Fundrise has periodically offered investors on its platform the chance to buy equity in Fundrise itself through what it calls an “internet public offering” (iPO). For the Fundrise iPO, instead of buying shares on a stock exchange, eligible Fundrise customers can buy shares directly through Fundrise in Rise Companies Corp., the parent company of Fundrise.
The headline detail that’s catching attention right now is the $15.90 per-share price. Fundrise has described this price as the current iPO share price and has noted that iPO purchases are made in whole shares only (no fractional shares).
What exactly is the Fundrise iPO?
According to Fundrise’s own help center, the iPO is a way to invest in Rise Companies Corp., the parent company of Fundrise, directly through the Fundrise platform. A key point: this is not a traditional IPO. The shares are not listed on a stock exchange and are not publicly traded, and Fundrise frames it more like a venture / growth equity-style investment in a private company. That framing matters because it changes how you should think about risk, time horizon, and liquidity.
Full transparency, here is the offering page they created. It provides marketing material that is in favor of investing in the company.
The core offering details
1) Share price: $15.90
Fundrise has stated the iPO share price is $15.90.
Importantly, Fundrise’s disclosure language is blunt: the price is determined “on an arbitrary basis” by the board of directors and can be changed at their discretion. So, unlike a public stock where the market sets the price minute-to-minute, this is a board-set offering price.
2) Who can invest and how much?
Fundrise describes eligibility and limits in a few places:
- Eligibility is tied to your Fundrise cost basis (how much principal you’ve invested), not your current account value.
- You generally need at least ~$500 invested with Fundrise to be eligible.
- Fundrise also states the iPO is offered in limited investment windows throughout the year, and when a window opens you may have about one week to invest (or until the offering sells out).
- The maximum investment is described as limited to 100% of your principal invested (again, cost basis).
Separately, the SEC-filed offering circular excerpt includes a common Regulation A constraint: generally, no sale may be made if the aggregate purchase price is more than 10% of the greater of annual income or net worth (with different rules for certain purchasers).
3) What security are you buying (and what rights come with it)?
From the SEC-filed offering circular excerpt, the iPO offering is for Class B Common Stock of Rise Companies Corp., with several notable features:
- It is described as a “best efforts” offering.
- Class B Common Stock carries no voting rights (and the filing also breaks out voting power held by other share classes).
- The excerpt notes shares are sold on a continuous basis only to existing investors in the Investment Products (at least “initially”).
This is an important reality check: economically you may participate, but governance rights (like voting) are not the same as what many public stock investors assume they’re getting.
4) Liquidity: you should assume this is locked up for a long time
This is the defining characteristic of the iPO.
Fundrise is explicit that iPO shares are not publicly traded, and it emphasizes that a growth-stage private company investment is long-term and highly illiquid, future returns and even return of principal are not guaranteed.
Fundrise also notes that value realization likely depends on a future liquidity event (such as a traditional IPO or sale), and the timing is uncertain.
The Fundrise iPO risks from the Full Disclosure
The user-facing “Full disclosure” page contains a specific “Rise Companies offering (Fundrise iPO) disclosure” section. You can view the full disclosure provided by Fundrise on their site. Below are the disclosures I want to reiterate as one considers investing.
1) Past performance doesn’t predict future results; investors can lose money
Fundrise states that past performance is not indicative of future results and emphasizes that an investment in Rise Companies’ Class B stock involves substantial risks, including the potential of total or partial loss.
2) The share price is board-set and “arbitrary”
Fundrise says the price per share is determined on an arbitrary basis by the board and may change over time at the board’s discretion.
Translation: you are not buying at a continuously market-cleared price, and you should not assume the $15.90 price is “fair value” in the same way you might for a public stock.
3) No dividends (historically) and no intention to start
Fundrise discloses that Rise Companies has not historically paid dividends and has no present intention to begin paying dividends. It also clarifies that anything referencing “client returns” relates to Fundrise-sponsored funds, not Rise Companies stock itself.
So if you buy this, you should not expect to be “paid to wait” via dividends.
4) The business may not hit objectives, scale, or profitability
Fundrise states there is no guarantee Rise Companies will achieve business objectives, get to scale, or become profitable.
5) Liquidity is not required and even if it happens, it might not be favorable
This is one of the most important risk statements on the page:
- Fundrise says that while it may intend to complete a future transaction (sale or registered IPO) to provide liquidity, its governing documents do not require it to pursue such a transaction.
- It further warns that market conditions could delay a listing or other liquidity transaction, and that there is no guarantee any liquidity event will be profitable, it could still result in total or partial loss.
If you take nothing else away: treat this as a high-risk, long-duration bet where the exit is uncertain.
Why I plan to invest in the Fundrise iPO
I plan to invest because I view the Fundrise iPO as an interesting, aligned-owner opportunity: if I’m already using a platform and I believe the company can grow over time, owning a small piece of the parent company can be an intellectually compelling “skin in the game” position. Fundrise itself has described the iPO as a model intended to align the company with its customer-investors by making them owners as well.
That said, I’m approaching it with the mindset: this looks and behaves more like venture-equity position, illiquid, uncertain exit timing, and meaningful downside risk.
Practically, that means:
- I’m treating it as non-core capital, money I can afford to have tied up for years.
- I’m not underwriting it on dividends (since they clearly say that’s not the point).
- I’m anchoring on the reality that the share price is board-set and may not behave like a “market price.”
- I’m assuming liquidity is optional, not guaranteed, and even if it happens, it may not be favorable.
Bottom line on the Fundrise iPO
The Fundrise iPO at $15.90/share is an opportunity to buy shares in Rise Companies Corp. directly through the Fundrise platform, but it comes with the tradeoffs you’d expect from a private-company, growth-equity-style investment: illiquidity, board-set pricing, no dividend expectation, and real risk of loss.
I plan to participate because I think it’s an interesting long-term opportunity, but only in a size that respects the risk profile Fundrise itself spells out. If you are new to Fundrise, you can use my link for an additional $50 when you make your first investment.
Check out my 2025 Fundrise review and performance.
Disclosure: This is not investment advice. I’m sharing how I’m personally thinking about it based on Fundrise’s published materials and filings.