内容来源：https://techcrunch.com/2026/05/11/riding-an-ai-rally-robinhood-preps-second-retail-venture-ipo/

内容总结：

Robinhood时隔两月再推第二只风投基金 聚焦早期初创企业

在首只风投基金上市仅两个月后，美国在线券商Robinhood正筹备推出第二只基金。该公司已为RVII提交了机密注册申请，这是获得监管批准前的标准步骤，具体细节将在后续公布。

与首只基金聚焦Airwallex、Databricks、OpenAI、Stripe等10家成熟期企业不同，RVII将扩大投资范围，覆盖成长阶段和早期初创企业。这一调整意义显著：早期公司虽更年轻、风险更高，但也可能带来更丰厚的回报。

目前RVII的募资目标尚未确定。Robinhood首只基金曾计划募资10亿美元，最终实际募资额距目标差了几亿美元。

尽管首只基金募资未达预期，但市场表现强劲。该基金（交易代码：RVI）于3月初在纽交所上市，发行价21美元，周一收盘报43.69美元，股价已翻倍有余。市场对基金所持初创公司人工智能前景的乐观情绪，很可能是股价上涨的推手。

两只基金的推出瞄准了长期存在的投资准入门槛问题。根据联邦法规，只有净资产超过100万美元或年收入超20万美元的"合格投资者"才能投资私营公司，这通常将普通投资者排除在最早期、最赚钱的投资阶段之外。RVI和RVII旨在改变这一现状，让任何人通过普通经纪账户就能投资一篮子私营初创企业。

Robinhood首席执行官弗拉德·特内夫在《华尔街日报》上周举办的"未来的一切"会议上表示："你可以把Robinhood Ventures看作一家公开交易的、提供每日流动性的风投公司。没有合格投资者要求，也不收业绩分成。"每日流动性意味着股票可在任何交易日买卖，而传统风投基金的资本通常被锁定数年；不收业绩分成则意味着Robinhood不抽取投资收益，这与传统风投机构的做法截然不同。

过去几年，价值最高的人工智能初创公司已从早期押注成长为价值数百亿乃至数千亿美元的企业，而这些增值几乎全部发生在普通投资者无法触及的私募市场。

特内夫的愿景更为长远。"我们的目标是，当一家公司进行种子轮或A轮融资时——也就是首次融资——散户应该成为该轮融资的重要参与者，就像现在在公开市场上那样。"他在会议上表示，"我们应该让他们从底层参与进来，这样他们就能从越来越多发生在私募市场的潜在增值中获益。"

如果这一愿景得以实现，将从根本上改变初创公司的早期融资方式。散户投资者最终将与风投机构并肩出现在早期融资轮次中——而正是在这些轮次，往往既诞生了最大回报，也产生了巨额亏损。

中文翻译：

在首只风险基金上市仅两个月后，Robinhood 正准备推出第二只基金。该公司已为 RVII 提交了保密注册申请，这是一项标准的监管步骤，使其能够在公开细节之前完成审批流程。

与首只基金目前持有 10 家后期阶段公司（Airwallex、Boom、Databricks、ElevenLabs、Mercor、OpenAI、Oura、Ramp、Revolut 和 Stripe）的股权不同，RVII 将撒网更广，投资于成长阶段和早期阶段的初创企业。这是一个有意义的区别，因为早期阶段的初创企业更为年轻，风险更高，但也可能带来更大的回报。

该公司在一篇博文中表示，RVII 的筹款目标尚未确定。对于首只基金，Robinhood 原本寻求筹集 10 亿美元，但最终比这一目标少了数亿美元。

尽管未能达到目标，首只基金表现强劲。RVI——Robinhood 首只基金的交易代码，在纽约证券交易所交易——于 3 月初以每股 21 美元的价格在纽交所上市，此后价格已翻番以上，周一收盘于 43.69 美元。市场对该基金所持初创企业人工智能前景的热情可能推动了股价上涨。

这两只基金背后的理念旨在解决长期存在的投资初创企业的准入问题。根据联邦规定，只有“合格”投资者——净资产超过 100 万美元或年收入超过 20 万美元的人——才能投资私营公司。这在历史上将普通投资者排除在公司增长最早、最有利可图的阶段之外。RVI 和现在的 RVII 旨在改变这一状况，让任何人通过普通经纪账户投资一组私营初创企业。

“你可以把（Robinhood Ventures）看作一家具有每日流动性的上市风险投资公司。没有合格投资者要求，也没有附带权益，”Robinhood 首席执行官弗拉德·特涅夫上周在《华尔街日报》“万物未来”大会上接受采访时表示。每日流动性意味着股票可以在市场开市的任何一天买卖，而传统风险投资基金的资金则会被锁定多年。没有附带权益意味着 Robinhood 不像传统风投公司那样抽取投资利润的一定比例。

过去几年中，最有价值的人工智能初创企业已从早期赌注发展到价值数百亿甚至数千亿美元的公司，而几乎所有这些增值都发生在普通投资者无法触及的私募市场中。

特涅夫的长期愿景更为深远。“我们的愿景是，如果你是一家正在筹集种子轮和 A 轮融资的公司——也就是首轮资本——那么散户应该成为这一轮融资的很大一部分，就像现在公开市场上那样，”特涅夫在大会上表示。“我们应该让这些人从一开始就参与进来，这样他们就能从中受益，因为越来越多的增值正在私募市场中发生。”

如果这一愿景得以实现，它可能从根本上改变初创企业筹集早期资本的方式，散户投资者最终将与风投公司并肩而立，包括在通常能产生最大回报、同时也损失大量资金的最早期融资轮次中。

英文来源：

Just two months after listing its first venture fund on the stock market, Robinhood is preparing to launch a second. The company has filed a confidential registration for RVII, a standard regulatory step that allows it to work through the approval process before making details public.
Unlike its first fund, which currently holds stakes in 10 late-stage companies — Airwallex, Boom, Databricks, ElevenLabs, Mercor, OpenAI, Oura, Ramp, Revolut, and Stripe — RVII will cast a wider net, investing in growth-stage and early-stage startups. It’s a meaningful distinction, given that early-stage startups are younger and carry more risk but also offer the potential for greater returns.
The fundraising target for RVII has not yet been set, the company said in a blog post. For its inaugural fund, Robinhood sought to raise $1 billion but ultimately fell several hundred million short of that goal.
Despite the shortfall, the first fund has performed strongly. RVI — the ticker for Robinhood’s first fund, which trades on the NYSE (New York Stock Exchange) — debuted on the NYSE at $21 a share in early March and has since more than doubled, closing on Monday at $43.69. Market enthusiasm for the AI prospects of the fund’s underlying startups has likely fueled the stock’s rise.
The premise behind both funds addresses a long-standing gap in who gets to invest in startups. Under federal rules, only “accredited” investors — those with a net worth exceeding $1 million or annual income above $200,000 — can put money into private companies. That has historically locked ordinary investors out of the earliest and most lucrative stages of a company’s growth. RVI and now RVII, are designed to change that, letting anyone invest in a portfolio of private startups through a regular brokerage account.
“You can think of [Robinhood Ventures] as a publicly traded venture capital firm with daily liquidity. No accreditation requirements and no carry,” Robinhood CEO Vlad Tenev said in an interview at The Wall Street Journal’s Future of Everything conference last week. Daily liquidity means shares can be bought or sold any day the market is open, unlike traditional VC funds, where capital is locked up for years. No carry means Robinhood doesn’t take a percentage of investment profits, as conventional venture firms typically do.
Over the past few years, the most valuable AI startups have gone from early bets to companies worth tens or hundreds of billions of dollars, and almost all of that appreciation has happened in the private markets, out of reach for most investors.
Tenev's longer-term vision goes further still. “The aspiration is, if you’re a company raising a seed round and a Series A round — so, just first capital — retail should be a big chunk of that round, much like it now is in the public markets,” Tenev said at the conference. “And we should let those people in at the ground floor, so that they can actually benefit from this potential appreciation that’s increasingly happening in the private markets.”
If that vision takes hold, it could fundamentally change how startups raise their earliest capital, with retail investors eventually sitting alongside venture firms, including in the earliest rounds, where the biggest returns are often made, and a whole lot of money is lost as well.