SoFi going public at $8.65B valuation via merger with Chamath's Social Capital

• Social Capital Hedosophia Holdings Corp. V (IPOE) soars 30% after Sofi Finance (NASDAQ:SOFI) confirmed a Reuters report that online lending startup is nearing a deal to go public by merging with the blank check company lead by VC investor Chamath Palihapitiya.
• Update 12pm: Palihapitiya confirmed the news in interview on CNBC and a press release was issued
• Transaction values SoFi at an equity value of $8.65B post-money and is expected to provide up to $2.4B in cash proceeds, including a fully committed PIPE of $1.2B, and up to $80M of cash held in the trust account of Social Capital Hedosophia
• Palihapitiya-sponsored special purpose acquisition companies have already signed deals to take Opendoor and Clover Health public via mergers.