Robinhood priced its closed-end Ventures Fund I IPO at $25 per share, selling 12.6 million shares to raise $658.4 million, with an overallotment option for 2.9 million additional shares to push proceeds to $705.7 million. The fund began trading on the NYSE under ticker RVI on March 6.

The RVI fund holds stakes in private technology companies such as Databricks, which most recently raised capital at a $134 billion valuation, fintech Ramp valued at $32 billion and financial services firm Revolut. Management targeted late-stage firms to mitigate valuation volatility typical of earlier-stage ventures.

By offering retail investors direct access to private market assets, Robinhood expands beyond brokerage services and taps a growing demand for alternative asset exposure. The closed-end structure shields investors from forced sales, while the firm positions itself for potential sector expansion into energy, robotics and defense in future fund iterations.