Robinhood is without doubt one of the hottest on-line brokerage corporations at the moment, particularly amongst youthful traders who actively commerce. Throughout COVID, Robinhood famously restricted buying and selling in 13 shares on January 28, 2021. Consequently, 1000’s of traders had been unable to purchase or promote, and billions of {dollars} in worth swung through the freeze.
Robinhood doesn’t cost buying and selling commissions. As a substitute, it sells order circulate to hedge funds and different institutional traders. Its app additionally gamifies investing, which attracts engagement however can encourage extreme buying and selling. Watch out. Traditionally, active trading has been a losing strategy in comparison with disciplined long run purchase and maintain investing.
No matter you consider Robinhood’s practices, the corporate has created vital shareholder worth since its mid 2021 itemizing. The inventory went from $35 to $8 after which to over $70. Credit score to the Robinhood crew for constructing a extremely worthwhile and resilient enterprise.
As traders, 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), through 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. I’ve spent over 15 hours writing and enthusiastic about how I ought to proceed and what may happen after the itemizing.
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 traders get to watch how Robinhood Enterprise Fund I trades earlier than Fundrise’s product lists. In poker phrases, Fundrise and its traders have place. We get to see how the market reacts to an identical car, however with totally different holdings, earlier than deciding whether or not to purchase or promote.
Shares of RVI will likely be provided by way of an IPO course of on Robinhood’s platform, permitting retail traders to request allocations instantly. The anticipated providing worth is $25 per share. Like Fundrise’s enterprise product, participation doesn’t require accredited investor standing or giant minimal commitments, making it broadly accessible.
The fund will cost an annual administration price of roughly 2 %, decreased to 1 % through 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 straightforward. 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 might materially enhance the likelihood that Fundrise Enterprise trades at par or higher.
If RVI trades flat or at a reduction, then expectations for Fundrise Enterprise must be recalibrated.
By way of market circumstances, we’re in a troublesome one proper now with the struggle and elevated volatility. So the timing for RVI’s launch is not perfect, perhaps a 5 out of 10. So if RVI can handle to commerce up, I feel that will be a giant win.
At any fee, RVI turns into a reside market take a look at for a way retail traders worth illiquid non-public publicity as soon as it trades every day on the NYSE.
Robinhood Enterprise I Holdings (RVI)
RVI’s largest holding is Databricks at about 23 %. Databricks helps firms manage, clear, retailer, and analyze huge quantities of information to allow them to construct AI functions. It’s an infrastructure layer that makes AI potential for enterprises, which is why it must be a core holding for many who consider 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 complete of those 4 holdings is about 59 %.
RVI is a fintech funds heavy fund, which I am undecided is probably the most promising combine. Nonetheless, given the distribution of Robinhood and the shortage of such funds, I am estimating there’s a 60% likelihood RVI trades at a premium to NAV. Earlier than the U.S. bombed Iran, I assumed the likelihood was nearer to 75%.
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 all the debacle withe Anthropic, OpenAI, and the Division of Struggle earlier than launching strikes towards Iran, all the AI LLM house has elevated its profile. Claude by Anthropic grew to become the #1 downloaded app within the Apple Retailer for over per week. OpenAI swooped in to land a $200 million DoW contract and sure many extra kind the federal government.
General, the AI pie will proceed to develop, which is one motive actual property in cities like San Francisco ought to carry out properly. Moreover investing in publicly listed funds that personal non-public AI progress firms, one of many easiest ways to profit from AI’s growth is to buy real estate in cities the place these firms are based mostly.
Which Would You Somewhat 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 heart of the AI transformation. Retail demand typically follows familiarity and perceived dominance. Revolut and Mercor are much less broadly identified amongst United States traders, which can restrict enthusiasm.
Revolut gives on-line multi-currency accounts for particular person and enterprise clients, forex alternate and cash switch companies, in addition to a spread of instruments to price range, save, and make investments. It is usually a London-based fintech firm, which can dampen U.S. investor demand, as we now have seen with Pershing Square Holdings.
Against this, Mercor is predicated in San Francisco and connects human experience with AI growth wants. It pays expert professionals to finish structured duties resembling filling out kinds, 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 information, and Mercor compensates the freelance consultants.
Nonetheless, Revolut (~$75 billion valuation) and Mercor (~$10 billion valuation) are far smaller firms than OpenAI (maybe $860 billion valuation) and Anthropic ($380 billion valuation). Subsequently, there may very well be better share upside in Revolut and Mercor.
Nonetheless, I fear that OpenAI and Anthropic may simply disintermediate Mercor’s intermediary enterprise. As for Revolut, I’m undecided why I want to carry and alternate 28+ fiat currencies or use a Revolut card to make ATM withdrawals or spend money on shares and crypto, as they market.
Personally, as a fund investor and not an angel investor, I might quite personal the gorillas – OpenAI and Anthropic – than the smaller upstarts which have a better likelihood of going out of enterprise.
Evaluating The #4 Holding: Airwallex versus Anduril
I used to be already feeling fairly good about proudly owning OpenAI and Anthropic by way of Fundrise after the Division of Struggle debacle. Finally, I feel 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 giant contracts, though it is presently going by way of a PR disaster because of its CEO.
Nonetheless, 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 struggle breaking out, Anduril’s enterprise of constructing AI-powered autonomous army programs – issues like drones, surveillance networks, autonomous submarines, and software program that coordinates them – has develop into entrance and heart.
In the meantime, Airwallex is one other monetary expertise 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 publish on what Fundrise’s Venture product listing means for investors, 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 by way of the state of affairs additional.
After writing one other publish on why Pershing Sq. trades at a reduction to NAV, and one other publish on how various fund types trade, I made a decision to take a position one other $2,000. The following 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 e-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 enjoyable within the scorching tub and listening to music. After I lastly checked my e-mail at 11:27 a.m. PST, I noticed a brand new message saying my window had already closed. Ah, this luxury expense may find yourself costing (or saving) me 1000’s.
If the window to take a position was solely open for about an hour, I’m assuming demand was robust. Fortunately, my spouse was capable of make investments by way of her personal account, which incorporates the company account she manages.
How Fundrise Enterprise May Commerce Relying On RVI
If RVI trades up and at a premium to NAV, then Fundrise Enterprise will probably commerce at a premium as properly. I like Fundrise’s holdings higher, however Robinhood is a a lot bigger and extra broadly identified platform.
If RVI trades at par or at a reduction of as much as 10%, 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, then I think Fundrise Enterprise will commerce flat to down 10%. And if RVI trades down 20%–30%, I’m guessing Fundrise Enterprise will commerce down 10%–15%.
Nonetheless, within the state of affairs the place Fundrise Enterprise trades down 5% or extra, I’ll probably proceed to dollar-cost common with my money circulate, as I did with $2,000 – $5000 investments when the announcement was first made. Having the ability to purchase Anthropic, OpenAI, Databricks, and Anduril at a reduction when they’re buying and selling at ~40% premium valuations in secondary markets is a win.
Basically, I feel the highest holdings in Fundrise Enterprise will proceed to develop over the following 5-10 years. Consequently, 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 per week, a month, and a 12 months from now? How do you suppose RVI’s efficiency publish itemizing will have an effect on Fundrise’s enterprise product?
Writer and Investor Background
I first began investing in Fundrise’se enterprise product in 2023 and presently 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 options is as much as 20 % of internet value. Roughly 80 % of my internet 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 targeted on preserving and compounding capital, not swinging for dwelling runs. That’s the reason I choose diversified enterprise funds over concentrated angel bets that largely go to zero.
Given my threat profile, I might quite pursue a fund that might return 25 % with a 25 % drawdown than one that might return 70 % with a 70 % drawdown. The extra capital you accumulate, the extra vital capital preservation turns into.
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 quite than later, based mostly on actual world expertise and disciplined determination making.
