NEW YORK, July 6, 2026, 07:02 (EDT)
- SoFi Technologies Inc. NASDAQ:SOFI changed hands at $18.34 premarket, rising 0.55% from the last close of $18.24.
- The stock has dropped 30.33% this year. Short interest stood at 15.54% of the float as of June 15.
- SoFi is trading near $1,590 per member, with a market cap of $23.4 billion and 14.7 million members in Q1.
- SoFi is set to release its Q2 numbers July 29 ahead of the bell. The earnings call starts at 8 a.m. ET.
SoFi Technologies NASDAQ:SOFI traded higher in Monday premarket, giving investors a set number to work with. Each reported member is being valued at around $1,590, based on current market cap, despite the stock’s big slide in 2026. Shares last traded at $18.34, down 44% from the 52-week peak at $32.73, but still 22% above the 52-week trough of $14.92.
Nasdaq was in premarket when datelined. The exchange said premarket trading runs 4 a.m. to 9:30 a.m. ET, with regular hours from 9:30 a.m. to 4 p.m. ET. Nasdaq also showed July 3 as closed for Independence Day.
Futures moved higher before the open Monday. Nasdaq 100 e-minis traded up 1.04% at 5:37 a.m. ET. The previous week, which was cut short by the holiday, saw the Dow, S&P 500 and Nasdaq Composite all advance around 2%, according to Reuters.
The day’s move isn’t the big question for SoFi. The bigger issue is if SoFi can turn members into revenue-producing products fast enough to support a premium valuation. At MarketWatch’s $23.4 billion market cap, SoFi trades at about $1,590 for each member, $1,054 for each product, and around 5.4x annualized Q1 adjusted net revenue. That’s off Q1 adjusted revenue of $1.087 billion, company filings show. SOFI also trades at 41.37 times earnings and still has over 15% of its float sold short.
| Measure | Current figure | Investor read-through |
|---|---|---|
| Premarket quote | $18.34, +0.55% | Stock ticking higher premarket |
| Last regular close | $18.24, -1.08% | Weak close again yesterday |
| 2026 performance | -30.33% | Valuation already pulled back |
| Market cap | $23.4 bln | Still a top fintech by size |
| P/E ratio | 41.37 | Investors still paying for growth |
| Short interest | 195.79 mln shares, 15.54% of float | Short base remains high before Q2 |
| Implied value per member | ~$1,590 | Based on Q1 membership of 14.7 mln |
| Implied value per product | ~$1,054 | Figures use Q1 product count of 22.2 mln |
| Market cap / annualized Q1 adjusted revenue | ~5.4x | Key test for valuation |
SoFi’s first quarter numbers are strong for bulls. Net revenue, adjusted revenue, EBITDA, earnings, loan originations, members and products are all up sharply from last year. The exception: technology platform accounts, down 16% as a key client left before the end of 2025.
| Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| GAAP net revenue | $1.100 bln | $771.8 mln | up 43% |
| Adjusted net revenue | $1.087 bln | $770.7 mln | up 41% |
| Adjusted EBITDA | $339.9 mln | $210.3 mln | up 62% |
| GAAP net income | $166.7 mln | $71.1 mln | up 134% |
| Total loan originations | $12.179 bln | $7.246 bln | up 68% |
| Members | 14.7 mln | 10.9 mln | up 35% |
| Products | 22.2 mln | 15.9 mln | up 39% |
| Tech platform accounts | 132.9 mln | 158.4 mln | down 16% |
SoFi shares dropped 12% after the company posted its Q1 results in April, even though the report beat estimates. The company left its 2026 revenue outlook unchanged, and William Blair analyst Andrew Jeffrey said management “did not flow through” the Q1 revenue and EBITDA upside to its guidance. Reuters
Management wants members using more products. On June 30, SoFi rolled out small-business loans, offering fixed rates and amounts up to $250,000, with eligibility checks in minutes and possible funding within 24 hours of approval, according to company disclosures. “Their financial lives do not stop at personal goals,” CEO Anthony Noto said about SoFi’s members. SoFi
The cross-sell figure is a clearer read. SoFi said 43% of new Q1 products came from existing members, up from 40% last quarter and 36% a year ago. On the same call, CEO Anthony Noto said business loans on the loan platform “free up capital instantly and remove their credit risk for SoFi.” That’s key as investors weigh fee income against balance-sheet loan risk. Q4 Capital
Enterprise tech is still the pain point. Technology Platform net revenue dropped 27% to $75.1 million in Q1, with contribution profit down at $12.0 million. Contribution margin for the segment fell to 16% from 30%. Financial Services picked up some slack, as net revenue jumped 41% and deposits climbed $2.7 billion to $40.2 billion.
For Q2, management is looking for adjusted net revenue growth of roughly 30%, with adjusted EBITDA margin also around 30% and adjusted net income margin between 12% and 13%. For full-year 2026, it kept its adjusted net revenue estimate at about $4.655 billion, kept adjusted EBITDA around $1.6 billion and still sees adjusted EPS at about 60 cents. The next big date for the stock is July 29, when SoFi will report results at 7 a.m. ET and host a call an hour after.
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