Robinhood Targets $1 Billion IPO to Expand Retail Access to Private Markets

Robinhood Markets is reportedly preparing a major $1 billion initial public offering (IPO) tied to a closed-end fund designed to give everyday investors access to private markets. According to Bloomberg, the trading platform plans to launch the fund to provide U.S. retail investors exposure to private companies—an opportunity traditionally reserved for institutional players and high-net-worth individuals.

Investors using the Robinhood platform will be able to place IPO orders starting February 17, with trading expected to begin on February 26. The closed-end fund will invest in at least 10 private companies, with no single holding exceeding 20% of total assets. Robinhood stated that any additional capital raised beyond the initial investments will be allocated toward acquiring new assets, further diversifying the portfolio.

Access to pre-IPO shares has historically been limited to well-connected investors. However, funds offering exposure to private equity have grown in popularity as retail investors seek higher-growth opportunities beyond public markets. Despite this demand, some closed-end funds have faced criticism for trading below their net asset value, raising concerns about pricing efficiency.

Robinhood’s push into private market investing follows broader efforts to expand retail participation in alternative assets. In June last year, the company introduced tokenized stock trading in Europe, signaling its intent to innovate across global markets. CFO Shiv Verma confirmed that the new fund does not plan to issue regular dividends and will only distribute returns if excess cash is available. Goldman Sachs is reportedly leading the deal.

The move aligns with a wider trend of crypto and fintech firms pursuing IPOs. Kraken recently filed for a public offering with the U.S. Securities and Exchange Commission (SEC). Crypto wallet provider Ledger is also preparing for a potential IPO at a $4 billion valuation, working with Goldman Sachs and Barclays. Meanwhile, BitGo Holdings officially went public on January 22, 2026, listing on the New York Stock Exchange under the ticker BTGO. The company priced shares at $18, raising nearly $213 million and securing a valuation of approximately $2.08 billion.

As crypto exchanges and fintech platforms increasingly pivot toward public listings, Robinhood’s $1 billion IPO plan could mark a significant shift in how retail investors access private equity opportunities.