SOFI

SoFi Technologies, Inc.
Country: USIndustry: Financial - Credit Services
$27.14|+$0.54 (2.03%)
MC: $32.73B

The company has a strong cash position with an approximate 41-month runway, but faces moderate dilution risk from outstanding convertible notes and significant stock-based compensation. It has demonstrated a high ability to access capital markets through recent large offerings.

Float & OS: 1,289,298,158 / 1,205,903,044
Est. Runway: ~41 months

Risk Metrics

Overall Risk
MEDIUM
Offering Ability
HIGH
Cash Need
LOW
Float Risk
MEDIUM

Dilution Data

Warrants

  • As of September 30, 2025, the company had outstanding third-party warrants with a fair value of $540 thousand.
  • As part of a December 2025 common stock offering, underwriters were granted a 30-day option to purchase additional shares, which was exercised in full in January 2026.

Convertible Notes

  • 2026 Notes: $428.0 million in principal is outstanding, potentially convertible into 19,096,202 shares of common stock.
  • 2029 Notes: $862.5 million in principal is outstanding. A conditional conversion feature was met, making the notes convertible at the holder's option during Q4 2025. The principal amount is intended to be cash-settled, limiting dilution to the conversion value above principal.
  • The company has capped call transactions in place for both note series to offset potential dilution from conversions.

Convertible Preferred

  • All outstanding shares of Series 1 Redeemable Preferred Stock were redeemed in May 2024. As of September 30, 2025, there is no convertible preferred stock outstanding.

Offerings

  • December 2025 / January 2026 Public Offering: The company sold a total of 57,754,660 shares of common stock (including the exercise of the underwriters' option) at a price of $27.50 per share.
  • July 2025 Public Offering: The company completed an offering of 82,733,817 shares of common stock, which generated net proceeds of $1.7 billion.

Additional Notes

  • Stock-Based Compensation (as of September 30, 2025):
    • Stock Options: 13,795,167 options were outstanding and exercisable.
    • RSUs & DSUs: 52,724,238 units were outstanding, with $509.1 million in unrecognized compensation cost.
    • PSUs: 14,435,851 performance units were outstanding, with $32.4 million in unrecognized compensation cost.
    • ESPP: $2.3 million in unrecognized compensation cost related to the employee stock purchase plan.
  • An executive's prepaid variable forward contract on 500,000 shares was a personal transaction and not a company-initiated dilutive event.