D. E. Shaw group discloses 2.2% Opendoor (OPEN) ownership on 13G/A filing

Rhea-AI Filing Summary

D. E. Shaw investment entities reported a minority stake in Opendoor Technologies Inc. common stock on a Schedule 13G/A. The group, including D. E. Shaw & Co., L.P., D. E. Shaw & Co., L.L.C., D. E. Shaw Valence Portfolios, L.L.C., and David E. Shaw, reports beneficial ownership of up to 20,852,226 shares, or 2.2% of Opendoor’s outstanding common stock.

The holdings include existing shares and shares that may be acquired through call options and warrants held by affiliated portfolios. The filing states the securities are not held for the purpose of changing or influencing control of Opendoor, indicating a passive investment posture.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Opendoor Technologies Inc.

(Name of Issuer)

Common stock, $0.0001 par value per share

(Title of Class of Securities)

683712103

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 683712103

1

Names of Reporting Persons

D. E. Shaw & Co., L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 20,852,226.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 20,852,226.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

20,852,226.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.2 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: The percentage figure reported is based upon 958,504,891 shares of common stock outstanding, composed of: (i) 953,788,119 shares of common stock outstanding as of November 18, 2025, as reported in the Issuer's Form 424B5, filed with the SEC on November 21, 2025, (ii) 4,216,597 shares of common stock issuable upon exercise of warrants, and (iii) 500,175 shares of common stock issuable upon exercise of warrants deliverable upon exercise of listed call options.

SCHEDULE 13G

CUSIP No. 683712103

1

Names of Reporting Persons

D. E. Shaw & Co., L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 20,527,881.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 20,527,881.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

20,527,881.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.1 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentage figure reported is based upon 958,504,891 shares of common stock outstanding, composed of: (i) 953,788,119 shares of common stock outstanding as of November 18, 2025, as reported in the Issuer's Form 424B5, filed with the SEC on November 21, 2025, (ii) 4,216,597 shares of common stock issuable upon exercise of warrants, and (iii) 500,175 shares of common stock issuable upon exercise of warrants deliverable upon exercise of listed call options.

SCHEDULE 13G

CUSIP No. 683712103

1

Names of Reporting Persons

D. E. Shaw Valence Portfolios, L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,636,666.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,636,666.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,636,666.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentage figure reported is based upon 957,776,189 shares of common stock outstanding, composed of: (i) 953,788,119 shares of common stock outstanding as of November 18, 2025, as reported in the Issuer's Form 424B5, filed with the SEC on November 21, 2025, (ii) 3,487,895 shares of common stock issuable upon exercise of warrants, and (iii) 500,175 shares of common stock issuable upon exercise of warrants deliverable upon exercise of listed call options.

SCHEDULE 13G

CUSIP No. 683712103

1

Names of Reporting Persons

David E. Shaw

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 20,852,226.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 20,852,226.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

20,852,226.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.2 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The percentage figure reported is based upon 958,504,891 shares of common stock outstanding, composed of: (i) 953,788,119 shares of common stock outstanding as of November 18, 2025, as reported in the Issuer's Form 424B5, filed with the SEC on November 21, 2025, (ii) 4,216,597 shares of common stock issuable upon exercise of warrants, and (iii) 500,175 shares of common stock issuable upon exercise of warrants deliverable upon exercise of listed call options.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Opendoor Technologies Inc.
(b)	Address of issuer's principal executive offices: 1295 West Washington Street, Suite 115, Tempe, AZ 85288
Item 2.
(a)	Name of person filing: D. E. Shaw & Co., L.P. D. E. Shaw & Co., L.L.C. D. E. Shaw Valence Portfolios, L.L.C. David E. Shaw
(b)	Address or principal business office or, if none, residence: The business address for each reporting person is: Two Manhattan West 375 Ninth Avenue, 52nd Floor New York, NY 10001
(c)	Citizenship: D. E. Shaw & Co., L.P. is a limited partnership organized under the laws of the state of Delaware. D. E. Shaw & Co., L.L.C. is a limited liability company organized under the laws of the state of Delaware. D. E. Shaw Valence Portfolios, L.L.C. is a limited liability company organized under the laws of the state of Delaware. David E. Shaw is a citizen of the United States of America.
(d)	Title of class of securities: Common stock, $0.0001 par value per share
(e)	CUSIP No.: 683712103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: D. E. Shaw & Co., L.P.: 20,852,226 shares This is composed of (i) 961,096 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 9,687,500 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of call options, (iii) 3,487,895 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of warrants, (iv) 500,175 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of warrants deliverable through the exercise of call options, (v) 4,882,290 shares in the name of D. E. Shaw Oculus Portfolios, L.L.C., (vi) 717,078 shares that D. E. Shaw Oculus Portfolios, L.L.C. has the right to acquire through the exercise of warrants, (vii) 280,223 shares in the name of D. E. Shaw Composite Portfolios, L.L.C., (viii) 11,624 shares that D. E. Shaw Composite Portfolios, L.L.C. has the right to acquire through the exercise of warrants, and (ix) 324,345 shares under the management of D. E. Shaw Investment Management, L.L.C. D. E. Shaw & Co., L.L.C.: 20,527,881 shares This is composed of (i) 961,096 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 9,687,500 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of call options, (iii) 3,487,895 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of warrants, (iv) 500,175 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of warrants deliverable through the exercise of call options, (v) 4,882,290 shares in the name of D. E. Shaw Oculus Portfolios, L.L.C., (vi) 717,078 shares that D. E. Shaw Oculus Portfolios, L.L.C. has the right to acquire through the exercise of warrants, (vii) 280,223 shares in the name of D. E. Shaw Composite Portfolios, L.L.C., and (viii) 11,624 shares that D. E. Shaw Composite Portfolios, L.L.C. has the right to acquire through the exercise of warrants. D. E. Shaw Valence Portfolios, L.L.C.: 14,636,666 shares This is composed of (i) 961,096 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 9,687,500 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of call options, (iii) 3,487,895 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of warrants, and (iv) 500,175 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of warrants deliverable through the exercise of call options. David E. Shaw: 20,852,226 shares This is composed of (i) 961,096 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 9,687,500 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of call options, (iii) 3,487,895 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of warrants, (iv) 500,175 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of warrants deliverable through the exercise of call options, (v) 4,882,290 shares in the name of D. E. Shaw Oculus Portfolios, L.L.C., (vi) 717,078 shares that D. E. Shaw Oculus Portfolios, L.L.C. has the right to acquire through the exercise of warrants, (vii) 280,223 shares in the name of D. E. Shaw Composite Portfolios, L.L.C., (viii) 11,624 shares that D. E. Shaw Composite Portfolios, L.L.C. has the right to acquire through the exercise of warrants, and (ix) 324,345 shares under the management of D. E. Shaw Investment Management, L.L.C. David E. Shaw does not own any shares directly. By virtue of David E. Shaw's position as President and sole shareholder of D. E. Shaw & Co., Inc., which is the general partner of D. E. Shaw & Co., L.P., which in turn is the investment adviser of D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C., and D. E. Shaw Composite Portfolios, L.L.C. and the managing member of D. E. Shaw Investment Management, L.L.C., and by virtue of David E. Shaw's position as President and sole shareholder of D. E. Shaw & Co. II, Inc., which is the managing member of D. E. Shaw & Co., L.L.C., which in turn is the manager of D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C., and D. E. Shaw Composite Portfolios, L.L.C., David E. Shaw may be deemed to have the shared power to vote or direct the vote of, and the shared power to dispose or direct the disposition of, the 20,852,226 shares as described above constituting 2.2% of the outstanding shares and, therefore, David E. Shaw may be deemed to be the beneficial owner of such shares. David E. Shaw disclaims beneficial ownership of such 20,852,226 shares.
(b)	Percent of class: D. E. Shaw & Co., L.P.: 2.2% D. E. Shaw & Co., L.L.C.: 2.1% D. E. Shaw Valence Portfolios, L.L.C.: 1.5% David E. Shaw: 2.2%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: D. E. Shaw & Co., L.P.: 0 shares D. E. Shaw & Co., L.L.C.: 0 shares D. E. Shaw Valence Portfolios, L.L.C.: 0 shares David E. Shaw: 0 shares
	(ii) Shared power to vote or to direct the vote: D. E. Shaw & Co., L.P.: 20,852,226 shares D. E. Shaw & Co., L.L.C.: 20,527,881 shares D. E. Shaw Valence Portfolios, L.L.C.: 14,636,666 shares David E. Shaw: 20,852,226 shares
	(iii) Sole power to dispose or to direct the disposition of: D. E. Shaw & Co., L.P.: 0 shares D. E. Shaw & Co., L.L.C.: 0 shares D. E. Shaw Valence Portfolios, L.L.C.: 0 shares David E. Shaw: 0 shares
	(iv) Shared power to dispose or to direct the disposition of: D. E. Shaw & Co., L.P.: 20,852,226 shares D. E. Shaw & Co., L.L.C.: 20,527,881 shares D. E. Shaw Valence Portfolios, L.L.C.: 14,636,666 shares David E. Shaw: 20,852,226 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

D. E. Shaw & Co., L.P.

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Chief Compliance Officer
Date:	02/17/2026

D. E. Shaw & Co., L.L.C.

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Authorized Signatory
Date:	02/17/2026

D. E. Shaw Valence Portfolios, L.L.C.

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Authorized Signatory
Date:	02/17/2026

David E. Shaw

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Attorney-in-Fact for David E. Shaw
Date:	02/17/2026

Comments accompanying signature: Exhibit 1: Power of Attorney, granted by David E. Shaw relating to D. E. Shaw & Co., Inc., in favor of the signatories hereto, among others, dated August 1, 2024. Exhibit 2: Power of Attorney, granted by David E. Shaw relating to D. E. Shaw & Co. II, Inc., in favor of the signatories hereto, among others, dated August 1, 2024.

Exhibit Information

Exhibit 3: Joint Filing Agreement, by and among the Reporting Persons, dated February 17, 2026.

FAQ

What stake in Opendoor Technologies Inc. (OPEN) does D. E. Shaw report?

D. E. Shaw-related entities report beneficial ownership of up to 20,852,226 Opendoor shares, equal to 2.2% of the common stock. This includes existing shares and shares obtainable through call options and warrants held by affiliated investment portfolios.

Which D. E. Shaw entities are included in this Opendoor (OPEN) Schedule 13G/A?

The filing covers D. E. Shaw & Co., L.P., D. E. Shaw & Co., L.L.C., D. E. Shaw Valence Portfolios, L.L.C., and David E. Shaw. These related entities jointly report beneficial ownership and shared voting and dispositive power over certain Opendoor shares.

Is D. E. Shaw’s ownership in Opendoor (OPEN) reported as a passive investment?

Yes. The certification states the securities were not acquired and are not held for the purpose of changing or influencing control of Opendoor. This language characterizes the position as a passive investment under Schedule 13G rules.

How is D. E. Shaw’s Opendoor (OPEN) position structured between shares and derivatives?

The reported position combines common shares with shares that may be acquired through call options and warrants. For example, D. E. Shaw Valence Portfolios, L.L.C. includes shares from call options and several warrant positions linked to Opendoor common stock.

What percentage of Opendoor (OPEN) does each D. E. Shaw reporting person hold?

Reported percentages are 2.2% for D. E. Shaw & Co., L.P., 2.1% for D. E. Shaw & Co., L.L.C., 1.5% for D. E. Shaw Valence Portfolios, L.L.C., and 2.2% for David E. Shaw, based on share counts described in the filing.

Does David E. Shaw directly own Opendoor (OPEN) shares?

No. The filing states David E. Shaw does not own any shares directly. He may be deemed a beneficial owner through control of entities that manage or hold the Opendoor positions, but he expressly disclaims beneficial ownership of the 20,852,226 shares.

Why is Opendoor (OPEN) listed as 5 percent or less ownership in this Schedule 13G/A?

Item 5 confirms ownership of 5 percent or less of a class of Opendoor common stock. Each reporting person’s percentage—up to 2.2%—falls below the 5% threshold that typically triggers more extensive reporting obligations under other ownership forms.