Examples of companies that went public through SPAC mergers

Here are some notable examples of companies that went public through SPAC mergers, particularly from the peak years of 2020–2023 when SPACs were highly popular as an alternative to traditional IPOs:

• DraftKings (DKNG) — Merged in April 2020 with Diamond Eagle Acquisition Corp. One of the early success stories in online sports betting and gaming.
• Virgin Galactic (SPCE) — Merged in 2019 (trading began post-merger) with Social Capital Hedosophia Holdings. Richard Branson's space tourism company, often cited as a high-profile SPAC debut.
• Trump Media & Technology Group (DJT) — Merged in March 2024 with Digital World Acquisition Corp. Operator of Truth Social; gained significant attention due to its association with former President Donald Trump.
• Lucid Motors (LCID) — Merged in July 2021 with Churchill Capital Corp IV. Luxury electric vehicle manufacturer, positioned as a Tesla competitor.
• Opendoor (OPEN) — Merged in 2020 with Social Capital Hedosophia Holdings II. Real estate tech platform for buying and selling homes online.
• Clover Health (CLOV) — Merged in 2021 with Social Capital Hedosophia Holdings III. Medicare Advantage insurance provider using tech and data.
• Nikola (NKLA) — Merged in June 2020 with VectoIQ Acquisition Corp. Electric and hydrogen truck company (faced challenges post-merger).
• SoFi (SOFI) — Merged in June 2021 with Social Capital Hedosophia Holdings V. Fintech company offering banking, investing, and lending services.

SPAC mergers surged in 2020–2021, allowing companies to go public faster and with more valuation flexibility than traditional IPOs, though many post-merger stocks underperformed amid market shifts and higher redemptions.

SoFi Technologies (SOFI) began trading on the Nasdaq on Tue 1 June 21

SoFi Technologies is an online personal finance company and online bank. It provides financial products including student and auto loan refinancing, mortgages, personal loans, credit card, investing, and banking. 

• Sector(s): Financial Services
• Industry: Credit Services
• Full Time Employees: 2,500
• Founded in 2011 
• HQ in San Francisco, California
• https://www.sofi.com

SoFi attracted funding from investors such as Peter Thiel, private equity firm Silver Lake and SoftBank, according to PitchBook.

Went public in a $8.65 billion deal with Social Capital Hedosophia Holdings V, the latest blank-check company from venture capitalist Chamath Palihapitiya.

Other Chamath SPACs: Opendoor Technologies (OPEN), Virgin Galactic Holdings (SPCE), Clover Health Investments (CLOV)

On the first day of trading the stock closed up more than 12% to $22.65.

 

 

 

 Anthony Noto, CEO of SoFi