Robinhood files S-1 for RVII, second retail venture fund

Robinhood filed a confidential S-1 on May 11, 2026, to register RVII, its second retail venture fund. The filing comes roughly two months after the company’s first fund, RVI, began trading on the New York Stock Exchange.

The S-1 indicates RVII will target early- and growth-stage startups rather than the late-stage private companies RVI focused on. Robinhood has not disclosed a fundraising target for the new vehicle.

The registration suggests RVII will use the same retail-friendly structure as RVI: shares available to standard brokerage accounts, no accreditation requirement and no minimum investment threshold. That format allows retail customers to buy and sell fund shares through their existing Robinhood accounts.

RVI launched on March 6, 2026, under the ticker RVI with an IPO price of $25 per share. Its portfolio has included a $75 million stake in OpenAI and holdings in other private tech companies such as Databricks. The OpenAI position coincided with a single-day RVI share gain of more than 20 percent. OpenAI’s valuation has been estimated near $800 billion.

RVI’s fee schedule charges a 2 percent annual management fee, reduced to 1 percent for the first six months after launch. The confidential S-1 for RVII does not yet disclose a fee structure; those details typically appear in later public filings if the issuer proceeds to a full registration.

Because the S-1 was filed confidentially, the complete registration document is not public. Additional information about RVII’s strategy, fees and target size is expected to appear in future filings or investor disclosures if Robinhood moves forward with a public offering of fund shares or related products.

If companies held by RVI or RVII pursue public offerings or other liquidity transactions, those events could produce realized value for the funds and their shareholders. Examples of companies cited in public disclosures for RVI include OpenAI and SpaceX.

The filing shows Robinhood continuing to expand its venture fund offerings and to make private company stakes accessible to retail brokerage customers.