Robinhood is among the hottest on-line brokerage companies in the present day, particularly amongst youthful buyers who actively commerce. Throughout COVID, Robinhood famously restricted buying and selling in 13 shares on January 28, 2021. In consequence, 1000’s of buyers have been unable to purchase or promote, and billions of {dollars} in worth swung in the course of the freeze.
Robinhood doesn’t cost buying and selling commissions. As a substitute, it sells order circulate to hedge funds and different institutional buyers. Its app additionally gamifies investing, which attracts engagement however can encourage extreme buying and selling. Watch out. Traditionally, energetic buying and selling has been a dropping technique in comparison with disciplined long run purchase and maintain investing.
No matter you concentrate on Robinhood’s practices, the corporate has created important shareholder worth since its mid 2021 itemizing. The inventory went from $35 to $8 after which to over $70. Credit score to the Robinhood staff for constructing a extremely worthwhile and resilient enterprise.
As buyers, nevertheless, we should differentiate between investing in Robinhood the corporate (HOOD) and investing in Robinhood merchandise. That distinction issues when evaluating the itemizing of Robinhood Enterprise Fund I (RVI) and its potential affect on Fundrise’s enterprise capital itemizing (VCX), during which I’m an investor.
Fundrise is a long-time sponsor of Monetary Samurai as our funding philosophies are aligned. All opinions are my very own and this text has not been learn or vetted by Fundrise earlier than publication.
Over the previous few weeks, I’ve spent over 15 hours writing and excited about how I ought to proceed and what would possibly happen after the itemizing. Relating to investing in threat belongings, there aren’t any ensures. Subsequently, we should suppose in chances and at all times keep humble.
I will likely be updating this put up all through the day and coming days. Keep tuned.
The Robinhood Enterprise Fund I Providing
Though Robinhood launched its enterprise fund after Fundrise launched theirs, Robinhood’s bigger buyer base and platform attain are producing extra consideration round its deliberate NYSE itemizing.
That creates an attention-grabbing dynamic. Fundrise buyers get to watch how Robinhood Enterprise Fund I trades earlier than Fundrise’s product lists. In poker phrases, Fundrise and its buyers have place. We get to see how the market reacts to the same automobile, however with totally different holdings, earlier than deciding whether or not to purchase or promote.
Shares of RVI will likely be provided via an IPO course of on Robinhood’s platform, permitting retail buyers to request allocations immediately. The anticipated providing worth is $25 per share. Like Fundrise’s enterprise product, participation doesn’t require accredited investor standing or massive minimal commitments, making it broadly accessible.
The fund will cost an annual administration price of roughly 2 %, decreased to 1 % in the course of the first six months after launch. There is no such thing as a efficiency price. The portfolio will adhere to diversification pointers, with particular person holdings capped at 20 % of belongings. As a result of its Databricks place exceeds that threshold, RVI intends to buy extra shares of Stripe to rebalance publicity.
Why This Itemizing Issues For Fundrise Enterprise
The central query is easy. Will the market assign a premium, par worth, or low cost to a retail accessible closed finish fund that owns excessive demand non-public progress firms?
If RVI trades at a significant premium to NAV, it indicators robust retail urge for food for scarce non-public belongings wrapped in a public construction. That may materially enhance the chance that Fundrise Enterprise trades at par or higher.
If RVI trades flat or at a reduction, then expectations for Fundrise Enterprise ought to be recalibrated.
When it comes to market situations, we’re in a troublesome one proper now with the warfare, excessive rates of interest, and heightened volatility. So the timing for RVI’s launch is not ultimate, possibly a 3.5 out of 10, with 1 being the worst and 10 being the perfect. So if RVI can handle to commerce up, I believe that might be a giant win.
Robinhood priced the IPO at $25 per share and offered 12.6 million shares, elevating much less than initially focused of as much as 40 million shares. In order that’s a detrimental signal for preliminary demand.
At any price, RVI turns into a dwell market take a look at for the way retail buyers worth illiquid non-public publicity as soon as it trades every day on the NYSE.
Replace: Right here’s is the end result after the primary day of buying and selling, down 15.8%.
Robinhood Enterprise I Holdings (RVI)
RVI’s largest holding is Databricks at about 23 %. Databricks helps firms arrange, clear, retailer, and analyze large quantities of knowledge to allow them to construct AI purposes. It’s an infrastructure layer that makes AI doable for enterprises, which is why it ought to be a core holding for many who imagine in AI’s progress.
RVI’s different three main holdings are Revolut at roughly 14 %, Mercor at about 14 %, and Airwallex at 7 %. The mixed whole of those 4 holdings is about 59 %.
RVI is a fintech funds heavy fund, which I am undecided is probably the most promising combine.
Fundrise Enterprise Product (VCX)
Fundrise Enterprise, against this, has the 2 dominant AI pillars in its high 4: Anthropic at 20.7 % and OpenAI at 9.9 %. The Databricks holding of 17.7 % roughly cancels out RVI’s holding of Databricks at 23 %, which goes under 20 % after RVI purchases Stripe, one other funds fintech firm.
Given the whole debacle withe Anthropic, OpenAI, and the Division of Battle earlier than launching strikes towards Iran, the whole AI LLM area has elevated its profile. Claude by Anthropic turned the #1 downloaded app within the Apple Retailer for over every week from #6. OpenAI swooped in to land a $200 million DoW contract and certain many extra type the federal government.
General, the AI pie will proceed to develop, which is one cause actual property in cities like San Francisco ought to carry out properly. Apart from investing in publicly listed funds that personal non-public AI progress firms, one of many best methods to revenue from AI’s progress is to purchase actual property in cities the place these firms are based mostly.
Which Would You Quite Personal?
That results in the strategic query.
Which mixture is extra prone to command investor consideration, long run affect, and sustained profitability: Revolut and Mercor, or OpenAI and Anthropic?
From a market psychology standpoint, OpenAI and Anthropic carry much more model recognition and narrative energy. They sit on the middle of the AI transformation. Retail demand usually follows familiarity and perceived dominance. Revolut and Mercor are much less extensively identified amongst United States buyers, which can restrict enthusiasm.
Revolut offers on-line multi-currency accounts for particular person and enterprise prospects, forex trade and cash switch providers, in addition to a variety of instruments to finances, save, and make investments. It’s also a London-based fintech firm, which can dampen U.S. investor demand, as we now have seen with Pershing Sq. Holdings.
Against this, Mercor relies in San Francisco and connects human experience with AI growth wants. It pays expert professionals to finish structured duties equivalent to filling out types, writing detailed stories, or evaluating AI outputs. Mercor acts because the middleman: AI labs and tech firms pay for entry to tailor-made, human-generated knowledge, and Mercor compensates the freelance consultants.
Distinction Market Capitalizations
Revolut (~$75 billion valuation) and Mercor (~$10 billion valuation) are far smaller firms than OpenAI ($740 billion valuation) and Anthropic ($380 billion valuation). Subsequently, there may very well be better proportion upside in Revolut and Mercor.
Nevertheless, I fear that OpenAI and Anthropic may simply disintermediate Mercor’s intermediary enterprise. As for Revolut, I’m undecided why I would like to carry and trade 28+ fiat currencies or use a Revolut card to make ATM withdrawals or put money into shares and crypto, as they market.
Personally, as a fund investor and not an angel investor, I might moderately personal the gorillas – OpenAI and Anthropic – than the smaller upstarts which have a better probability of going out of enterprise. I wish to put money into lasting long-term tendencies, and AI is a ten+-year development.
Evaluating The #4 Holding: Airwallex versus Anduril
I used to be already feeling fairly good about proudly owning OpenAI and Anthropic via Fundrise after the Division of Battle debacle. Finally, I believe Anthropic will work one thing out with the federal government given the federal government wants Anthropic to win the AI world race. In the meantime, OpenAI goes to proceed successful massive contracts, though it is at present going via a PR disaster because of its CEO.
Nevertheless, on March 3, 2026, Anduril, Fundrise Enterprise’s 4th largest holding, introduced it had raised $4 billion and a $60 billion valuation. That is double its $30 billion valuation in June 2025. With the Iran warfare breaking out, Anduril’s enterprise of constructing AI-powered autonomous army techniques – issues like drones, surveillance networks, autonomous submarines, and software program that coordinates them – has change into entrance and middle.
In the meantime, Airwallex is one other monetary know-how firm that helps companies transfer cash internationally, handle a number of currencies, and settle for funds globally. I suppose that is good. However RVI already has Revolut and shortly to personal Stripe. Airwallex merely doesn’t have the identical affect of Anduril on this present time.
Subsequently, if we evaluate every fund’s #4 holding, I really feel like Fundrise Enterprise simply wins.
How I Invested Pre Itemizing Of Fundrise’s Enterprise Product
After writing my preliminary put up on what Fundrise’s Enterprise product itemizing means for buyers, I made a decision to take a position $3,000. 4 days later, I invested one other $2,000 after taking in additional suggestions and considering via the state of affairs additional.
After writing one other put up on why Pershing Sq. trades at a reduction to NAV, and one other put up on how varied fund sorts commerce, I made a decision to take a position one other $2,000. The subsequent morning, I invested one other $5,000, which turned out to be the ultimate time I may make investments as a result of Fundrise closed the power to take a position that evening. All instructed, I invested a further $12,000.
Humorous sufficient, an electronic mail was despatched out on March 2, 2026 at 10 a.m. PST saying my window of alternative to take a position as much as one other $10,000 with no lock-up restriction was open , and I missed it. Why? As a result of I used to be stress-free within the scorching tub and listening to music. Once I lastly checked my electronic mail at 11:27 a.m. PST, I noticed a brand new message saying my window had already closed. Ah, this luxurious expense would possibly find yourself costing me or saving me some cash.
If the window to take a position was solely open for about an hour, I’m assuming demand was extraordinarily robust.
How Fundrise Enterprise May Commerce Relying On RVI
If RVI trades up and at a premium to NAV (~30% probability), then Fundrise Enterprise will probably commerce at a premium as properly. I like Fundrise’s holdings much better, however Robinhood is a a lot bigger and extra extensively identified platform.
If RVI trades at par or at a reduction of as much as 10% (~50% probability and probably state of affairs), then Fundrise Enterprise should still commerce at a slight premium given its superior holdings.
If RVI trades at a ten%–20% low cost to NAV (~20% probability), then I believe Fundrise Enterprise will commerce flat to down 10%. Primarily based on the primary day of buying and selling of RVI, that is at present my base case state of affairs.
Nevertheless, within the state of affairs the place Fundrise Enterprise trades down 10% or extra, I’ll proceed to dollar-cost common with my money circulate, as I did with $2,000 – $5,000 investments when the announcement was first made.
Having the ability to purchase Anthropic, OpenAI, Databricks, and Anduril at a reduction when they’re trading at ~40% premium valuations in secondary markets is enticing.
Basically, I believe the highest holdings in Fundrise Enterprise will proceed to develop over the following 5-10 years. In consequence, I wish to be a long-term investor in these names because the NAV for Fundrise’s enterprise product continues to develop.
Readers, how do you suppose RVI will commerce? And the place do you suppose RVI will likely be in every week, a month, and a 12 months from now? How do you suppose RVI’s efficiency put up itemizing will have an effect on Fundrise’s enterprise product?
Creator and Investor Background
I first began investing in Fundrise’se enterprise product in 2023 and at present have over $770,000 invested. Fundrise has been a very long time sponsor of Monetary Samurai as our funding philosophies are aligned.
My goal allocation to alternate options is as much as 20 % of web value. Roughly 80 % of my web value stays in public equities and bodily actual property, if we exclude the worth of Monetary Samurai.
I retired from banking (equities) in 2012 after 13 years. After investing since 1995, I’m centered on preserving and compounding capital, not swinging for residence runs. That’s the reason I want diversified enterprise funds over concentrated angel bets that largely go to zero.
Given my threat profile, I might moderately pursue a fund that would return 25 % with a 25 % drawdown than one that would return 70 % with a 70 % drawdown. The extra capital you accumulate, the extra vital capital preservation turns into. Give my spouse and I haven’t got jobs (FIRE), we extra closely depend on our investments to cowl our dwelling bills.
I based Monetary Samurai in 2009, and it has since been learn by greater than 100 million folks. My mission is that will help you obtain monetary freedom sooner moderately than later, based mostly on actual world expertise and disciplined choice making. Be a part of 60,000+ subscribers to my free weekly e-newsletter the place I hold you abreast of an important occasions.
