Core Thesis - SoFi Technologies, Inc. is positioned as a leading digital finance platform, transitioning from a student-loan specialist to a diversified financial services provider, with significant growth in revenue and membership [2][5]. Financial Performance - SoFi's revenue has surged from approximately $250 million in 2018 to a projected run-rate of $3.5 billion by 2025, with membership increasing from 650,000 to 12.6 million [2]. - In Q3 2025, GAAP net revenue increased by 38% year-over-year to $961.6 million, with financial services revenue rising by 76% and fee income doubling to $216 million [3]. - Adjusted EBITDA reached $276.9 million, reflecting a 29% margin, supported by strong credit metrics and low charge-offs [4]. Business Model and Growth - Financial services now contribute 55% of total revenue, while lending has decreased to 45%, indicating a successful diversification strategy [3]. - The company has maintained a combined growth-plus-EBITDA margin exceeding the "Rule of 40" for 16 consecutive quarters, demonstrating effective scaling alongside profitability [3]. Membership and Product Expansion - In Q3, SoFi added 905,000 new members and 1.4 million new products, indicating robust user growth and increasing monetization per account [4]. - The recent $1.5 billion equity offering, despite causing short-term volatility, is expected to enhance SoFi's capital base for ongoing growth [5]. Market Sentiment - The stock price of SoFi has appreciated approximately 91.29% since previous bullish coverage, reflecting strong market confidence in its growth trajectory and profitability [6].