Robinhood's newly listed fund fell 16% on its first trading day. It raised $658.4 million, whic

Robinhood's VC Fund Debuts at $21, Down 16%—Missing OpenAI and SpaceX Blamed for Tepid Reception

Robinhood's first crack at bringing venture capital to the masses didn't exactly nail the landing. The Robinhood Ventures Fund I hit the NYSE floor this week and closed day one at $21—a 16% drop from its starting price. The fund was supposed to open up stakes in hot private companies to regular investors. The goal? $1 billion. So far, they've pulled in $658.4 million, with a potential max of $705.7 million if underwriters go all in.

So what's in the basket? A decent lineup: Databricks, Stripe, Mercor, Oura, Ramp, Airwallex, Revolut. Solid names. But here's what's missing: OpenAI, Anthropic, SpaceX. You know, the ones everyone's actually waiting to IPO. That absence is getting the blame for the lukewarm reception.

Robinhood says they're not done yet. The plan is to scale the fund to 15-20 top-tier late-stage companies, and they're actively trying to get a seat at the table with the big ones like OpenAI. So maybe version 2.0 has more firepower.