Chamath Palihapitiya has orchestrated some pretty impressive deals through special purpose acquisition companies (SPACs) in the past couple of years, including Virgin Galactic Holdings (NYSE: SPCE) and Opendoor Technologies (NASDAQ: OPEN). And with three pre-deal SPACs still searching for acquisition targets, investors have been anxiously waiting to see what he might take public next.
It appears we have our answer. Palihapitiya’s fifth blank-check company, Social Capital Hedosophia Holdings V (NYSE: IPOE), reportedly plans to take fintech start-up Social Finance (SoFi) public. The SPAC raised about $800 million in an IPO in 2020 and had been looking for an acquisition target ever since.
The deal values SoFi at $8.65 billion, including the money being contributed as part of the SPAC merger.