Robinhood's private equity fund has rebounded 30% after poor initial performance, but it may face challenges from super IPOs like SpaceX.

Deep Tide TechFlow message. On April 5, according to Fortune, Robinhood Ventures I, a private-market fund launched by Robinhood, has rebounded by about 30% after weak initial performance. The product launched in early March, dropped 16% on its first day, and has since been gradually recovering as it seeks to provide retail investors with a channel to participate in equity of late-stage, not-yet-listed companies. However, analysts warn that with potential IPOs from tech giants such as SpaceX, OpenAI, and Anthropic drawing closer, the private market may face short-term volatility pressure. If top companies underperform when they go public, it could drag down secondary-market valuations and affect expectations for unicorn IPOs, including Stripe.

The head of Robinhood Ventures responded that the above concerns are more about short-term fluctuations, and that in the long run there are still ample investment opportunities. As AI technology continues to advance, the application ecosystem built around leading models will unlock enormous growth potential. The fund currently mainly invests in a small number of late-stage companies, including fintech firms Airwallex and Stripe, as well as AI enterprises such as Databricks, obtaining equity through primary-market transactions or permitted secondary-market trading.