Robinhood's Ventures Fund I bought about $25M of preferred stock in Crusoe, the AI infrastructure company, in a Series F that closed on 31 August and was announced on 17 September. Vlad Tenev told holders that "RVI investors now have a stake in Crusoe." They do. Robinhood published the numerator and no denominator, so here are four: $25M ÷ $3.9B round = 0.641%; ÷ $30.9B post-money valuation = 0.081%; ÷ $681.8M of fund net assets on 30 June = 3.67%; ÷ 27,247,215 shares = 92 cents a share, which is 3.67% of the $25.02 net asset value Robinhood publishes.
Preferred stock carries its own liquidation preference and votes, none of them filed, so that 0.081% sizes the cheque against a valuation rather than counting common ownership. Crusoe called the round an initial closing of an anticipated $3.9B, which would move the first figure. And with the deal closed on 31 August, Crusoe is absent from RVI's 30 June portfolio report: bought at cost, the position changes what the fund holds, not what a share of it is worth. A holder first sees it marked in the next report.
Robinhood Ventures Fund I (RVI) Invests $25M in Crusoe — 17 September 2026
Purchase, instrument and the 31 August closing: Robinhood's newsroom release of 17 September. Round size, post-money valuation and the initial-closing wording: Crusoe's own announcement the same day. Net assets on 30 June and Crusoe's absence from the portfolio: RVI's Form N-PORT filed 21 August. Share count: its audited annual report to 31 March 2026. The $25.02 net asset value is Robinhood's own. Percentages and the per-share figure are ours.
