Editor's note: The article and headline have been corrected to clarify Chamath Palihapitiya's SPAC involvement and update the price performance.
Three SPAC‑listed companies—SoFi Technologies Inc. (NASDAQ: SOFI) and Opendoor Technologies Inc. (NASDAQ: OPEN), both taken public via Chamath Palihapitiya–sponsored vehicles, and MP Materials Corp. (NYSE: MP), which merged with Fortress Value Acquisition Corp. in a deal anchored by a PIPE that included Palihapitiya—are staging an unexpected comeback in 2025, posting year‑to‑date returns that outpace even tech giant Nvidia Corp. (NASDAQ: NVDA).
Surging Stock Performance
While Nvidia remains a headline grabber with a monthly gain of roughly 20%, Chamath's SPAC trio has quietly delivered impressive returns. Opendoor ($OPEN) leads the pack, rallying around 190% over the past month, followed by MP Materials ($MP) at 65% and SoFi ($SOFI) up about 52%.
This resurgence marks a significant turnaround after years of skepticism surrounding SPACs.
Why The Revival?
These stocks have shaken off their "SPAC stigma" by showing improving fundamentals and strategic pivots.
- SoFi, initially a fintech darling, has broadened its offerings and grown its user base.
- MP Materials, a company specializing in rare-earth materials, benefits from increased demand amid supply chain and geopolitical tensions.
- Opendoor, despite some headwinds, has optimized its operations and is riding a recovering real estate market.
What About $SPCE?
Investors are now closely watching Virgin Galactic Holdings Inc. (NYSE:SPCE), the original space-focused SPAC, to see if it can join this rally.
While SPCE’s 29% gain over the past month pales in comparison to other SPACs, it still manages to outshine Nvidia. The momentum in Chamath's SPACs raises questions about whether a broader "Chamath revival" is underway or if these gains are isolated.
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