Shares of SoFi Technologies Inc. (SOFI) surged 5.04% in pre-market trading on Tuesday, following the announcement of the company's expansion into private market investments. This move marks a significant step in SoFi's strategy to diversify its offerings and attract more investors to its platform.

SoFi has partnered with Cashmere, Fundrise, and Liberty Street Advisors to offer retail investors access to private market funds. This expansion allows SoFi's 10.9 million members to invest in private companies across various sectors, including AI, machine learning, and space technology, with investment minimums as low as $10. The initiative aims to democratize access to alternative investments, enabling retail investors to diversify their portfolios with options traditionally reserved for institutional investors.

The stock's upward movement also builds on recent momentum, with SoFi shares having gained approximately 33% over the past month. Investors appear optimistic about the company's growth prospects, particularly in light of its upcoming second-quarter earnings report scheduled for July 29. The company's recent initiatives, including its plans to introduce cryptocurrency trading later this year, have further fueled investor enthusiasm.