Opendoor

Opendoor Technologies Inc. is an American residential real estate platform that buys homes directly from sellers with instant cash offers, performs repairs, and re-lists the properties for sale. Sellers enter a home address online and receive a no-obligation cash offer, choosing their own close date without showings or repair work. Alongside the core iBuying product, the company offers a "Cash Now, More Later" structure in which a seller takes a reduced amount of cash upfront and retains upside from the eventual market resale, net of fees. Opendoor also provides or has provided ancillary services including brokerage, title, escrow and mortgage-related offerings; Opendoor Home Loans operated from 2019 until it was discontinued in November 2022, after which the company partnered with mortgage lender Lower from 2023 to offer buyer financing.

The company was described as operating in 44 U.S. markets as of November 2021 and in over 40 markets in later sourcing, with coverage described as effectively nationwide across the contiguous United States by late 2025. Reported scale figures include over 250,000 transactions since inception, more than 307,312 homeowners served and over 4 million offers made per the company's own site. Financially, Opendoor reported 2024 revenue of $5.15 billion with an operating loss of $320 million and net loss of $392 million, following 2022 sales of $15.6 billion and a $1.4 billion loss. Employee count was reported at 1,100 in 2025, after successive workforce reductions in 2020, 2022 and 2023.

Wikipedia lists Opendoor's headquarters as San Francisco, California; internal records list Phoenix, which was the company's first operating market. Leadership as of the sources includes CEO Kaz Nejatian (former Shopify COO), President Lucas Matheson, COO Giang LeGrice, CFO Christy Schwartz, Chief Growth Officer Morgan Brown, Chief Business Officer Brad Bonney and Chief People Officer Renee Mauldin, with Keith Rabois as chairman.

Founding story

Founded in March 2014 by Keith Rabois, Eric Wu, Ian Wong and JD Ross. Wu had previously founded Movity, a real-estate startup acquired by Trulia, and Ross later co-founded With Coverage; Rabois acted as co-founder, early investor and advisor. The premise was to replace an illiquid, roughly 90-day home-selling process in the roughly $20 trillion U.S. residential sector with an online transaction offering instant cash offers. A $9.95 million round led by Khosla Ventures (May/July 2014), with angels including Max Levchin and Sam Altman, preceded the start of operations in Phoenix, where the company was buying about one home per day by early 2015. Sources conflict on formation year: a 2025 company leadership announcement says Rabois and Wu co-founded Opendoor in 2013, while annual reports use 2014.

Business model

Opendoor operates as an "iBuyer": homeowners submit their property, and when an offer is accepted Opendoor purchases the home as-is on its own balance sheet, charging a fee comparable to traditional agent commissions in exchange for speed and certainty. It then makes necessary repairs and re-lists the home, carrying inventory in the interim (average hold time reported at 90 days in 2019). Revenue is therefore recognized on home resale, supplemented by ancillary services such as title, escrow, brokerage and financing partnerships, and by capital-light products such as Cash Now, More Later in which the seller receives partial cash upfront and shares in resale proceeds. The company has also considered renting properties to make use of excess inventory.

Primarily resale of purchased homes (2024 revenue of $5.15 billion), plus transaction fees charged to sellers comparable to agent commissions and ancillary revenue from title, escrow and related services.

Traction

Company site cites over 307,312 homeowners served and over 4 million offers, with a homeowner requesting an offer every two minutes. Homes sold grew from 3,127 in 2017 to 18,799 in 2019 and 9,913 in 2020 ($2.6 billion revenue); 37,000 homes were purchased in 2021. Revenue was $15.6 billion in 2022 and $5.15 billion in 2024. One source cites over 250,000 transactions since inception. Q3 2025 revenue was reported at $915 million with a $90 million net loss, and Q2 2026 revenue at $883 million with $86 million gross profit and 5.8% contribution margin.

Latest developments

Since September 2025 the company has been led by CEO Kaz Nejatian with Keith Rabois as independent chair, pursuing a reset centered on AI, acquisition growth, faster resale, capital-light products and operating leverage. Opendoor expanded its buybox nationwide in late 2025, launched mortgage, and per one source acquired closing-and-escrow operations assets in July 2026. A new senior team drawn largely from Shopify, Coinbase and Dropbox has been assembled, and the President's remit includes exploration of blockchain and tokenization. Recent Schedule 13G filings reported Morgan Stanley at 11.5% and BlackRock at 7.1% beneficial ownership as of June 30, 2026.