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SoFi's Remarkable Rise: From SPAC to Soaring Success
8 Aug
Summary
- SoFi went public through a SPAC in 2021, shares now worth over twice the initial $10
- SoFi became a chartered bank and tripled its member base in just over a year
- SoFi's adjusted EBITDA estimated to reach nearly $1 billion by 2025
In 2021, the financial services company SoFi went public through a special purpose acquisition company (SPAC) merger. Shares of the blank-check company that SoFi combined with started trading at $10 in late 2020, and as of August 2025, SoFi's stock is now worth a little more than twice that amount.
Just over a year after the SPAC announcement, SoFi became a chartered bank and had less than 3.5 million members at the end of 2021. However, the company has since experienced remarkable growth, now boasting more than triple that member count.
SoFi's financial performance has also been impressive. The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) went from $30 million in 2021 to an estimated nearly $1 billion for 2025. Additionally, SoFi recently celebrated its first full year of GAAP profitability, a milestone that has eluded many other ex-SPAC companies.
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While the majority of 2020-2021 SPAC initial public offerings (IPOs) have not been good investments, SoFi stands out as a notable exception. The company's strong business performance and growth trajectory have made it a success story in the SPAC market.
