- RVI shares jumped 11% Thursday and are up nearly 37% this week, putting the Robinhood-backed venture fund on track for its best week since listing.
- Databricks is RVI’s largest holding at 23.24%, making it the primary driver behind recent investor interest in the fund.
- Morningstar called Databricks the “cleanest institutional entry point” among major AI IPO candidates.
Shares of the Robinhood Markets, Inc.-backed Robinhood Ventures Fund I (RVI) are heading toward their best week since listing, as investors increasingly seek early exposure to the privately held AI firm Databricks ahead of a potential public offering.
RVI stock jumped 11% on Thursday, pushing total gains for the week to nearly 37%.
RVI Emerges As Databricks IPO Proxy Play
The closed-end venture fund, which debuted earlier this month with roughly $658.4 million in assets, has already gained about 50% since listing.
As expectations build around a potential Databricks listing, investors are turning to publicly traded proxy vehicles that hold stakes in the company. Funds, including Fundrise Innovation Fund (VCX) and Destiny Tech100 (DXYZ), have recently drawn attention for offering similar pre-IPO exposure to private companies such as SpaceX, which is expected to go public soon.
Within RVI’s portfolio, Databricks represents the fund’s largest allocation at 23.24%, making it the central driver behind recent investor interest. The fund carries a 3.13% gross expense ratio, with a temporary net expense ratio of 2.13% through Aug. 27, following Robinhood Ventures' waiver of part of the management fee.
Morningstar: Databricks Is Cleanest AI IPO Entry Point
Morningstar said Databricks is among the strongest late-stage AI companies approaching the IPO window. The company crossed $5.4 billion in annual recurring revenue (ARR) in the fourth quarter of 2025 with 65% year-over-year growth, nearly twice the 29% growth rate reported by Snowflake, Inc. at a comparable revenue scale, while also generating positive free cash flow.
The research firm said net revenue retention (NRR) will likely become the defining valuation metric once IPO filings begin. “Above 120% is best in class for enterprise software; above 140% is exceptional by any standard.” Databricks’ roughly 140% NRR places it firmly inside that top tier.
Morningstar expects Databricks to be among the three major AI companies likely to pursue listings in 2026, alongside OpenAI and Anthropic, whose combined private valuations approach $1.4 trillion.
Adjusted for growth, Databricks’ valuation appears attractive relative to Snowflake. “Investors are paying less per unit of growth for the faster-growing business, an anomaly that typically compresses at IPO,” Morningstar said, calling Databricks the “cleanest institutional entry point in this cohort by every relevant measure.”
Databricks Signals IPO Path With Platform Expansion
In December, Databricks raised over $4 billion at a $134 billion valuation, underscoring continued investor appetite for enterprise AI infrastructure platforms. The company has grown into one of the largest private software firms globally by helping enterprises manage data pipelines, analytics workloads, and generative-AI application development across cloud environments.
CEO Ali Ghodsi has previously said he would not rule out a 2026 IPO. “If the plan was to really stay private long term, we wouldn’t have focused on being cash-flow break-even,” Ghodsi told Bloomberg.
This week, Databricks introduced a cybersecurity product called Lakewatch, expanding its platform beyond analytics and generative AI workloads to include automated threat-detection infrastructure. Customers, including Adobe and National Australia Bank are already using the platform, while Anthropic runs models inside the system.
RVI Builds Pipeline Of Top Private Tech Bets
Beyond Databricks, RVI holds positions in privately held companies, including Revolut, Mercor, Airwallex, Boom Supersonic, Oura, and Ramp, while maintaining nearly 20% of assets in cash equivalents for future allocations.
Robinhood Ventures President Sarah Pinto Peyronel told Stocktwits in an exclusive interview earlier this month that the firm is actively engaging with “all of the best, most highly valued private companies,” including leading AI labs, aerospace companies, and defense technology firms as potential additions to the portfolio.
What Is The Retail Sentiment On Stocktwits?
On Stocktwits, retail sentiment toward RVI and Databricks was ‘extremely bullish’ amid ‘extremely high’ message volume, signaling strong investor interest ahead of a potential IPO.
One user said, “The new heavyweight champion in this space is …..RVI”
Another trader speculated that “something is brewing,” adding that they plan to increase their position.
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