Chamath's SPACs Are Crushing Nvidia - Wall Street Didn't See This Coming

Benzinga·07/17/2025 14:45:39

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Chamath Palihapitiya's former SPACs — SoFi Technologies Inc (NASDAQ:SOFI), MP Materials Corp (NYSE:MP) and Opendoor Technologies Inc.(NASDAQ:OPEN) — are staging an unexpected comeback in 2025, outpacing even tech giant Nvidia Corp (NASDAQ:NVDA) in year-to-date (YTD) returns.

Surging Stock Performance

While Nvidia remains a headline grabber with a YTD gain of roughly 24%, Chamath's SPAC trio has quietly delivered impressive returns. Opendoor ($OPEN) leads the pack, rallying around 86% YTD, followed by MP Materials ($MP) at 63% and SoFi ($SOFI) up about 38%.

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 remains flat YTD, the momentum in Chamath's other SPACs raises questions about whether a broader "Chamath revival" is underway or if these gains are isolated.

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Photo: Shutterstock

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