Robinhood Invests $75 Million In OpenAI—Allowing Indirect Investments Into AI Giant
Ty Roush is a breaking news reporter based in New York City.
--:-- / --:--
This voice experience is generated by AI. Learn more.
This voice experience is generated by AI. Learn more.
Topline
Robinhood’s venture fund closed a $75 million investment in OpenAI, the company announced Wednesday, presenting an opportunity for traders to invest in the AI giant for the first time ahead of an anticipated stock debut.
A recent funding round valued OpenAI at more than $850 billion.
NurPhoto via Getty Images
Key Facts
The Robinhood Ventures Fund I closed the investment into OpenAI—which has yet to go public—on April 17, Robinhood said Wednesday, adding that private markets have been “out of reach” for everyday investors “for too long.”
While this doesn’t allow direct investment in OpenAI’s stock, Robinhood’s investment lets traders buy into a venture fund with indirect exposure to its value.
Shares of the venture fund, which trades on the New York Stock Exchange under the RVI ticker, rose 8% as of Wednesday morning.
This is a developing story.
LOADING VIDEO PLAYER...
FORBES’ FEATURED Video