RVII filing – Robinhood has filed confidentially for RVII, its second retail-venture fund, expanding beyond late-stage deals as investors seek access to private AI growth.

Robinhood is moving again on a bet that private-market investing should look more like public markets, and it’s doing so in the shadow of an AI-driven rally.

Just two months after bringing its first venture fund to the stock market. the company is preparing a second retail venture offering.. Robinhood has filed a confidential registration for RVII. a standard regulatory step that lets it navigate the approval process without immediately making all details public.

The initial fund, listed on the NYSE under the ticker RVI, focuses on late-stage companies.. Those holdings include Airwallex. Boom. Databricks. ElevenLabs. Mercor. OpenAI. Oura. Ramp. Revolut. and Stripe—an existing portfolio that has become a key part of the company’s market story. especially as many of those firms operate in or around AI-driven growth.

RVII, by contrast, is set to widen the investing lens.. While the first fund already offers exposure to late-stage names. the second fund is expected to target growth-stage and early-stage startups.. That distinction matters because early-stage companies are typically younger and carry more risk. even as they can offer the possibility of larger returns if they hit.

Robinhood has not yet set a fundraising target for RVII, according to the company’s blog post accompanying the filing. That omission is significant: the amount the company eventually seeks will shape how much of the early- and growth-stage universe it can pursue.

The push comes quickly after the first fund’s debut. Robinhood’s inaugural retail venture product, RVI, began trading on the NYSE at $21 a share in early March, and it has since more than doubled. By Monday’s close, the stock was at $43.69.

The market momentum appears tied to investor interest in the AI outlook of startups held inside the fund.. In this context. enthusiasm for the underlying companies is likely to have helped support the share price. reinforcing the narrative that private-market winners—particularly those tied to artificial intelligence—can generate public-market attention once packaged through regulated brokerage channels.

At the heart of both vehicles is a longstanding imbalance in startup investing: under federal rules, only “accredited” investors—generally defined by net worth above $1 million or annual income above $200,000—can invest in many private companies.

That framework has historically limited who can participate in the earliest and potentially most lucrative phases of a startup’s growth.. Robinhood’s funds are designed to loosen that bottleneck by allowing investors to buy exposure to a portfolio of private startups through a regular brokerage account.

Robinhood CEO Vlad Tenev has described the concept of Robinhood Ventures as a publicly traded venture capital approach with daily liquidity. In an interview at The Wall Street Journal’s Future of Everything conference, he said it combines no accreditation requirements with no carry.

The “daily liquidity” element is meant to stand apart from traditional venture structures. where capital is often tied up for years and investors can’t easily exit on a daily basis.. The “no carry” framing is also meant to differentiate the model: Robinhood doesn’t take a percentage of investment profits in the way conventional venture firms typically do.

This model is aimed at bridging the gap between where major appreciation often happens and who gets to access it.. Over the past few years. many of the most valuable AI companies moved from early bets to firms valued at tens or hundreds of billions—growth that. in many cases. took place in private markets and remained out of reach for most investors.

Tenev’s longer-term vision extends beyond merely packaging private startups for public trading.. He said that if a company is raising a seed round or a Series A round—described as a first phase of outside funding—retail investors should play a much larger role. similar to how retail is already involved in public markets.

He also argued that allowing retail investors into those rounds at the “ground floor” would give them a chance to benefit from appreciation that’s increasingly occurring inside private markets.. In other words. the pitch is not only about access to portfolios. but about potentially reshaping who participates when the biggest gains are often made.

If the broader ambition takes hold, the implications for startup fundraising could be substantial.. Retail investors could begin showing up alongside venture firms. including in the earliest rounds where the returns—if they materialize—can be especially meaningful.. That shift could also change how capital is allocated at the moments when many companies look for their first serious outside validation.

Of course, opening the door to early-stage exposure also highlights why the stakes are higher.. Early rounds can be difficult and failure rates can be steep. so the mechanism for managing risk becomes as important as the goal of inclusivity.. RVII’s move toward growth-stage and early-stage startups suggests Robinhood is willing to lean into that uncertainty—potentially aiming to capture upside where much of AI’s most dramatic valuation growth has historically been concentrated.

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