Chamath’s SPACs Crush Nvidia: Wall Street Didn’t See This Coming - MP Materials (NYSE:MP), SoFi Technologies (NASDAQ:SOFI), Opendoor Technologies (NASDAQ:OPEN)

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. SOFI and Opendoor Technologies Inc. OPEN, both taken public via Chamath Palihapitiya–sponsored vehicles, and MP Materials Corp. 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. 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. 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.

Read Next: