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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →This is a historical deal, not a verified 2026 announcement. On March 18, 2021, Offerpad said it had agreed to merge with Supernova Partners Acquisition Company, a publicly traded SPAC co-chaired by former Zillow CEO Spencer Rascoff. The companies announced an approximate $3.0 billion post-transaction equity value and expected gross cash proceeds of up to $650 million. Offerpad later reported that the merger closed on September 1, 2021.
What did Rascoff and Supernova agree to?
Offerpad announced a definitive merger agreement with Supernova Partners Acquisition Company, Inc. on March 18, 2021. Supernova was a special purpose acquisition company, or SPAC: a publicly traded company formed to combine with a private business. Rascoff was Supernova’s co-chair. The transaction was subject to Supernova stockholder approval and customary closing conditions, according to Offerpad’s announcement.
The proposed combination was to make Offerpad Solutions Inc. a publicly traded company. Offerpad described its business as a technology-enabled platform for buying and selling homes, including iBuying—buying homes directly from sellers and reselling them.
What were the announced deal figures?
| Measure | Announced amount | What it means |
|---|---|---|
| Post-transaction equity value | Approximately $3.0 billion | Offerpad’s approximate equity valuation after the proposed transaction, as stated by Offerpad in March 2021. |
| Expected gross cash proceeds | Up to $650 million | A projected maximum, not confirmation of cash ultimately received. |
| PIPE investment | $200 million | A private investment in public equity included in the announced financing. |
| Supernova affiliate investment | $50 million | A direct investment by Supernova affiliates, according to the announcement. |
| Supernova trust account | Up to $403 million | Potential proceeds from the trust account; the amount was stated as a maximum. |
These figures describe different aspects of the proposal. The $3.0 billion figure was an approximate equity valuation; the up-to-$650 million figure was expected gross cash proceeds. Neither should be read as a report of final proceeds or as the amount paid to acquire Offerpad. The amounts and qualifications come from Offerpad’s March 2021 release.
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Why was Zillow part of the story?
Rascoff was Zillow’s co-founder and former CEO before becoming co-chair of Supernova. GeekWire framed the transaction as a SPAC deal involving a rival to his former employer. That context explains the headline; it does not mean Zillow was a party to the merger. Offerpad’s release identified Rascoff as a former Zillow CEO who had led the company for nearly a decade.
In the release, Rascoff argued that iBuying had substantial room to grow. Offerpad CEO and founder Brian Bair described the company’s approach as combining technology with local real-estate expertise. These were statements by company executives at the time, not independent evidence of the business’s subsequent performance.
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Did the merger close?
Yes. Offerpad’s annual-report search result identifies September 1, 2021, as the merger’s closing date. That is distinct from the March 18, 2021, announcement date. The announcement’s expected proceeds should not be treated as the final amount realized at closing.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is this a new 2026 acquisition announcement?
No 2026 agreement is established by the available records described here. The matching headline and Offerpad announcement refer to the March 2021 transaction, which closed that September. A search result showing that Offerpad’s filing index extends into September 2026 does not, by itself, establish whether a separate acquisition agreement was announced. Readers should not mistake the old announcement for current deal news.
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