The market hasn't been too happy with SoFi Technologies (SOFI 4.37%) stock so far this year, and it's down about 30%. However, that's a short amount of time in a much longer story. Inclusive of the drop, SoFi stock has gained about 180% during the past three years, and it has a long growth runway. Long-term investing is all about riding the waves and staying the course with stocks you believe in.
This could be an excellent opportunity for investors to buy on the dip and hold for many years. If you invest $10,000 in SoFi stock today, can it make you a millionaire?
Image source: The Motley Fool.
Banking for millennials
SoFi is an all-digital bank, and it's capturing market share as it targets the young users who are using banking and financial services for the first time. Not only is it attracting new users at a fast pace -- 35% year over year in the 2025 fourth quarter -- but the number of new users has been hitting new highs every quarter, reaching 1 million in the fourth quarter. It now has a total of 13.7 million, which is still a drop in the bucket compared with the opportunity.
Adjusted net revenue increased 37% year over year in the quarter, and adjusted earnings per share (EPS) continues to rise, up 160%.
It's not only new users who are helping it achieve growth. The company touts itself as a one-stop shop for financial services, and it aims to grow alongside its target population as customers advance in their careers and lives and have greater financial needs. Its strategy is to cross-sell new products to customers, and it constantly launches new services, such as its recent fully reserved SoFi Stablecoin.
NASDAQ: SOFI
Key Data Points
Can SoFi stock 100x?
For a $10,000 investment to reach $1 million, it needs to rise 100-fold, or gain 10,000%. That's not an easy feat, and can only happen over a long period of time.
Today, SoFi's market cap is $23 billion, and increasing 100 times would make it $2.3 trillion. Although not impossible, that would be a fantastic achievement. Even JPMorgan Chase, the largest bank in the U.S. and the most valuable by market cap, is valued at only $770 billion.
As fast as SoFi is growing, I don't think a $10,000 investment alone is your ticket to millionaire status, although over several decades it's an outside possibility. However, SoFi has tremendous opportunity, and SoFi stock could be a valuable part of a millionaire-maker portfolio.
