Retail investors have not had many credible ways to buy diversified exposure to private technology companies. That is what makes Robinhood Ventures Fund I (RVI) and Fundrise VCX notable. Both vehicles are designed to give everyday investors access to companies that historically stayed inside venture capital and late-stage growth funds. But once you get past the similar headline, the two funds look very different in structure, disclosure quality, concentration, valuation marks, and what can realistically be compared.
There is one disclosure caveat that matters before comparing anything else. Fundrise VCX currently publishes a full top-10 holdings table on its public page as of February 15, 2026, while the most complete auditable source I could verify for RVI’s holdings and weights is its audited SEC schedule of investments as of November 30, 2025. Robinhood’s public materials indicate that the portfolio has evolved since then. So the cleanest apples-to-apples analysis is: VCX using its current public holdings page, and RVI using its filed audited holdings snapshot. That means the numbers below are accurate, but they are not perfectly matched by date.
The Difference Between Fundrise VCX and Robinhood RVI
Fundrise VCX is a fund intended to be a NYSE-listed public venture fund focused on a multi-stage portfolio of technology companies across AI, data infrastructure, software, and adjacent growth themes. The public page lists a February 15, 2026 NAV of $542.4 million and a 1.85% annual management fee.
Robinhood’s RVI is a closed-end fund that charges a 2.00% annual management fee, with a temporary reduction to 1.00% for six months following the IPO, and no incentive fee or carried interest. In the audited SEC filing, the fund reported net assets applicable to common shareholders of $148.5 million as of November 30, 2025.
At a high level, Fundrise VCX looks like a broader venture-style portfolio that already discloses a meaningful set of AI leaders and adjacent growth assets. RVI, by contrast, looked much more concentrated in its audited early portfolio, with just a handful of positions driving most of fund NAV.
Fundrise VCX Holdings
Fundrise’s VCX page gives a rare amount of transparency for a private-market vehicle. As of February 15, 2026, the top 10 holdings were: Anthropic 20.7%, Databricks 17.7%, OpenAI 9.9%, Anduril 6.9%, Ramp 5.1%, SpaceX 5.0%, Epic Games 3.5%, Flock Safety 3.0%, dbt (Fivetran) 2.8%, and Vanta 1.9%. Together, those ten holdings represented 76.5% of fund assets. The page also shows sector exposure led by Artificial Intelligence at 43.8% and Data Infrastructure at 22.9%.
Using the stated $542.4 million NAV, the implied value of those positions is approximately $112.3 million for Anthropic, $96.0 million for Databricks, $53.7 million for OpenAI, $37.4 million for Anduril, $27.7 million for Ramp, $27.1 million for SpaceX, $19.0 million for Epic Games, $16.3 million for Flock Safety, $15.2 million for dbt/Fivetran, and $10.3 million for Vanta. Those are just mechanical look-through values from the published percentages, but they are useful because they show that Fundrise VCX is not merely “AI themed”; it is heavily anchored by a few very large positions.
The December 31, 2025 quarterly holdings report gives more detail than the website summary. It shows that VCX held multiple line items in some companies, including two Databricks positions, two Anthropic positions, and two OpenAI positions, plus smaller holdings such as Canva, ServiceTitan, Stripe, Theory Ventures, and several data-center fixed-income securities. As of December 31, 2025, the fund had 81.0% of net assets in technology private equity portfolio companies, 15.2% in technology fixed income, and 6.1% in a money market fund, offset by liabilities in excess of other assets.
Fundrise VCX is not only a “basket of unicorns.” It is a mixed vehicle with private equity-style marks, a small amount of public equity, structured data-center credit, and cash. For investors comparing it with RVI, that means part of VCX’s risk and valuation profile comes from instruments that are not simple common-equity exposures to private startups.
RVI Holdings
For RVI, the most reliable source I could verify is the audited SEC schedule of investments dated January 30, 2025. That filing shows a much smaller and more concentrated disclosed portfolio. The fund held Mercor.Io Series C Preferred at 33.7% of NAV, Databricks Series K Preferred at 17.9%, Airwallex Series G Preferred at 16.8%, Ramp Series E-3 Preferred at 9.8%, Ramp Class A Common at 7.0%, and a First American Government Obligations money market fund at 17.1%. Total investments were 102.3% of NAV, offset by liabilities and other assets, leaving $148.5 million of net assets.
That means RVI’s disclosed private-company exposure was dominated by four issuers. If you combine the two Ramp positions, Ramp represented 16.8% of NAV, effectively tying Airwallex and trailing only Databricks and Mercor. In the audited filing, the private portfolio alone totaled 85.2% of NAV, which is very concentrated relative to Fundrise VCX’s broader top-10 disclosure.
Robinhood’s later public materials indicate the portfolio has changed since that filing. Robinhood’s February 17, 2026 newsroom item says RVI offers exposure to a concentrated portfolio of private companies, and search snippets from the Robinhood stock page show at least Revolut at 14.30%, Boom at 7.11%, and Ramp at 7.11% on the live page.
Investment Timing
Timing matters in private markets because entry date can be almost as important as company quality. For RVI, the SEC filing gives precise acquisition dates. Mercor was acquired on October 10, 2025; Databricks on October 31, 2025; Airwallex on November 21, 2025; Ramp preferred on November 21, 2025; and Ramp common on November 25, 2025. That tells us the initial disclosed portfolio was built in a very tight late-2025 window.
VCX’s filings provide even richer acquisition-date detail. In the September 30, 2025 semi-annual report, Fundrise disclosed Databricks acquired July 14, 2023 and November 20, 2023; OpenAI acquired September 27, 2024 and December 29, 2023; Anthropic acquired December 6, 2023 and August 14, 2025; Anduril acquired October 27, 2023; Vanta acquired September 7, 2022; Ramp preferred acquired January 31, 2025; Canva acquired September 15, 2023; and SpaceX acquired July 18, 2025.
That timing gap is important. VCX generally entered major positions earlier than the disclosed RVI snapshot, often in 2022, 2023, or 2024 rather than late 2025. In venture and growth investing, earlier entry usually means lower cost basis and more embedded mark-up if the underlying company appreciates. On this metric, Fundrise VCX has the advantage of older vintages in several key winners, while RVI’s audited book reflects fresher pricing closer to prevailing late-2025 market terms.
Valuation Multiples for Fundrise VCX and Robinhood RVI
Most of the underlying companies are still private, many are growth-stage or infrastructure-heavy businesses, and several either do not disclose net income publicly or are not valued by the market on earnings at all.
The best example is Databricks. Databricks said in December 2025 that it was raising capital at a $134 billion valuation and had surpassed a $4.8 billion revenue run rate. That implies a valuation-to-revenue multiple of roughly 27.9x. In February 2026, Databricks updated that figure to a $5.4 billion revenue run rate while still referencing the same $134 billion financing level, which would mathematically reduce the multiple further if one used the later revenue figure.
For Anthropic, the company said in September 2025 that its Series F valued it at $183 billion post-money and that annualized revenue had reached over $5 billion by August 2025. That works out to about 36.6x revenue on those disclosed figures. Anthropic then announced a much larger Series G in February 2026 at a $380 billion post-money valuation, which tells you how quickly marks in the AI leaders have moved.
For OpenAI, the closest directly comparable public numbers I could verify were a January 2026 OpenAI post stating $20 billion+ annualized revenue in 2025, and a February 2026 Reuters report that OpenAI was raising capital at an $840 billion valuation. That implies about 42x annualized revenue on those figures. That is not a P/E, it is a revenue multiple, but it is the more decision-useful valuation measure for a company of this type.
For Ramp, the company said in November 2025 that it was valued at $32 billion and that revenue had gone from $500 million to over $1 billion in the prior twelve months. That points to a multiple of roughly 32x revenue or lower, since the revenue figure was described as “over $1 billion.”
For Airwallex, the company announced in December 2025 that it raised capital at an $8 billion valuation and that annualized revenue had surpassed $1 billion. That implies about 8x revenue or lower, which is dramatically below the AI leaders above. On a simple revenue-multiple basis, Airwallex screens cheaper than Databricks, Anthropic, OpenAI, and Ramp using the official figures I could verify.
Those multiples do not tell you expected return by themselves, but they do tell you something about relative value. Airwallex looks cheapest on a sales-multiple basis among the holdings with official valuation and revenue figures I could verify. Databricks looks expensive, but still below OpenAI and Anthropic on the cited numbers. OpenAI and Anthropic carry the richest currently cited revenue multiples in this group.
Which Fund Looks Better
If the comparison is portfolio concentration, RVI’s audited portfolio was more concentrated. Mercor alone was 33.7% of NAV, and the top four private issuers represented the overwhelming majority of the private book. VCX is still concentrated, with Anthropic, Databricks, and OpenAI together representing 48.3% of the fund, but its top 10 and multi-line-item structure still create broader issuer exposure than the filed RVI snapshot.
If the comparison is vintage and entry timing, Fundrise VCX looks better on paper because many of its core positions were initiated in 2022, 2023, and 2024, well before late-2025 enthusiasm pushed valuations higher. RVI’s disclosed initial positions were largely bought in October and November 2025, which means less time for embedded appreciation and a greater chance that the initial price already reflected a hotter market.
If the comparison is base management fee, Fundrise VCX has a slight edge at 1.85% versus 2.00%. If the comparison is simplicity of fee design, RVI has the easier story because there is no incentive fee and the primary disclosure centers on the management fee. If the comparison is all-in published operating expenses, VCX’s prospectus gives the more complete expense table, and that table is higher than the base fee alone.
If the comparison is value based on revenue multiples of identifiable holdings, the cheapest clearly verifiable name in the overlap-adjacent group is Airwallex at roughly 8x revenue or lower based on its December 2025 company announcement. Databricks sits around the high-20s on the cited figures, Ramp around 32x or lower, Anthropic around 36.6x on the September 2025 figures, and OpenAI around 42x on the early-2026 figures used here. On that narrow metric, RVI’s disclosed Airwallex position appears to represent a cheaper underlying valuation than several of VCX’s marquee AI positions.
Final Take
The most important conclusion is not “which one to buy.” It is that the two funds are not really the same product. Fundrise VCX currently looks like a broader, older-vintage, AI-heavy multi-stage vehicle with better public disclosure and earlier entry dates in several flagship names. Robinhood RVI, based on its audited snapshot, looked more concentrated, more recently built, and more dependent on a handful of late-2025 positions.
On valuation, the best objective statement is this: the expensive AI leaders inside VCX appear to carry richer revenue multiples, while at least one of RVI’s disclosed core holdings, Airwallex, appears cheaper on a sales-multiple basis. On timing, VCX appears to have the better entry-vintage profile. On concentration, RVI’s audited book was more concentrated. On transparency, VCX currently discloses more. On fees, Fundrise VCX has the slightly lower base management fee, but its published total operating expense burden is more layered.
Disclaimer: I own a position in Fundrise, the company that manages the Fundrise VCX fund. I do not own a position in Robinhood, nor the funds themselves. If you want an additional $50 when you invest on Fundrise (the platform) you can make an account using my Fundrise link.
If you want to hear about my experience using Fundrise (the platform), check out my recent post about using Fundrise my first year.