RVI is sold as liquid, exchange-traded access to late-stage private companies. What the June 30, 2026 disclosure actually shows is a fund with 31.77% of its assets in cash, a 1.25% SpaceX position, and OpenAI at 11.00% sitting behind Databricks at 12.71%. That is a materially different portfolio from the one this fund was marketed on.
Knowing what RVI actually holds — position by position, from the disclosure rather than from secondary-market estimates — is the only way to evaluate whether you're paying a fair price for the exposure you're actually getting.
Correction — August 25, 2026
Earlier versions of this article listed SpaceX at 1.25%, OpenAI at ~18%, and Anthropic at ~13% of NAV, describing a portfolio ~73% concentrated in five private companies. Those figures reflected pre-IPO secondary-market estimates and did not match Robinhood's disclosed holdings. Anthropic does not appear in the disclosure at all. All figures on this page now come from Robinhood's disclosed holdings as of June 30, 2026.
Robinhood Ventures Fund II (RVII) Is Coming
Before digging into Fund I's holdings, know that there are now two Robinhood Ventures funds. Robinhood Ventures Fund II (ticker: RVII) is set to begin trading on the NYSE on August 13, 2026 at an expected $25 per share — the same sticker price RVI listed at in March. It's the same closed-end wrapper around a very different portfolio: 80 early-stage companies, every one connected to Y Combinator, near-equally weighted at ~1.12% each, versus the concentrated late-stage bets on this page.
The fee structure is heavier too: a 2.00% base management fee plus a 20% incentive fee on realized capital gains, for an estimated 4.18% total annual expense ratio per the fund's registration statement — roughly double RVI's blended cost. Robinhood is offering up to 8 million shares, including up to 400,000 sold by Robinhood Markets itself.
We're tracking every confirmed and undisclosed detail on the living RVII flagship page: launch date, holdings, and how it differs from RVI, and we've broken down all 80 portfolio companies on the interactive RVII dashboard.
The Complete RVI Holdings List
RVI discloses holdings quarterly through SEC filings, and Robinhood announces major position changes directly — like the fund's $75 million OpenAI purchase in April 2026. As of the most recent reporting period, the portfolio spans approximately 12–15 private companies acquired via secondary market transactions. Allocation percentages are estimates based on disclosed NAV and reported position sizes — they shift as companies raise new rounds (which marks up the portfolio) or as the fund buys and sells positions.
| Company | Est. % of NAV | Latest Private Valuation | Category |
|---|---|---|---|
| Databricks | 12.71% | Private | AI / Data Infrastructure |
| OpenAI | 11.00% | Private; $730–850B IPO target | AI / Foundation Models |
| Stripe | 4.33% | Private | Fintech / Payments |
| SpaceX | 1.25% | Public (Nasdaq: SPCX, June 12, 2026) | Aerospace / Defense |
| Cash & equivalents | 31.77% | — | Cash |
| Other positions (10) | ~38.9% | Not individually disclosed | Mixed |
Source: Robinhood's disclosed RVI holdings as of June 30, 2026. The fund holds 14 positions in total; only the largest are named individually in the disclosure.
What the RVI Holdings Concentration Means for Risk
The named positions in the disclosure add up to roughly 29% of the fund, and cash equivalents to another 32%. That is a very different risk profile from a concentrated private-market bet — and it raises a different question for buyers.
You Are Paying Fees on Cash
With 31.77% of the fund in cash equivalents, roughly a third of your expense ratio is being charged against a position you could hold yourself for free. At a 2.13% net expense ratio, that is real drag on the portion of the fund doing no work.
SpaceX Exposure Is Now Marginal
SpaceX sits at 1.25% of the fund as of June 30, 2026, after listing on Nasdaq on June 12. If you bought RVI specifically for SpaceX exposure, the disclosure shows you are getting very little of it — and SpaceX is now directly purchasable as a public stock.
Concentration Sits in Databricks and OpenAI
Databricks (12.71%) and OpenAI (11.00%) are the two positions that meaningfully drive returns, together just under 24% of the fund. Both are AI-adjacent, so they would likely compress together in a risk-off environment.
Disclosure Lag Is the Real Unknown
Holdings are disclosed periodically, not continuously, and this snapshot is dated June 30, 2026. Composition can shift materially between reporting dates — as the change in the SpaceX position between our earlier reporting and this disclosure demonstrates.
How RVI Acquires These Holdings
RVI doesn't invest directly in funding rounds alongside a16z or Sequoia. It buys on the secondary market — purchasing existing stakes from employees, early investors, or prior fund holders who want liquidity before an IPO. This has three important implications:
- 01RVI pays secondary prices, not primary round prices. For SpaceX, that means paying a price that reflects recent secondary marks — now anchored by the $1.77T IPO valuation — not the $100B valuation from 2021 rounds. The fund's cost basis is much higher than early investors'.
- 02Secondary availability is supply-constrained. Getting meaningful exposure to SpaceX or OpenAI on the secondary market requires either paying up or waiting for sellers. This limits how much RVI can accumulate and at what price.
- 03Transfer restrictions apply. Private company shares typically require company consent to transfer, and some companies (OpenAI being notable) have imposed restrictions on secondary trading. This can limit RVI's ability to sell positions if it needs to rebalance.
You can track how RVI's composition compares to other pre-IPO fund structures on the Robinhood RVI Fund tracker at Value Add VC.
The Two Scenarios That Define RVI's Return
With Databricks and OpenAI driving most of the fund's company exposure and roughly a third of assets in cash, two scenarios largely determine whether RVI outperforms over the next three to five years:
Bull Case: The 2026 IPO Wave Delivers
- OpenAI's $730–850B September target prices at or above range, marking up the fund's second-largest position
- Databricks, the largest holding at 12.71%, follows in the next IPO window at a higher multiple
- The 31.77% cash pile gets deployed into new private positions at attractive entry prices
- Retail demand drives the NAV premium higher, amplifying share price gains beyond underlying returns
Bear Case: IPO Pops Fade, Multiple Compression
- The 31.77% cash position stays uninvested, and holders keep paying a 2.13% net expense ratio on assets doing nothing
- AI model pricing wars compress OpenAI margins — its IPO prices below the filing target
- Retail enthusiasm for pre-IPO funds fades once buyers notice how little private exposure they are actually getting
- The NAV premium collapses as the portfolio looks less differentiated from what investors can buy directly
The RVI holdings story changed materially in mid-2026, and the marketing has not caught up with the disclosure.
Roughly a third of the fund is cash and SpaceX is down to 1.25%. Before buying at a NAV premium, check the latest disclosure yourself — the exposure you think you are getting may not be the exposure you are paying for.
Track RVI's NAV, premium, and portfolio changes on the Robinhood RVI Fund dashboard at Value Add VC. Originally published in the Trace Cohen newsletter. Robinhood's follow-up vehicle, RVII, trades a concentrated bet for breadth across 80 Y Combinator-linked startups — see how its fee structure and portfolio stack up against RVI's.
Latest from the Pulse
Get VC data most people never see
— 100% free
Weekly benchmarks, valuations, and fund data. Join 5,000+ investors. No spam.