Tech unicorns will soon have a way to go public without the expense and risk of an IPO.

Social Capital Hedosophia Holdings Corp, a Cayman Islands-based investment vehicle, is aimed at helping technology companies valued at $1 billion or more "achieve their long-term objectives and overcome key deterrents to becoming public," according to an SEC filing. The new offering was created by a group of Silicon Valley investors, led by Chamath Palihapitiya, CEO of venture capital firm Social Capital.

The group's plan is to raise at least $500 million in an IPO, then purchase a minority stake in one or more highly valued private tech companies. It is known as a "blank check company," because investors buy into the fund without knowing which company they will end up owning a part of.

Already in 2017, six tech unicorns have gone public. That's a higher number than all of last year, but the companies' stock performances have been mixed.

According to The Wall Street Journal, the group is planning to meet investors in early September and begin selling shares on the New York Stock Exchange later that month. It estimates there are at least 150 private U.S. technology companies with a valuation of $1 billion or more.