYSE.

RVI pays Robinhood Ventures, the investment adviser, a management fee at an annual rate of 2.00% of net assets, calculated and payable quarterly. To further lower costs for investors at launch, the management fee is reduced to 1.00% for the first six months immediately following RVI’s initial public offering. The Fund does not have a performance fee.

How to Participate
Starting today, customers can request IPO shares of RVI through Robinhood’s IPO Access technology. Through Robinhood, customers will be able to:

• Learn about RVI and its initial portfolio companies
• (Pre-IPO) Submit an offer to buy shares of RVI
• (Post-IPO) Buy and sell shares of RVI with daily liquidity
• (Post-IPO) Track performance over time

Following the IPO, investors will also be able to buy and sell RVI through other brokerages.

Why Now?
The number of publicly traded companies in the US has fallen from about 7,000 in the year 2000 to about 4,000 in 2024.* At the same time, companies are staying private longer** and growing in both number and value. Today, there are more than 6.5 times as many private companies as public*** and the estimated value of these firms in the US now surpasses $10 trillion.****

RVI aims to expand access to this important and often closed-off part of the market. Interested investors can review the preliminary prospectus, rewatch the livestream or learn more at https://robinhood.com/us/en/ventures/rvi. Companies interested in joining RVI or future funds by Robinhood Ventures can contact ventures@robinhood.com.

Disclosures:

*World Bank Group DataBank, available at Listed domestic companies, total – United States | Data (retrieved August 14, 2025).

**Data from Jay Ritter, University of Florida, Initial Public Offerings: Median Age of IPOs Through 2025.

***Data from Apollo Academy, Many More Private Firms in the US. Published April 2024. For companies with last 12-month revenue greater than $100 million by count.

****Federal Reserve, Federal Reserve Statistical Release: Financial Accounts of the United States, First Quarter 2025. Does not include limited liability companies and limited partnerships.

Robinhood Ventures Fund I (“RVI” or the “Fund”) has filed a registration statement (including a preliminary prospectus) on Form N-2 (File No. 333-290253) with the Securities and Exchange Commission (the “SEC”) for the offering to which this free writing prospectus relates. Before you invest, you should read the preliminary prospectus in that registration statement and other documents RVI has filed with the SEC for more complete information about RVI and this offering. You may get these documents for free by visiting the SEC website at www.sec.gov. Alternatively, copies of the prospectus may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, or by emailing prospectus-ny@ny.email.gs.com. Investors are advised to carefully consider the investment objectives, risks and charges and expenses of RVI before investing. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

An investment in the Fund is speculative and involves a high degree of risk with substantial risk of loss.

Robinhood Ventures is the investment adviser for RVI. Robinhood Ventures is the dba name for Robinhood Ventures DE, LLC. Robinhood Ventures is an SEC-registered investment adviser and a wholly owned subsidiary of Robinhood Markets, Inc.

RVI is a newly organized, non‑diversified closed‑end fund investing in a concentrated portfolio of private “Frontier Companies.” This investment strategy entails limited information, illiquidity, valuation uncertainty, and risk of loss; shares and the value of the Fund’s Net Assets may be volatile and trade at a discount or premium, and exposures may be via illiquid private vehicles with capital calls and extra fees. The Fund may use leverage, has limited operating history, and does not anticipate that it will pay dividends on a quarterly basis or become a predictable distributor of dividends, all of which can reduce or delay returns. “Net Assets” means the total assets of the Fund minus the Fund's liabilities.

A “Frontier Company” means a private company that, in Robinhood Ventures’ view, is a best-in-class, growing business operating at the cutting edge of its sector or industry.

Closed-end funds differ from open-end funds in that closed-end funds do not redeem their shares at the request of an investor. No shareholder has the right to require the Fund to redeem his, her or its shares. While the Fund’s shares are expected to be listed on an exchange, an active public market for the shares may not develop. As a result, shareholders may not be able to liquidate their investment. Accordingly, shareholders should consider that they may not have access to the funds they invest in the Fund for an indefinite period of time. There is no assurance that the private companies in which the Fund invests will ever have a liquidity event.

Forward-Looking Statements

This communication includes “forward looking statements,” including with respect to RVI’s proposed initial public offering, the expected timing of the IPO, the anticipated public offering price of $25 per share, the expected listing of RVI’s shares on the New York Stock Exchange under the symbol “RVI,” the ability of customers to request and trade shares following the IPO, the potential addition of portfolio companies over time, and the expected closing of any contemplated portfolio investments following the IPO. These statements also include statements regarding RVI’s objectives to expand access to private markets and other statements that are not historical facts. You can sometimes identify forward-looking statements through the use of words or phrases such as “will,” “expect,” “anticipated,” “aim,” “intended,” or similar words and expressions of the future. Forward-looking statements involve known and unknown risks, uncertainties and assumptions, including the risks outlined under “Risks” in the preliminary prospectus and elsewhere in RVI’s filings with the SEC, which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement. RVI and Robinhood have no obligation, and do not undertake any obligation, to update or revise any forward-looking statement made in this communication to reflect changes since the date of this communication, except as required by law.

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f4216648-4d71-4324-9dde-21f8c4a10da6

FAQ

When will Robinhood Ventures Fund I (RVI) IPO and at what price?

RVI is expected to IPO in the coming weeks at an anticipated price of $25 per share. According to Robinhood, customers can request IPO shares starting February 17, 2026, and the fund’s shares are expected to list on the New York Stock Exchange under symbol RVI.

How can Robinhood (HOOD) customers participate in the RVI IPO on February 17, 2026?

Customers can request IPO shares of RVI via Robinhood’s IPO Access technology starting February 17, 2026. According to Robinhood, users may learn about portfolio companies, submit offers, and trade RVI shares with daily liquidity after the IPO.

What fees will investors pay for Robinhood Ventures Fund I (RVI)?

The fund charges a 2.00% annual management fee, reduced to 1.00% for the first six months post-IPO, and no performance fee. According to Robinhood, the management fee is calculated and payable quarterly by the Fund.

Which private companies will Robinhood Ventures Fund I (RVI) hold at launch?

RVI’s initial concentrated portfolio includes Airwallex, Boom, Databricks, Mercor, Oura, Ramp, and Revolut. According to Robinhood, the Fund expects to add more companies over time and has an agreement to buy Stripe shares post-IPO.

What are the main investor risks for Robinhood Ventures Fund I (RVI)?

RVI carries illiquidity, valuation uncertainty, potential leverage, and speculative loss risk for investors. According to Robinhood, the closed-end structure, limited operating history, and potential for shares to trade at a discount increase investor risk.