Retail access to pre‑IPO startups

Robinhood filed for a closed‑end, publicly traded fund that would hold stakes in private startups across AI, defense, fintech, robotics, and software. By wrapping illiquid, hard‑to‑value private shares in a listed vehicle, non‑accredited investors could buy pre‑IPO exposure like a mutual fund. — This democratizes private‑market access while shifting valuation and liquidity risks onto retail, pressuring regulators to revisit accredited‑investor rules and disclosure standards for semi‑private assets.