Opendoor Technologies Inc. operates a large, AI-driven e-commerce platform for U.S. residential real estate, acting as a principal buyer and seller of homes rather than a traditional broker. In 2025 it sold over 11,700 homes and generated $4.4 billion in revenue, while maintaining an average seller Net Promoter Score near 80.
The company has expanded from 50 markets to effectively nationwide coverage across most U.S. zip codes and is adding adjacent services such as title, escrow, and an early-stage mortgage offering. Opendoor remains unprofitable, reporting a 2025 net loss of $1.3 billion and an accumulated deficit of $5.0 billion, and highlights significant risks tied to housing cycles, pricing accuracy, inventory management, regulation, and access to financing.
Opendoor Technologies reported fourth-quarter 2025 revenue of $736 million, down from $1.084 billion a year earlier, as it continued to reset its home-flipping business. The company posted a Q4 net loss of $1.096 billion, largely driven by a $933 million loss on extinguishment of debt.
For full year 2025, revenue was $4.371 billion versus $5.153 billion in 2024, with a net loss of $1.3 billion. Operationally, homes purchased rose 46% quarter over quarter and the share of homes on the market more than 120 days fell from 51% to 33%, indicating faster inventory turns. Fixed operating expenses declined to $35 million from $43 million in the prior year’s quarter.
Non-GAAP metrics showed Q4 Contribution Margin of 1.0% and Adjusted EBITDA of $(43) million. Management is targeting Adjusted Net Income breakeven by the end of 2026 and expects Q1 2026 revenue to decline about 10% sequentially with a Q1 Adjusted EBITDA loss in the low to mid $30 millions.
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.
Morgan Stanley and Morgan Stanley Investment Management Inc. report a 5.3% beneficial ownership stake in Opendoor Technologies Inc. common stock, totaling 50,555,152 shares. The position relates to Opendoor’s common stock with CUSIP 683712103 and is reported as of 12/31/2025.
The firms report only shared voting and dispositive power over these shares, with no sole voting or dispositive authority. They certify the holdings were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Opendoor.
Jane Street Group, LLC and its affiliates have filed Amendment No. 2 to a Schedule 13G for Opendoor Technologies Inc., reporting passive beneficial ownership of 28,652,374.07 shares of common stock, equal to 3.0% of the class.
The percentage is calculated against 962,541,563 shares, which includes 953,788,119 shares outstanding as of November 18, 2025 plus shares acquirable through convertible bonds and warrants held by Jane Street entities. The filing attributes shared voting and dispositive power to Jane Street Capital, LLC, Jane Street Options, LLC and Jane Street Global Trading, LLC, while Jane Street Singapore Pte. Ltd reports no holdings.
The filers state they own 5 percent or less of the class and certify the securities were not acquired and are not held to change or influence control of Opendoor, but instead on a passive-investor basis.
Opendoor Technologies Inc. received an updated ownership report from The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC, showing beneficial ownership of 2,635,528.14 shares of common stock, or about 0.3% of the class. The firms report shared voting power over 2,632,656.14 shares and shared dispositive power over 2,635,528.14 shares.
They certify the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Opendoor. The filing reflects ownership of 5 percent or less of the company’s common stock.
Opendoor Technologies Inc. filed a current report to update how it shares important company information with the public. The company notes that it uses its website, press releases, SEC filings, blogs, community hub and social media accounts, along with X (formerly Twitter) accounts for @Opendoor and its Chief Executive Officer, Kaz Nejatian, to disclose material non-public information and comply with Regulation FD.
The filing explains that Mr. Nejatian’s previous X handle is no longer active. Opendoor now intends to use his new X handle, @Nejatian, as one of the channels where it may share material information. The company encourages investors and other interested parties to review information shared through these channels, and notes that the list of channels may be updated over time.