AngelList’s USVC lets U.S. investors buy OpenAI, xAI for $500

AngelList launched USVC on April 22, 2026, offering a pooled venture fund that lets U.S. investors, including non-accredited individuals, invest in private AI companies with a $500 minimum.

The fund pools investor capital and spreads it across three types of exposure: emerging fund managers, company growth rounds and secondary equity sales. AngelList’s prospectus and FAQ state the strategy will use judgment, access and data to select managers and deals rather than follow a passive index.

As of the end of April, the fund reports holdings in seven private companies, with its largest concentration tied to Elon Musk’s xAI.

USVC charges a 1% annual management fee instead of a traditional venture structure that typically includes carried interest. The fund’s materials say it may provide payouts to investors without requiring an IPO or acquisition.

Naval Ravikant, AngelList co-founder and chair of USVC’s investment committee, wrote on X that early-stage investing is “adventure capital” and that retail investors often miss gains by waiting until companies go public. He wrote, “By the time a stock IPOs, most of the alpha is gone. The adventure is gone. Public market investors are literally last in line.”

Ravikant wrote the fund aims to allow limited liquidity, targeting redemptions of up to 5% of the fund each quarter, while noting redemptions are not guaranteed.

AngelList says the launch expands its infrastructure business, which it reports has supported $125 billion in assets, more than 25,000 funds and over 13,000 startups. The prospectus notes that when AngelList adds exposure to a company, USVC investors gain that exposure.

AngelList highlighted retail access to private startups through other vehicles. The company noted that Robinhood’s publicly traded fund purchased $75 million of OpenAI stock as another way for ordinary investors to gain exposure to private startup performance.