Robinhood launched its own closed-end fund today, investing exclusively in pre-IPO companies, open to all retail investors. The attached chart shows its current holdings. Investing in pre-IPO companies is something many users have long awaited. It's believed that adding star companies like OpenAI, Anthropic, SpaceX, and ByteDance will attract a large number of participants. A similar US stock is $DXYZ, also a closed-end fund investing in pre-IPO companies, holding top companies like SpaceX and OpenAI. However, its biggest problem is the huge premium; historically, its share price has reached 10 times NAV. It's foreseeable that Robinhood's fund, after adding popular pre-IPO companies, may also become a suitable target for speculation.