Robinhood is among the hottest on-line brokerage companies at present, particularly amongst youthful buyers who actively commerce. Throughout COVID, Robinhood famously restricted buying and selling in 13 shares on January 28, 2021. Consequently, hundreds of buyers 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 buyers. 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 buyers, nonetheless, 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), wherein 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 enthusiastic about how I ought to proceed and what would possibly happen after the itemizing. On the subject of investing in danger property, there are not any ensures. Due to this fact, we should assume in chances and at all times keep humble.
I will likely be updating this publish 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 an analogous automobile, however with totally different holdings, earlier than deciding whether or not to purchase or promote.
Shares of RVI will likely be provided by means of an IPO course of on Robinhood’s platform, permitting retail buyers to request allocations straight. 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 charge of roughly 2 p.c, lowered to 1 p.c through the first six months after launch. There is no such thing as a efficiency charge. The portfolio will adhere to diversification tips, with particular person holdings capped at 20 p.c of property. As a result of its Databricks place exceeds that threshold, RVI intends to buy further 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 personal development firms?
If RVI trades at a premium to NAV, it alerts sturdy retail urge for food for scarce personal property wrapped in a public construction. That will materially improve the chance that Fundrise Enterprise trades at par or higher.
If RVI trades flat or at a reduction, then expectations for Fundrise Enterprise must be recalibrated.
When it comes to market circumstances, we’re in a troublesome one proper now with the battle, excessive rates of interest, and heightened volatility. So the timing for RVI’s launch is not preferrred, 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 feel that will be an enormous win.
Robinhood priced the IPO at $25 per share and bought 12.6 million shares, elevating much less than initially focused of as much as 40 million shares. In order that’s a adverse signal for preliminary demand. Additionally, I am unsure if $25/share was the true NAV of the fund, or whether or not it was priced at a premium or low cost.
At any price, RVI turns into a stay market check for the way retail buyers worth illiquid personal publicity as soon as it trades every day on the NYSE.
Replace: Right here’s is the outcome after the primary day of buying and selling, down 15.8%. It’s a disappointing debut in a really troublesome market.
Robinhood Enterprise I Holdings (RVI)
RVI’s largest holding is Databricks at about 23 p.c. Databricks helps firms manage, clear, retailer, and analyze huge quantities of knowledge 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 development.
RVI’s different three main holdings are Revolut at roughly 14 p.c, Mercor at about 14 p.c, and Airwallex at 7 p.c. The mixed complete of those 4 holdings is about 59 p.c.
RVI is a fintech payments-heavy fund, which I am unsure is essentially the most promising or fascinating combine. For them so as to add one other fintech firm in Stripe does not appear to be good diversification.
Fundrise Enterprise Product (VCX)
Fundrise Enterprise, against this, has the 2 dominant AI pillars in its prime 4: Anthropic at 20.7 p.c and OpenAI at 9.9 p.c. The Databricks holding of 17.7 p.c roughly cancels out RVI’s holding of Databricks at 23 p.c, which goes beneath 20 p.c after RVI purchases Stripe, one other funds fintech firm.
Given the complete debacle withe Anthropic, OpenAI, and the Division of Conflict earlier than launching strikes in opposition to Iran, the complete AI LLM house 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 sure 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. In addition to investing in publicly listed funds that personal personal AI development firms, one of many easiest ways to profit from AI’s growth is to buy real estate in cities the place these firms are primarily based.
Which Would You Quite Personal?
That results in the strategic query.
Which mixture is extra more likely 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 way 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 extensively recognized amongst United States buyers, which can restrict enthusiasm.
Revolut gives on-line multi-currency accounts for particular person and enterprise clients, forex trade and cash switch companies, 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’ve got seen with Pershing Square Holdings.
Against this, Mercor relies in San Francisco and connects human experience with AI growth wants. It pays expert professionals to finish structured duties corresponding to filling out varieties, 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). Due to this fact, there might 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 unsure 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 reasonably personal the gorillas – OpenAI and Anthropic – than the smaller upstarts which have a better likelihood of going out of enterprise. I wish to put money into lasting long-term developments, and AI is a ten+-year pattern.
Evaluating The #4 Holding: Airwallex versus Anduril
I used to be already feeling fairly good about proudly owning OpenAI and Anthropic by means of Fundrise after the Division of Conflict debacle. Finally, I feel Anthropic will work one thing out with the federal government given the federal government wants Anthropic to win the AI international race. In the meantime, OpenAI goes to proceed successful massive contracts, though it is presently going by means of 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 battle breaking out, Anduril’s enterprise of constructing AI-powered autonomous army methods – issues like drones, surveillance networks, autonomous submarines, and software program that coordinates them – has grow to be entrance and heart.
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.
Due to this fact, 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 speculate $3,000. 4 days later, I invested one other $2,000 after taking in additional suggestions and considering by means of the scenario 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 speculate 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 speculate 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 speculate 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. 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 would possibly find yourself costing me or saving me some cash.
If the window to speculate was solely open for about an hour, I’m assuming demand was extraordinarily sturdy. I even inquired with the help to see if they may let me make investments after lacking the window, and so they politely stated no. I did not wish to make a stink about it, since I already invested $12,000.
How Fundrise Enterprise Might Commerce Relying On RVI
If RVI trades up and at a premium to NAV (~20% likelihood), 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 recognized platform. We now know this didn’t occur after the primary day’s buying and selling.
If RVI trades at par or at a reduction of as much as 10% (~50% likelihood 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 (~30% likelihood), then I think Fundrise Enterprise will commerce flat to down 10%. Primarily based on the primary day of buying and selling of RVI, that is presently my base case state of affairs. Closed-end funds on common commerce at round a 7% low cost to NAV. Nevertheless, the everyday closed-end listed fund do now having 50% of their portfolio in Anthropic, OpenAI, and Databricks.
Within the scenario 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.
With 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 enticing. I see a possible for institutional buyers, retail buyers, and even Fundrise to purchase shares of VCX to slim any potential low cost.
Basically, I feel the highest holdings in Fundrise Enterprise will proceed to develop over the subsequent 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. My intention has to at all times been to carry for 10+ years, and my aim stays the identical publish itemizing.
Readers, how do you assume RVI will commerce? And the place do you assume RVI will likely be in every week, a month, and a 12 months from now? How do you assume 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 alternate options is as much as 20 p.c of web price. Roughly 80 p.c of my web price 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 residence runs. That’s the reason I desire diversified enterprise funds over concentrated angel bets that largely go to zero.
Given my danger profile, I might reasonably pursue a fund that might return 25 p.c with a 25 p.c drawdown than one that might return 70 p.c with a 70 p.c drawdown. The extra capital you accumulate, the extra essential 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 helped kickstart the modern-day FIRE motion. Since then, this website has since been learn by greater than 100 million individuals. My mission is that can assist you obtain monetary freedom sooner reasonably than later, primarily based on actual world expertise and disciplined determination making. Be a part of 60,000+ subscribers to my free weekly newsletter the place I preserve you abreast of crucial occasions.
