0001801169-26-000010 | 10-K | XBRL Viewer | Opendoor Technologies INC

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CREDIT FACILITIES, LONG-TERM DEBT, AND CONVERTIBLE NOTES - Asset-backed Senior Revolving Credit Facilities (Details) - Multiple Senior Revolving Credit Facilities - Revolving Credit Facility - Asset-backed Senior Revolving Credit Facilities	12 Months Ended
	Dec. 31, 2025
Debt Instrument [Line Items]
Sale of real estate inventory expected period	12 months
Maximum
Debt Instrument [Line Items]
Term	24 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

RESTRUCTURING

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

RESTRUCTURING

Restructuring costs for ongoing employee benefit arrangements, inclusive of statutory requirements, are recognized in accordance with ASC 712, Compensation - Non-retirement Post-employment Benefits when it becomes probable that an obligation has been incurred and the amount can be reasonably estimated. If applicable, the Company recognizes restructuring costs over the terminated employees’ remaining service period. The liabilities for restructuring costs are recognized in Accounts payable and other accrued liabilities on the consolidated balance sheets.

In 2023, the Company initiated workforce reductions, impacting approximately 680 employees. The Company provided post-employment benefits to impacted employees for a total expense of approximately $14 million. Payments related to this workforce reduction were substantially completed as of December 31, 2023.

In 2024, the Company began a series of cost-reduction and organizational streamlining efforts (the “Transformation Initiatives”). On November 7, 2024, the Company announced a workforce reduction of approximately 300 employees as part of a reorganization aimed at prioritizing strategic growth and driving long-term efficiencies. The Company provided post-employment benefits to impacted employees for a total cash cost of approximately $10 million. In addition to the workforce reduction, during the year ended December 31, 2024, the Company incurred $3 million of costs related to the early termination of certain leases, and incurred $4 million in expenses associated with other activities related to the Company’s cost reduction efforts. Payments related to the Transformation Initiatives began in December 2024 and were substantially completed as of December 31, 2025.

In 2025, the Company incurred restructuring costs in connection with the Transformation Initiatives including workforce reductions affecting approximately 125 employees. These actions resulted in $6 million of expenses from post-employment benefits and other cost reduction efforts. In addition to the workforce reduction, the Company incurred $4 million of costs

related to the early termination of certain leases. Payments related to the Transformation Initiatives were substantially completed as of December 31, 2025.

The following table presents the activity of the restructuring liability (in millions):


Balance-December 31, 2022	$	4
Additions charged to expense	14
Cash payments	(15)
Balance-December 31, 2023	3
Additions charged to expense	17
Cash payments	(13)
Balance-December 31, 2024	7
Additions charged to expense(1)	10
Cash payments	(16)
Balance-December 31, 2025	$	1

________________

(1)Inclusive of $1 million in non-cash activity associated with lease termination costs.

CASH, CASH EQUIVALENTS, AND INVESTMENTS

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS, AND INVESTMENTS

The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of December 31, 2025 and 2024, were as follows (in millions):


	December 31, 2025
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Cash	$	86	$	—	$	—	$	86	$	86	$	—
Money market funds	876		—		—		876		876		—










Total	$	962	$	—	$	—	$	962	$	962	$	—


	December 31, 2024
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Cash	$	60	$	—	$	—	$	60	$	60	$	—
Money market funds	611		—		—		611		611		—



Equity securities	8		—		—		8		—		8






Total	$	679	$	—	$	—	$	679	$	671	$	8

The Company had no marketable equity securities as of December 31, 2025. During the year ended December 31, 2024, the Company recognized $(7) million of net unrealized losses, in the consolidated statements of operations related to marketable equity securities held as of December 31, 2024.

A summary of non-marketable equity securities and equity method investment balances as of December 31, 2025 and 2024 were as follows (in millions):


	December 31, 2025		December 31, 2024
Equity method investments	$	20	$	20
Non-marketable equity securities	48		39
Total	$	68	$	59

No unrealized losses were recognized during the years ended December 31, 2025 and December 31, 2024 in the consolidated statements of operations related to non-marketable equity securities held as of December 31, 2025 and December 31, 2024, respectively.

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Equity securities	$ 0	$ 8,000,000
Marketable equity securities unrealized losses		(7,000,000)
Non-marketable security, unrealized losses	$ 0	$ 0

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Feb. 12, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39253
Entity Registrant Name	Opendoor Technologies Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-1318214
Entity Address, Address Line One	1295 West Washington Street,
Entity Address, Address Line Two	Suite 115
Entity Address, City or Town	Tempe,
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85288
City Area Code	480
Local Phone Number	618-6760
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 339,866,979
Entity Common Stock, Shares Outstanding		958,325,481
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement relating to its 2026 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Entity Central Index Key	0001801169
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Common stock, $0.0001 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	OPEN
Security Exchange Name	NASDAQ
Series K Warrants, each whole warrant exercisable to purchase one share of common stock at an exercise price of $9.00 per warrant
Document Information [Line Items]
Title of 12(b) Security	Series K Warrants, each whole warrant exercisable to purchase one share of common stock at an exercise price of $9.00 per warrant
Trading Symbol	OPENW
Security Exchange Name	NASDAQ
Series A Warrants, each whole warrant exercisable to purchase one share of common stock at an exercise price of $13.00 per warrant
Document Information [Line Items]
Title of 12(b) Security	Series A Warrants, each whole warrant exercisable to purchase one share of common stock at an exercise price of $13.00 per warrant
Trading Symbol	OPENL
Security Exchange Name	NASDAQ
Series Z Warrants, each whole warrant exercisable to purchase one share of common stock at an exercise price of $17.00 per warrant
Document Information [Line Items]
Title of 12(b) Security	Series Z Warrants, each whole warrant exercisable to purchase one share of common stock at an exercise price of $17.00 per warrant
Trading Symbol	OPENZ
Security Exchange Name	NASDAQ

SHARE-BASED AWARDS - ESPP (Details)	12 Months Ended				34 Months Ended
SHARE-BASED AWARDS - ESPP (Details)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 28, 2023 shares	Dec. 31, 2025 USD ($) purchasePeriod	Mar. 01, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 159,000,000	$ 114,000,000	$ 126,000,000
Employee Stock Purchase Plan \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payroll deductions	15.00%
Calendar year limitation on contributions	$ 25,000				$ 25,000
Number of shares allowed per employee, per offering period (in shares) \| shares				1,000		10,000
Employee stock purchase plan, offering period duration				6 months	12 months
Number of shares allowed per purchase period, per offering period (in shares) \| shares						5,000
Number of purchase periods during offering period (purchase period) \| purchasePeriod					2
Duration of purchase periods within offering period					6 months
Common stock discount	15.00%
Employee payroll contributions with held	$ 1,000,000	1,000,000			$ 1,000,000
Share-based compensation expense	1,000,000	$ 3,000,000	$ 2,000,000
Unamortized stock-based compensation	$ 1,000,000				$ 1,000,000
Unamortized stock-based compensation period (in years)	4 months 24 days

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Cost

Components of lease costs for the years ended the December 31, 2025, 2024, and 2023, are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	4	$	8	$	11
Variable lease cost	—		1		1
Short-term lease cost	1		—		1
Sublease income	(1)		(1)		(2)
Net lease cost	$	4	$	8	$	11

The following table presents supplemental lease information (in millions):


December 31,	2025		2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	(4)	$	(13)	$	(14)
Right-of-use assets obtained in exchange for new or acquired lease liabilities	$	3	$	4	$	1

Schedule of Supplemental Balance Sheet Information

The weighted average lease term and the weighted average discount rate are as follows:


December 31,	2025		2024
Weighted average remaining lease term for operating leases (in years)	4.5		5.5
Weighted average discount rate for operating leases	12.1	%	13.2	%

Schedule of Maturity of Operating Lease Liabilities

Maturity of operating lease liabilities as of December 31, 2025 are as follows (in millions):


2026	$	2
2027	2
2028	2
2029	2
2030	1
Thereafter	—
Total undiscounted future cash flows	$	9
Less: Imputed interest	2
Total lease liabilities	$	7

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Amortized Cost (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 962,000,000	$ 671,000,000	$ 999,000,000
Unrealized Gains	0	0
Unrealized Losses	0	0
Equity securities	0	8,000,000
Equity securities, cash and cash equivalents		0
Equity securities, marketable securities		8,000,000
Total cost basis	962,000,000	679,000,000
Total fair value	962,000,000	679,000,000
Cash and Cash Equivalents	962,000,000	671,000,000
Marketable Securities	0	8,000,000
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	86,000,000	60,000,000
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 876,000,000	$ 611,000,000

SHARE-BASED AWARDS - 2022 Inducement Plan (Details)	Jul. 31, 2022 shares
2022 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	31,200,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CREDIT FACILITIES, LONG-TERM DEBT, AND CONVERTIBLE NOTES - Asset-backed Senior Term Debt Facilities (Details)	12 Months Ended
	Dec. 31, 2025
Multiple Term Loan Facilities \| Asset-backed Senior Term Debt Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Withdrawal period	60 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The estimated useful lives of the Company’s property and equipment are as follows:


Internally developed software			2 years
Software implementation costs			Lesser of 3 years or contract term
Computers			2 years
Security systems			1 year
Furniture and fixtures			5 years
Leasehold improvements			Lesser of useful life or lease term
Office equipment			3 years

Property and equipment as of December 31, 2025 and 2024, consisted of the following (in millions):


	2025		2024
Internally developed software	$	107	$	106
Computers	3		9
Security systems	4		4
Office equipment	1		2
Furniture and fixtures	1		1

Software implementation costs	1		1

Total	117		123
Accumulated depreciation and amortization	(90)		(75)
Property and equipment – net	$	27	$	48

DECONSOLIDATION (Details) - USD ($) $ in Millions	12 Months Ended
DECONSOLIDATION (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2024
Noncontrolling Interest [Line Items]
Gain on deconsolidation, net	$ 0	$ 14	$ 0
Non-marketable equity securities	48	39
Mainstay Labs, Inc.
Noncontrolling Interest [Line Items]
Gain on deconsolidation, net		$ 14
Non-marketable equity securities	$ 48			$ 39

CREDIT FACILITIES, LONG-TERM DEBT, AND CONVERTIBLE NOTES - Convertible Senior Notes Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Nov. 30, 2025 USD ($) $ / shares shares	May 31, 2025 USD ($)	Aug. 31, 2021	Dec. 31, 2025 USD ($) day	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Repayments of convertible debt				$ 1,176,000	$ 0	$ 362,000
Gain (loss) on extinguishment of debt				(924,000)	(2,000)	216,000
Principal amount				246,000	0	0
Debt principal exchanged				246,000	0	0
Convertible Debt
Debt Instrument [Line Items]
Debt issuance costs, net				4,000	3,000
Remaining aggregate principal amount				$ 197,000	381,000
Convertible Senior Notes 2026 \| Convertible Debt
Debt Instrument [Line Items]
Stated cash interest rate			0.25%	0.25%
Debt instrument, redemption price, percentage			100.00%
Debt issuance costs, net					3,000
Gain (loss) on extinguishment of debt		$ 10,000
Debt principal exchanged		$ 246,000
Remaining aggregate principal amount				$ 135,000	$ 381,000
Convertible Senior Notes 2030 \| Convertible Debt
Debt Instrument [Line Items]
Stated cash interest rate		7.00%		7.00%
Debt instrument, redemption price, percentage				100.00%
Debt instrument, repurchased face amount	$ 264,000
Debt issuance costs, net				$ 4,000
Debt instrument, fee amount	4,000
Gain (loss) on extinguishment of debt	$ 933,000
Borrowing capacity		$ 325,000
Principal amount		246,000
Gross cash proceeds		79,000
Proceeds from debt, net of issuance costs		$ 75,000
Issue price percentage		95.00%
Debt instrument, convertible, threshold consecutive trading days \| day				30
Threshold percentage of stock price trigger				130.00%
Debt instrument, convertible, threshold trading days \| day				20
Shares sold (in shares) \| shares	180,580,200
Common stock price per share (in dollars per share) \| $ / shares	$ 6.56
Purchase price of repurchased debt face amount	$ 1,200,000
Reduction in debt issuance costs	$ 16,000
Remaining aggregate principal amount				$ 62,000
Repurchased 2026 Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, repurchased face amount						597,000
Repayments of convertible debt						360,000
Debt issuance costs, net						10,000
Debt instrument, fee amount						2,000
Gain (loss) on extinguishment of debt						$ 225,000

CREDIT FACILITIES, LONG-TERM DEBT, AND CONVERTIBLE NOTES

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

CREDIT FACILITIES, LONG-TERM DEBT, AND CONVERTIBLE NOTES

The following tables summarize certain details related to the Company's non-recourse asset-backed debt as of December 31, 2025 and 2024 (in millions, except interest rates):


			Outstanding Amount
December 31, 2025	Borrowing Capacity		Current		Non-Current		Weighted Average Interest Rate		End of Revolving / Withdrawal Period	Final Maturity Date
Non-Recourse Asset-backed Debt:
Asset-backed Senior Revolving Credit Facilities
Revolving Facility 2018-2	$	1,000	$	—	$	—	—	%	June 25, 2027	June 25, 2027
Revolving Facility 2018-3	750		—		—		7.28	%	December 11, 2028	December 11, 2028
Revolving Facility 2019-1	300		—		—		7.24	%	February 18, 2027	February 18, 2027
Revolving Facility 2019-2	300		—		—		7.15	%	October 2, 2026	October 1, 2027
Revolving Facility 2019-3	100		—		—		7.28	%	April 5, 2027	April 3, 2028


Asset-backed Senior Term Debt Facilities
Term Debt Facility 2021-S1	400		—		100		6.03	%	February 24, 2027	August 24, 2027
Term Debt Facility 2021-S2	52		52		—		3.57	%	September 10, 2025	March 10, 2026
Term Debt Facility 2021-S3	1,000		—		625		3.75	%	January 31, 2027	July 31, 2027


Total	$	3,902	$	52	$	725
Issuance Costs			—		(3)
Carrying Value			$	52	$	722

Asset-backed Mezzanine Term Debt Facilities

Term Debt Facility 2020-M1	$	3,000	$	—	$	200	12.12	%	February 25, 2028	February 25, 2029
Term Debt Facility 2022-M1	250		—		150		12.31	%	January 31, 2027	November 1, 2027
Total	$	3,250	$	—	$	350
Issuance Costs					(4)
Carrying Value					$	346

Total Non-Recourse Asset-backed Debt	$	7,152	$	52	$	1,068


	Outstanding Amount
December 31, 2024	Current		Non-Current		Weighted Average Interest Rate
Non-Recourse Asset-backed Debt:
Asset-backed Senior Revolving Credit Facilities

Revolving Facility 2018-2	$	—	$	—	—	%
Revolving Facility 2018-3	182		—		8.00	%
Revolving Facility 2019-1	—		—		—	%
Revolving Facility 2019-2	—		—		—	%
Revolving Facility 2019-3	—		—		8.13	%


Asset-backed Senior Term Debt Facilities
Term Debt Facility 2021-S1	—		100		3.48	%
Term Debt Facility 2021-S2	—		300		3.31	%
Term Debt Facility 2021-S3	—		750		3.75	%
Term Debt Facility 2022-S1	250		—		4.07	%

Total	$	432	$	1,150
Issuance Costs	—		(7)
Carrying Value	$	432	$	1,143

Asset-backed Mezzanine Term Debt Facilities

Term Debt Facility 2020-M1	$	—	$	200	10.00	%
Term Debt Facility 2022-M1	—		150		10.00	%
Total	$	—	$	350
Issuance Costs			(1)
Carrying Value			$	349

Total Non-Recourse Asset-backed Debt	$	432	$	1,492

Non-Recourse Asset-backed Debt

The Company utilizes inventory financing facilities consisting of asset-backed senior debt facilities and asset-backed mezzanine term debt facilities to provide financing for the Company’s real estate inventory purchases and renovation. These inventory financing facilities are typically secured by some combination of restricted cash, equity in real estate owning subsidiaries and related holding companies, and, for senior facilities, the real estate inventory financed by the relevant facility and/or beneficial interests in such inventory.

Each of the borrowers under the inventory financing facilities is a consolidated subsidiary of Opendoor and a separate legal entity. Neither the assets nor credit of any such borrower subsidiaries are generally available to satisfy the debts and other obligations of any other Opendoor entities. The inventory financing facilities are non-recourse to the Company and are non-recourse to Opendoor subsidiaries not party to the relevant facilities, except for limited guarantees provided by an Opendoor subsidiary for certain obligations involving “bad acts” by an Opendoor entity and certain other limited circumstances.

As of December 31, 2025, the Company had total borrowing capacity with respect to its non-recourse asset-backed debt of $7.2 billion. Borrowing capacity amounts under non-recourse asset-backed debt as reflected in the table above are in some cases not fully committed and any borrowings above the committed amounts are subject to the applicable lender’s discretion. Any amounts repaid for senior term and mezzanine term debt facilities reduce total borrowing capacity as repaid amounts are not available to be reborrowed. As of December 31, 2025, the Company had committed borrowing capacity with respect to the Company’s non-recourse asset backed debt of $1.6 billion; this committed borrowing capacity is comprised of $400 million for senior revolving credit facilities, $777 million for senior term debt facilities, and $450 million for mezzanine term debt facilities.

The Company recognized $1 million, $2 million, and $9 million in loss on extinguishment of debt on the consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively, related to the Company’s voluntary partial early repayment of non-recourse asset-backed term debt facilities. The loss on extinguishment of debt for the

year ended December 31, 2025 was comprised of $1 million in write-offs of associated unamortized deferred costs that were previously capitalized. The loss on extinguishment of debt for the year ended December 31, 2024 was comprised of $2 million in write offs of associated unamortized deferred costs that were previously capitalized. The loss on extinguishment of debt for the year ended December 31, 2023 was comprised of $4 million in prepayment fees and $5 million in write offs of associated unamortized deferred costs that were previously capitalized.

Asset-backed Senior Revolving Credit Facilities

The Company classifies the senior revolving credit facilities as current liabilities on the Company’s consolidated balance sheets as amounts drawn to acquire and renovate homes are required to be repaid as the related real estate inventory is sold, which the Company expects to occur within 12 months.

The senior revolving credit facilities are typically structured with an initial revolving period of up to 24 months, as may be amended and extended from time to time, during which time amounts can be borrowed, repaid and borrowed again. The borrowing capacity is generally available until the end of the applicable revolving period as reflected in the table above. Outstanding amounts drawn under each senior revolving credit facility are required to be repaid on the facility maturity date or earlier if accelerated due to an event of default or other mandatory repayment event. The final maturity dates and revolving period end dates reflected in the table above are inclusive of any extensions that are at the sole discretion of the Company. These facilities may also have extensions subject to lender discretion that are not reflected in the table above.

Borrowings under the senior revolving credit facilities accrue interest at various floating rates based on a secured overnight financing rate (“SOFR”), plus a margin that varies by facility. The Company may also pay fees on certain unused portions of committed borrowing capacity. The Company’s senior revolving credit facility arrangements typically include upfront fees that may be paid at execution of the applicable agreements or be earned at execution and payable over time. These facilities are generally fully prepayable at any time without penalty other than customary breakage costs.

The senior revolving credit facilities have aggregated borrowing bases, which increase or decrease based on the cost and value of the properties financed under a given facility and the time that those properties are in the Company’s possession. When the Company resells a home, the proceeds are used to reduce the outstanding balance under the related senior revolving credit facility. The borrowing base for a given facility may be reduced as properties age beyond certain thresholds or the performance of the properties financed under that facility declines, and any borrowing base deficiencies may be satisfied through contributions of additional properties or partial repayment of the facility.

Asset-backed Senior Term Debt Facilities

The Company classifies its senior term debt facilities as current or non-current liabilities on the Company’s consolidated balance sheets based on the applicable final maturity date.

The senior term debt facilities are typically structured with an initial withdrawal period up to 60 months, as may be amended and extended from time to time, during which the outstanding principal amounts are generally not required to be repaid when homes financed through those facilities are sold and instead are intended to remain outstanding until final maturity for each facility. Outstanding amounts drawn under each senior term debt facility are required to be repaid on the facility maturity date or earlier if accelerated due to an event of default or other mandatory repayment event. The final maturity dates and withdrawal period end dates reflected in the table above are inclusive of any extensions that are at the sole discretion of the Company. These facilities may also have extensions subject to lender discretion that are not reflected in the table above.

Borrowings under the senior term debt facilities accrue interest at a fixed rate. The Company’s senior term debt facilities may include upfront issuance costs that are capitalized as part of the facilities' respective carrying values. These facilities are fully prepayable at any time but may be subject to certain customary prepayment penalties.

The senior term debt facilities have aggregated property borrowing bases, which increase or decrease based on the cost and value of the properties financed under a given facility, the time those properties are in the Company’s possession and the amount of cash collateral pledged by the relevant borrowers. The borrowing base for a given facility may be reduced as properties age or collateral performance declines beyond certain thresholds, and any borrowing base deficiencies may be satisfied through contributions of additional properties, cash or through partial repayment of the facility.

Asset-backed Mezzanine Term Debt Facilities

The Company classifies its mezzanine term debt facilities as current or non-current liabilities on the Company’s consolidated balance sheets based on the applicable final maturity date. These facilities are structurally and contractually subordinated to the related asset-backed senior debt facilities.

The mezzanine term debt facilities have been structured with an initial withdrawal period of up to 42 months, as may be amended and extended from time to time, during which the outstanding principal amounts are generally not required to be repaid when homes financed through those facilities are sold and instead are intended to remain outstanding until final maturity. Outstanding amounts drawn under the mezzanine term debt facilities are required to be repaid on the facility maturity date or earlier if accelerated due to an event of default or other mandatory repayment event. The final maturity date and withdrawal period end date reflected in the table above are inclusive of any extensions that are at the sole discretion of the Company. These facilities may also have extensions subject to lender discretion that are not reflected in the table above.

Borrowings under a given mezzanine term debt facility accrue interest at a fixed rate. The Company’s mezzanine term debt facilities include upfront issuance costs that are capitalized as part of the facilities’ respective carrying values. These facilities are fully prepayable at any time but may be subject to certain prepayment penalties.

The mezzanine term debt facilities have aggregated property borrowing bases, which increase or decrease based on the cost and value of the properties financed under a given facility and time in the Company’s possession of those properties and the amount of cash collateral pledged by the relevant borrowers. The borrowing base for a given facility may be reduced as properties age or collateral performance declines beyond certain thresholds, and any borrowing base deficiencies may be satisfied through contributions of additional properties, cash or through partial repayment of the facility.

Covenants

The Company’s inventory financing facilities include customary representations and warranties, covenants and events of default. Financed properties are subject to customary eligibility criteria and concentration limits.

The terms of these inventory financing facilities and related financing documents require an Opendoor subsidiary to comply with customary financial covenants, such as maintaining certain levels of liquidity, tangible net worth or leverage (ratio of debt to tangible net worth). Certain of these financial covenants are calculated by reference to Opendoor Labs Inc. and its consolidated subsidiaries’ assets and liabilities. As a result, under certain circumstances, this may limit the Company’s flexibility to transfer assets from Opendoor subsidiaries to the Parent Company. At December 31, 2025 and December 31, 2024, $200 million and $250 million, respectively, of the Company's net assets were restricted as they reflect minimum net asset requirements at Opendoor Labs Inc. As of December 31, 2025, the Company was in compliance with all financial covenants and no event of default had occurred.

Convertible Senior Notes

In August 2021, the Company issued 0.25% convertible senior notes due 2026 (the “2026 Notes”) and in May 2025, the Company issued 7.00% convertible senior notes due 2030 (the “2030 Notes”; collectively with the 2026 Notes, “Convertible

Senior Notes”). The following tables summarize certain details related to the Convertible Senior Notes (in millions, except interest rates):


December 31, 2025	Remaining Aggregate Principal Amount		Unamortized Debt Discount and Issuance Costs		Net Carrying Amount
2026 Notes	$	135	$	—	$	135
2030 Notes	62		(4)		58
Total Convertible Senior Notes	$	197	$	(4)	$	193


December 31, 2024	Remaining Aggregate Principal Amount		Unamortized Debt Discount and Issuance Costs		Net Carrying Amount
2026 Notes	$	381	$	(3)	$	378

Total Convertible Senior Notes	$	381	$	(3)	$	378


December 31, 2025	Maturity Date	Stated Cash Interest Rate		Effective Interest Rate		Semi-Annual Interest Payment Dates	Conversion Rate	Conversion Price
2026 Notes	August 15, 2026	0.25	%	0.78	%	February 15; August 15	53.7097	$	19.23
2030 Notes	May 15, 2030	7.00	%	9.48	%	May 15; November 15	637.105	$	1.57

2026 Notes

The 2026 Notes are convertible at the option of the holders of the 2026 Notes before February 15, 2026 only upon the occurrence of certain events. In addition, the holders of the 2026 Notes have the right to require the Company to repurchase all or part of their 2026 Notes if certain corporate events occur that constitute a fundamental change. Beginning on August 20, 2024, the Company has the option to redeem the 2026 Notes, in whole or in part, upon meeting certain conditions related to the price of the Company’s common stock. The redemption price will be paid in cash equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any. Beginning on February 15, 2026 and until the close of business on the second scheduled trading day immediately preceding the maturity date, the 2026 Notes are convertible at any time at the election of each noteholder. The conversion rate and conversion price are subject to customary adjustments under certain circumstances. In addition, if certain corporate events that constitute a make-whole fundamental change occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. Upon conversion, the Company may satisfy its obligation by paying cash for the outstanding principal balance, and, a combination of cash and the Company’s common stock, at the Company’s election, for the remaining amount, if any, based on the applicable conversion rate. Refer to 2030 Notes section below for information regarding the extinguishment of certain 2026 Notes.

During the year ended December 31, 2023, the Company entered into separate, privately negotiated transactions to repurchase a portion of the outstanding 2026 Notes (“Repurchased 2026 Notes”). The holders of the Repurchased 2026 Notes exchanged $597 million in aggregate principal amount for aggregate payments of $360 million in cash for full settlement of the principal value and accrued interest on such date. The Company accounted for the repurchase as a debt extinguishment. Accordingly, the Company: (i) reduced the carrying value of the Repurchased 2026 Notes by $597 million, (ii) reduced outstanding deferred issuance costs by $10 million, (iii) incurred fees of $2 million and (iv) recorded $225 million of gain on debt extinguishment.

During the year ended December 31, 2025, the Company announced a Warrant Dividend, refer to “Note 11 – Shareholders’ Equity.” In lieu of participating in the Warrant Dividend, the conversion rate for the 2026 Notes was adjusted from 51.9926 to 53.7097.

2030 Notes

In May 2025, the Company entered into privately negotiated transactions with certain holders of the 2026 Notes and new investors, pursuant to which the Company issued $325 million aggregate principal amount of 2030 Notes consisting of (i) $246 million aggregate principal amount of 2030 Notes issued in exchange for $246 million principal amount of 2026 Notes (the “Debt Exchange") and (ii) $79 million aggregate principal amount of 2030 Notes issued for cash. Such transactions resulted in gross cash proceeds of $75 million, excluding certain fees and other offering expenses, and represent an issue price of 95%. The Company accounted for the Debt Exchange of the 2026 Notes as a debt extinguishment and recorded $10 million of gain on debt extinguishment, included within the Company's consolidated statements of operations.

The 2030 Notes are convertible at the option of the holders of the 2030 Notes before November 15, 2029 only upon the occurrence of certain events. In addition, the holders of the 2030 Notes have the right to require the Company to repurchase all or part of their 2030 Notes (i) if certain corporate events occur that constitute a fundamental change or (ii) for a one-time optional repurchase on May 15, 2028. Beginning on May 22, 2028, the Company has the option to redeem the 2030 Notes, in whole or in part, upon meeting certain conditions related to the price of the Company's common stock. The redemption or repurchase price will be paid in cash equal to 100% of the principal amount of the 2030 Notes to be redeemed or repurchased, plus accrued and unpaid interest, if any. Beginning on November 15, 2029 and until the close of business on the second scheduled trading day immediately preceding the maturity date, the 2030 Notes are convertible at any time at the election of each noteholder. The conversion rate and conversion price are subject to customary adjustments under certain circumstances. In addition, if certain corporate events that constitute a make-whole fundamental change occur, then the conversion rate will, under certain circumstances, be increased for a specified period of time. Upon conversion, the Company may satisfy its obligation by paying cash for the outstanding principal balance, and, a combination of cash and the Company's common stock, at the Company's election, for the remaining amount, if any, based on the applicable conversion rate.

The 2030 Notes become convertible during any calendar quarter if, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter, the last reported sale price of the Company’s common stock exceeds 130% of the conversion price for at least 20 trading days. This condition was met during the third and fourth quarter of 2025. Accordingly, the 2030 Notes became convertible at the option of the noteholders on October 1, 2025 and remain convertible through March 31, 2026 and are classified as a current liability in the consolidated balance sheets as of December 31, 2025.

In November 2025, the Company entered into share purchase agreements with a limited number of purchasers (together, the “Purchasers”), providing for the issuance and sale by the Company of an aggregate of 180,580,200 shares of common stock at a price of $6.56 per share (the “Registered Direct Offering”). Concurrent with the Registered Direct Offering, the Company entered into separate, privately negotiated transactions with the Purchasers, pursuant to which the Company agreed to repurchase an aggregate of approximately $264 million principal amount of the 2030 Notes for an aggregate repurchase price of approximately $1.2 billion, which the Company repurchased using the net proceeds from the Registered Direct Offering (the “Convertible Notes Repurchase”). On a net basis, the Company did not receive any proceeds from these transactions. The Company accounted for the transaction as a debt extinguishment by recognizing the difference between the reacquisition price of the debt and the net carrying amount of the retired 2030 Notes as loss on debt extinguishment. Accordingly, on the retirement date, the Company: (i) reduced the carrying value of the 2030 Notes by $264 million, (ii) reduced outstanding deferred issuance costs and original issuance discount by $16 million, (iii) incurred fees of $4 million and (iv) recorded $933 million of loss on debt extinguishment, included within the Company’s consolidated statements of operations. The outstanding principal balance of the 2030 Notes as of December 31, 2025 is $62 million.

The following table summarizes the interest expense related to the Convertible Senior Notes (in millions):


	Year Ended December 31,
	2025		2024		2023
Contractual interest	$	12	$	1	$	2
Amortization of debt discount and issuance costs	6		2		3
Total Convertible Senior Notes interest expense	$	18	$	3	$	5

Capped Calls

In August 2021, in connection with the issuance of the 2026 Notes, the Company purchased Capped Calls from certain financial institutions at a cost of $119 million. The Capped Calls covered, subject to customary adjustments, the number of shares of the Company's common stock underlying the 2026 Notes. By entering into the Capped Calls, the Company expected to reduce the potential dilution to its common stock (or, in the event a conversion of the 2026 Notes was settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2026 Notes its common stock price exceeded the conversion price. The Capped Calls had an initial strike price of $19.23 per share and an initial cap price of $29.59 per share or a cap price premium of 100%.

In December 2024, the Company settled 75% of the Capped Calls and received cash of $2 million from certain counterparties, which was recognized as an increase in additional paid-in-capital. In August 2025, the Company settled the remaining outstanding Capped Calls and received cash of $1 million from certain counterparties, which was recognized as an increase in additional paid-in-capital.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

FAIR VALUE DISCLOSURES - Schedule of Fair Value Disclosure of Assets and Liabilities Not Measured at Fair Value (Details) - Fair Value, Nonrecurring - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Level 1
Assets:
Cash and cash equivalents and Restricted cash		$ 671
Level 1 \| Non-recourse asset-backed debt – current portion
Liabilities:
Non-recourse asset-backed debt	$ 0	0
Level 1 \| Convertible senior notes – current portion
Liabilities:
Convertible senior notes	0
Level 1 \| Non-recourse asset-backed debt – net of current portion
Liabilities:
Non-recourse asset-backed debt	0	0
Level 1 \| Convertible senior notes – net of current portion
Liabilities:
Convertible senior notes		0
Level 1 \| Restricted cash
Assets:
Cash and cash equivalents and Restricted cash	339	92
Level 1 \| Cash and Cash Equivalents
Assets:
Cash and cash equivalents and Restricted cash	962
Level 2
Assets:
Cash and cash equivalents and Restricted cash		0
Level 2 \| Non-recourse asset-backed debt – current portion
Liabilities:
Non-recourse asset-backed debt	152	431
Level 2 \| Convertible senior notes – current portion
Liabilities:
Convertible senior notes	384
Level 2 \| Non-recourse asset-backed debt – net of current portion
Liabilities:
Non-recourse asset-backed debt	961	1,443
Level 2 \| Convertible senior notes – net of current portion
Liabilities:
Convertible senior notes		336
Level 2 \| Restricted cash
Assets:
Cash and cash equivalents and Restricted cash	0	0
Level 2 \| Cash and Cash Equivalents
Assets:
Cash and cash equivalents and Restricted cash	0
Carrying Value
Assets:
Cash and cash equivalents and Restricted cash		671
Carrying Value \| Non-recourse asset-backed debt – current portion
Liabilities:
Non-recourse asset-backed debt	152	432
Carrying Value \| Convertible senior notes – current portion
Liabilities:
Convertible senior notes	193
Carrying Value \| Non-recourse asset-backed debt – net of current portion
Liabilities:
Non-recourse asset-backed debt	968	1,492
Carrying Value \| Convertible senior notes – net of current portion
Liabilities:
Convertible senior notes		378
Carrying Value \| Restricted cash
Assets:
Cash and cash equivalents and Restricted cash	339	92
Carrying Value \| Cash and Cash Equivalents
Assets:
Cash and cash equivalents and Restricted cash	962
Fair Value
Assets:
Cash and cash equivalents and Restricted cash		671
Fair Value \| Non-recourse asset-backed debt – current portion
Liabilities:
Non-recourse asset-backed debt	152	431
Fair Value \| Convertible senior notes – current portion
Liabilities:
Convertible senior notes	384
Fair Value \| Non-recourse asset-backed debt – net of current portion
Liabilities:
Non-recourse asset-backed debt	961	1,443
Fair Value \| Convertible senior notes – net of current portion
Liabilities:
Convertible senior notes		336
Fair Value \| Restricted cash
Assets:
Cash and cash equivalents and Restricted cash	339	$ 92
Fair Value \| Cash and Cash Equivalents
Assets:
Cash and cash equivalents and Restricted cash	$ 962

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The Company leases office space throughout the United States and India under operating and short-term lease agreements. These lease agreements have terms not exceeding 11 years and some contain multi-year renewal options or early termination options that are not considered reasonably certain of exercise except as discussed below. The Company also leases equipment under immaterial finance lease agreements.

Components of lease costs for the years ended the December 31, 2025, 2024, and 2023, are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	4	$	8	$	11
Variable lease cost	—		1		1
Short-term lease cost	1		—		1
Sublease income	(1)		(1)		(2)
Net lease cost	$	4	$	8	$	11

The following table presents supplemental lease information (in millions):


December 31,	2025		2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	(4)	$	(13)	$	(14)
Right-of-use assets obtained in exchange for new or acquired lease liabilities	$	3	$	4	$	1

In May 2025, the Company amended its Tempe, Arizona office lease to terminate the Company’s obligation with respect to a portion of the leased premises (“Partial Lease Termination”). The Partial Lease Termination resulted in a decrease of undiscounted, future lease payments of $10 million. The Company recognized a loss of $1 million, as a result of the reduction of right-of-use assets by $8 million and lease liabilities by $7 million, and an additional $2 million in other associated costs, both of which are recognized within Restructuring on the consolidated statements of operations. See “Note 20 — Restructuring” for further discussion. There were no other material lease modifications for the year ended December 31, 2025.

In December 2024, certain operating leases were terminated early by the Company, which resulted in a decrease of undiscounted, future lease payments of $8 million. These early terminations resulted in the reduction of right-of-use assets and lease liabilities of approximately $13 million. The Company paid $4 million in early termination fees associated with these leases and recognized $3 million in total lease termination costs which are recognized in Restructuring on the consolidated statements of operations. See “Note 20 — Restructuring” for further discussion.

The weighted average lease term and the weighted average discount rate are as follows:


December 31,	2025		2024
Weighted average remaining lease term for operating leases (in years)	4.5		5.5
Weighted average discount rate for operating leases	12.1	%	13.2	%

Maturity of operating lease liabilities as of December 31, 2025 are as follows (in millions):


2026	$	2
2027	2
2028	2
2029	2
2030	1
Thereafter	—
Total undiscounted future cash flows	$	9
Less: Imputed interest	2
Total lease liabilities	$	7

REAL ESTATE INVENTORY

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

REAL ESTATE INVENTORY

The following table presents the components of inventory, net of applicable inventory valuation adjustments of $20 million and $26 million as of December 31, 2025 and 2024, respectively (in millions):


	December 31, 2025		December 31, 2024
Work-in-progress	$	249	$	577
Finished goods:
Listed for sale	484		1,302
Under contract for sale	192		280
Total real estate inventory	$	925	$	2,159

As of December 31, 2025, the Company was in contract to purchase 710 homes for an aggregate purchase price of $248 million.

During the years ended December 31, 2025, 2024, and 2023, the Company recorded inventory valuation adjustments for real estate inventory of $57 million, $57 million, and $65 million, respectively, in Cost of revenue in the consolidated statements of operations.

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

NET LOSS PER SHARE

Basic net loss per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. During the periods when there is a net loss, potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. No dividends, including preferred dividends, were declared, paid, or accumulated for the years ended December 31, 2025, 2024, or 2023.

The Company uses the two-class method to calculate net loss per share and applies the more dilutive of the two-class method, treasury stock method or if-converted method to calculate diluted net loss per share. Undistributed earnings for each period are allocated to participating securities, based on the contractual participation rights of the security to share in the current

earnings as if all current period earnings had been distributed. As there is no contractual obligation for participating securities to share in losses, the Company’s basic net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average shares of common stock outstanding during periods with undistributed losses.

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common shareholders for the years ended December 31, 2025, 2024, and 2023 (in millions, except share amounts which are presented in thousands, and per share amounts):


	Year Ended December 31,
	2025		2024		2023
Basic and diluted net loss per share:
Numerator:
Net loss	$	(1,300)	$	(392)	$	(275)



Denominator:
Weighted average shares outstanding – basic and diluted	766,531		699,457		657,111
Basic and diluted net loss per share	$	(1.70)	$	(0.56)	$	(0.42)

There were no preferred dividends declared or accumulated for the period.

The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):


	Year Ended December 31,
	2025	2024	2023
Market condition RSUs	101,418	—	—
Common stock warrants	99,590	—	—


RSUs	32,698	45,247	60,896
Convertible Senior Notes	26,098	—	—
Options	3,327	7,233	7,820


Employee Stock Purchase Plan	794	2,185	1,992

Total anti-dilutive securities	263,925	54,665	70,708

SHARE-BASED AWARDS - Stock Options and RSUs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised, aggregate intrinsic value	$ 14	$ 1	$ 3
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested, fair value	$ 91	$ 92	$ 112

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONDENSED FINANCIAL INFORMATION - CONDENSED BALANCE SHEETS (Details) - USD ($)
$ / shares in Units, $ in Millions

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 21, 2020

CURRENT ASSETS:

Other current assets

$ 69

$ 61

Total current assets

2,299

2,997

TOTAL ASSETS

^[1]

2,407

3,126

CURRENT LIABILITIES:

Accounts payable and other accrued liabilities

Convertible senior notes - current portion

193

Total current liabilities

327

529

Convertible senior notes - net of current portion

378

Total liabilities

^[2]

1,402

2,413

Shareholders’ equity:

Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 957,245,487 and 719,990,121 shares issued, respectively; 957,245,487 and 719,990,121 shares outstanding, respectively

Additional paid-in capital

6,038

4,438

Accumulated deficit

(5,033)

(3,725)

Accumulated other comprehensive loss

Total shareholders’ equity

1,005

713

$ 967

$ 1,086

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 2,407

$ 3,126

Common stock, par value (in dollars per share)

$ 0.0001

Common stock authorized (in shares)

3,000,000,000

Common stock issued (in shares)

957,245,487

719,990,121

Common stock outstanding (in shares)

957,245,487

719,990,121

Parent Company

CURRENT ASSETS:

Other current assets

$ 43

$ 21

Total current assets

Intangibles - net

Investment in subsidiaries

1,197

1,093

TOTAL ASSETS

1,240

1,114

CURRENT LIABILITIES:

Accounts payable and other accrued liabilities

Convertible senior notes - current portion

193

Total current liabilities

235

Convertible senior notes - net of current portion

378

Total liabilities

235

401

Shareholders’ equity:

Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 957,245,487 and 719,990,121 shares issued, respectively; 957,245,487 and 719,990,121 shares outstanding, respectively

Additional paid-in capital

6,038

4,438

Accumulated deficit

(5,033)

(3,725)

Accumulated other comprehensive loss

Total shareholders’ equity

1,005

713

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 1,240

$ 1,114

Common stock, par value (in dollars per share)

$ 0.0001

Common stock authorized (in shares)

3,000,000,000

Common stock issued (in shares)

957,245,487

719,990,121

Common stock outstanding (in shares)

957,245,487

719,990,121

[1]

The Company’s consolidated assets at December 31, 2025 and 2024 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $334 and $81; Real estate inventory, net, $916 and $2,141; Escrow receivable, $4 and $6; Other current assets, $3 and $8; and Total assets of $1,257 and $2,236, respectively.

[2]

The Company’s consolidated liabilities at December 31, 2025 and 2024 include the following liabilities for which the VIE creditors generally do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $12 and $21; Current portion of non-recourse asset-backed debt, $52 and $432; Interest payable, $1 and $3; Non-recourse asset-backed debt, net of current portion, $1,068 and $1,492; and Total liabilities, $1,133 and $1,948, respectively. See “Note 4. Variable Interest Entities” for additional information regarding our VIEs.

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Sales, Marketing and Operations Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Advertising expense	$ 47	$ 86	$ 75

CREDIT FACILITIES, LONG-TERM DEBT, AND CONVERTIBLE NOTES (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following tables summarize certain details related to the Company's non-recourse asset-backed debt as of December 31, 2025 and 2024 (in millions, except interest rates):


			Outstanding Amount
December 31, 2025	Borrowing Capacity		Current		Non-Current		Weighted Average Interest Rate		End of Revolving / Withdrawal Period	Final Maturity Date
Non-Recourse Asset-backed Debt:
Asset-backed Senior Revolving Credit Facilities
Revolving Facility 2018-2	$	1,000	$	—	$	—	—	%	June 25, 2027	June 25, 2027
Revolving Facility 2018-3	750		—		—		7.28	%	December 11, 2028	December 11, 2028
Revolving Facility 2019-1	300		—		—		7.24	%	February 18, 2027	February 18, 2027
Revolving Facility 2019-2	300		—		—		7.15	%	October 2, 2026	October 1, 2027
Revolving Facility 2019-3	100		—		—		7.28	%	April 5, 2027	April 3, 2028


Asset-backed Senior Term Debt Facilities
Term Debt Facility 2021-S1	400		—		100		6.03	%	February 24, 2027	August 24, 2027
Term Debt Facility 2021-S2	52		52		—		3.57	%	September 10, 2025	March 10, 2026
Term Debt Facility 2021-S3	1,000		—		625		3.75	%	January 31, 2027	July 31, 2027


Total	$	3,902	$	52	$	725
Issuance Costs			—		(3)
Carrying Value			$	52	$	722

Asset-backed Mezzanine Term Debt Facilities

Term Debt Facility 2020-M1	$	3,000	$	—	$	200	12.12	%	February 25, 2028	February 25, 2029
Term Debt Facility 2022-M1	250		—		150		12.31	%	January 31, 2027	November 1, 2027
Total	$	3,250	$	—	$	350
Issuance Costs					(4)
Carrying Value					$	346

Total Non-Recourse Asset-backed Debt	$	7,152	$	52	$	1,068


	Outstanding Amount
December 31, 2024	Current		Non-Current		Weighted Average Interest Rate
Non-Recourse Asset-backed Debt:
Asset-backed Senior Revolving Credit Facilities

Revolving Facility 2018-2	$	—	$	—	—	%
Revolving Facility 2018-3	182		—		8.00	%
Revolving Facility 2019-1	—		—		—	%
Revolving Facility 2019-2	—		—		—	%
Revolving Facility 2019-3	—		—		8.13	%


Asset-backed Senior Term Debt Facilities
Term Debt Facility 2021-S1	—		100		3.48	%
Term Debt Facility 2021-S2	—		300		3.31	%
Term Debt Facility 2021-S3	—		750		3.75	%
Term Debt Facility 2022-S1	250		—		4.07	%

Total	$	432	$	1,150
Issuance Costs	—		(7)
Carrying Value	$	432	$	1,143

Asset-backed Mezzanine Term Debt Facilities

Term Debt Facility 2020-M1	$	—	$	200	10.00	%
Term Debt Facility 2022-M1	—		150		10.00	%
Total	$	—	$	350
Issuance Costs			(1)
Carrying Value			$	349

Total Non-Recourse Asset-backed Debt	$	432	$	1,492

Schedule of Convertible Senior Notes

The following tables summarize certain details related to the Convertible Senior Notes (in millions, except interest rates):


December 31, 2025	Remaining Aggregate Principal Amount		Unamortized Debt Discount and Issuance Costs		Net Carrying Amount
2026 Notes	$	135	$	—	$	135
2030 Notes	62		(4)		58
Total Convertible Senior Notes	$	197	$	(4)	$	193


December 31, 2024	Remaining Aggregate Principal Amount		Unamortized Debt Discount and Issuance Costs		Net Carrying Amount
2026 Notes	$	381	$	(3)	$	378

Total Convertible Senior Notes	$	381	$	(3)	$	378


December 31, 2025	Maturity Date	Stated Cash Interest Rate		Effective Interest Rate		Semi-Annual Interest Payment Dates	Conversion Rate	Conversion Price
2026 Notes	August 15, 2026	0.25	%	0.78	%	February 15; August 15	53.7097	$	19.23
2030 Notes	May 15, 2030	7.00	%	9.48	%	May 15; November 15	637.105	$	1.57

The following table summarizes the interest expense related to the Convertible Senior Notes (in millions):


	Year Ended December 31,
	2025		2024		2023
Contractual interest	$	12	$	1	$	2
Amortization of debt discount and issuance costs	6		2		3
Total Convertible Senior Notes interest expense	$	18	$	3	$	5

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

CREDIT FACILITIES, LONG-TERM DEBT, AND CONVERTIBLE NOTES - Non-Recourse Asset-backed Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 924	$ 2	$ (216)
Payment for early extinguishment of debt	4	0	4
Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	7,152
Non-Recourse Asset Backed Debt \| Line of Credit
Debt Instrument [Line Items]
Fully committed borrowing capacity, maximum	1,600
Asset-backed Senior Revolving Credit Facilities \| Revolving Credit Facility \| Multiple Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Fully committed borrowing capacity	400
Asset-backed Senior Term Debt Facilities
Debt Instrument [Line Items]
Loss on extinguishment of debt	1	2	9
Unamortized deferred costs written off	1	$ 2	5
Payment for early extinguishment of debt			$ 4
Asset-backed Senior Term Debt Facilities \| Revolving Credit Facility \| Multiple Term Loan Facilities
Debt Instrument [Line Items]
Fully committed borrowing capacity	777
Asset-backed Mezzanine Term Debt Facilities \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	3,250
Asset-backed Mezzanine Term Debt Facilities \| Revolving Credit Facility \| Multiple Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Fully committed borrowing capacity	$ 450

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
REVENUE	$ 4,371	$ 5,153	$ 6,946
COST OF REVENUE	4,021	4,720	6,459
GROSS PROFIT	350	433	487
OPERATING EXPENSES:
Sales, marketing and operations	310	413	486
General and administrative	238	182	206
Technology and development	79	141	167
Restructuring	10	17	14
Total operating expenses	637	753	873
LOSS FROM OPERATIONS	(287)	(320)	(386)
(LOSS) GAIN ON EXTINGUISHMENT OF DEBT	(924)	(2)	216
INTEREST EXPENSE	(131)	(133)	(211)
OTHER INCOME – Net	42	64	107
LOSS BEFORE INCOME TAXES	(1,300)	(391)	(274)
INCOME TAX EXPENSE	0	(1)	(1)
Net loss	$ (1,300)	$ (392)	$ (275)
Net loss per share attributable to common shareholders:
Basic (in dollars per share)	$ (1.70)	$ (0.56)	$ (0.42)
Diluted (in dollars per share)	$ (1.70)	$ (0.56)	$ (0.42)
Weighted-average shares outstanding:
Basic (in shares)	766,531	699,457	657,111
Diluted (in shares)	766,531	699,457	657,111

INCOME TAXES - Schedule of Components of Loss Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (1,301)	$ (393)	$ (274)
Foreign	1	2	0
LOSS BEFORE INCOME TAXES	$ (1,300)	$ (391)	$ (274)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	263,925	54,665	70,708
Market condition RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	101,418	0	0
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	99,590	0	0
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	32,698	45,247	60,896
Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	26,098	0	0
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	3,327	7,233	7,820
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	794	2,185	1,992

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation- Prior Years (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U. S. Federal tax benefit at statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit		3.60%	5.80%
Non-deductible expenses and other		0.10%	(1.10%)
Share-based compensation	0.50%	(3.20%)	(6.60%)
Deduction limitation on executive compensation	(2.10%)	(0.20%)	(0.50%)
Impact of deconsolidation		(1.90%)	0.00%
Change in valuation allowance, net	(4.50%)	(19.70%)	(20.60%)
Research and development credits		0.10%	1.50%
Effective tax rate	0.00%	(0.20%)	(0.50%)

FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Methodologies

The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company’s assets and liabilities recorded at fair value on a recurring basis.

Asset/Liability Class

Valuation Methodology, Inputs and

Assumptions

Classification

Marketable securities

Equity securities

Price is quoted given the securities are traded on an exchange.

Level 1 recurring fair value measurement.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the levels of the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of December 31, 2024 (in millions):


December 31, 2024	Balance at Fair Value		Level 1		Level 2		Level 3
Marketable securities:


Equity securities	$	8	$	8	$	—	$	—










Total assets	$	8	$	8	$	—	$	—

Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company’s financial instruments other than assets and liabilities measured at fair value on a recurring basis (in millions):


	December 31, 2025
	Carrying Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	962	$	962	$	962	$	—
Restricted cash	339		339		339		—


Liabilities:
Non-recourse asset-backed debt – current portion	$	152	$	152	$	—	$	152

Convertible senior notes – current portion	193		384		—		384
Non-recourse asset-backed debt – net of current portion	968		961		—		961


	December 31, 2024
	Carrying Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	671	$	671	$	671	$	—
Restricted cash	92		92		92		—


Liabilities:
Non-recourse asset-backed debt – current portion	$	432	$	431	$	—	$	431


Non-recourse asset-backed debt – net of current portion	1,492		1,443		—		1,443
Convertible senior notes – net of current portion	378		336		—		336

SHARE-BASED AWARDS - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 159	$ 114	$ 126
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	142	62	63
Sales, marketing and operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	7	13	16
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 10	$ 39	$ 47

LEASES - Schedule of Supplemental Balance Sheet Information (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term for operating leases (in years)	4 years 6 months	5 years 6 months
Weighted average discount rate for operating leases	12.10%	13.20%

CONDENSED FINANCIAL INFORMATION - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,300,000)	$ (392,000)	$ (275,000)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities:
Depreciation and amortization	44,000	48,000	65,000
Interest payable	(2,000)	2,000	(10,000)
Other	5,000	7,000	13,000
Changes in operating assets and liabilities:
Other assets	(9,000)	(10,000)	(19,000)
Accounts payable and other accrued liabilities	(7,000)	31,000	(38,000)
Net cash provided by (used in) operating activities	1,049,000	(595,000)	2,344,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by investing activities	(12,000)	28,000	44,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes, net of discount	75,000	0	0
Repurchase of convertible senior notes	(1,176,000)	0	(362,000)
Settlement of Capped Calls related to convertible senior notes	1,000	2,000	0
Proceeds from exercise of stock options	4,000	0	3,000
Proceeds from issuance of common stock for ESPP	2,000	5,000	2,000
Proceeds from PIPE offering	41,000	0	0
Proceeds from the issuance of common stock under at-the-market offering, net	198,000	0	0
Issuance of common stock in connection with the repurchase of convertible notes	1,184,000	0	0
Payment of loan origination fees and debt issuance costs	(17,000)	0	(1,000)
Payment for early extinguishment of debt	(4,000)	0	(4,000)
Other financing activity	(2,000)	0	0
Net cash used in financing activities	(499,000)	(210,000)	(2,639,000)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	538,000	(777,000)	(251,000)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of year	763,000	1,540,000	1,791,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of year	1,301,000	763,000	1,540,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest	120,000	121,000	203,000
DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Principal value of 2026 Notes extinguished in Debt Exchange	(246,000)	0	0
Principal value of 2030 Notes issued in Debt Exchange	246,000	0	0
Parent Company
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	(1,300,000)	(392,000)	(275,000)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities:
Earnings of subsidiaries	353,000	375,000	487,000
Depreciation and amortization	5,000	2,000	3,000
Loss (gain) on early extinguishment of debt	923,000	0	(225,000)
Interest payable	0	0	(1,000)
Other	1,000	0	2,000
Changes in operating assets and liabilities:
Other assets	(22,000)	(20,000)	0
Accounts payable and other accrued liabilities	17,000	22,000	0
Net cash provided by (used in) operating activities	(23,000)	(13,000)	(9,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in subsidiary	(1,515,000)	(5,000)	(4,000)
Distribution from subsidiary	1,223,000	11,000	370,000
Net cash (used in) provided by investing activities	(292,000)	6,000	366,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes, net of discount	75,000	0	0
Repurchase of convertible senior notes	(1,176,000)	0	(362,000)
Settlement of Capped Calls related to convertible senior notes	1,000	2,000	0
Proceeds from exercise of stock options	4,000	0	3,000
Proceeds from issuance of common stock for ESPP	2,000	5,000	2,000
Proceeds from PIPE offering	41,000	0	0
Proceeds from the issuance of common stock under at-the-market offering, net	198,000	0	0
Issuance of common stock in connection with the repurchase of convertible notes	1,184,000	0	0
Payment of loan origination fees and debt issuance costs	(8,000)
Payment for early extinguishment of debt	(4,000)
Other financing activity	(2,000)	0	0
Net cash used in financing activities	315,000	7,000	(357,000)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	0	0	0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of year	0	0	0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of year	0	0	0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest	12,000	1,000	3,000
DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Principal value of 2026 Notes extinguished in Debt Exchange	(246,000)	0	0
Principal value of 2030 Notes issued in Debt Exchange	$ 246,000	$ 0	$ 0

RESTRUCTURING (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The following table presents the activity of the restructuring liability (in millions):


Balance-December 31, 2022	$	4
Additions charged to expense	14
Cash payments	(15)
Balance-December 31, 2023	3
Additions charged to expense	17
Cash payments	(13)
Balance-December 31, 2024	7
Additions charged to expense(1)	10
Cash payments	(16)
Balance-December 31, 2025	$	1

________________

(1)Inclusive of $1 million in non-cash activity associated with lease termination costs.

RELATED PARTIES (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
RELATED PARTIES (Details) - USD ($) $ in Millions	Sep. 10, 2025	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 30, 2025
Related Party Transaction [Line Items]
Proceeds from PIPE offering			$ 41	$ 0	$ 0
Equity method investments			20	20
Revenue			$ 4,371	$ 5,153	$ 6,946
RSUs
Related Party Transaction [Line Items]
RSU unvested (in shares)			32,698,000	45,247,000
Private Investment in Public Equity Offerings
Related Party Transaction [Line Items]
Proceeds from PIPE offering	$ 41
Common stock, $0.0001 par value per share \| Private Investment in Public Equity Offerings
Related Party Transaction [Line Items]
Shares sold (in shares)	6,165,412
Proceeds from PIPE offering	$ 41
Series A Preferred Stock
Related Party Transaction [Line Items]
Preferred stock as consideration receivables		$ 9
Other Affiliates \| Common stock, $0.0001 par value per share \| Private Investment in Public Equity Offerings
Related Party Transaction [Line Items]
Shares sold (in shares)	150,375
Proceeds from offering	$ 1
Mainstay Labs, Inc.
Related Party Transaction [Line Items]
Transition administrative services expense			$ 2	$ 0
Property tax compliance and brokerage services expense			1	1
Mainstay Labs, Inc. \| Certain Employees, Excluding Management
Related Party Transaction [Line Items]
Payments to employees, bonuses			6	$ 0
Khosla Ventures Opportunity III, LP \| Related Party \| Common stock, $0.0001 par value per share \| Private Investment in Public Equity Offerings
Related Party Transaction [Line Items]
Shares sold (in shares)	5,263,158
Proceeds from offering	$ 35
Eric Wu \| Related Party \| Common stock, $0.0001 par value per share \| Private Investment in Public Equity Offerings
Related Party Transaction [Line Items]
Shares sold (in shares)	751,879
Proceeds from offering	$ 5
Mainstay Labs, Inc. \| Related Party \| Mainstay National Title LLC
Related Party Transaction [Line Items]
Ownership percentage, joint venture						25.00%
Equity method investments			1
Revenue			$ 9
Mainstay Labs, Inc. \| Related Party \| RSUs
Related Party Transaction [Line Items]
RSU unvested (in shares)			43,110
Mainstay Labs, Inc. \| Related Party \| Common stock, $0.0001 par value per share
Related Party Transaction [Line Items]
Shares issued in period (in shares)			771,383	932,163

FAIR VALUE DISCLOSURES - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Marketable securities:
Total assets	$ 0	$ 8,000,000
Level 1
Marketable securities:
Total assets		8,000,000
Level 2
Marketable securities:
Total assets		0
Level 3
Marketable securities:
Total assets		0
Equity securities
Marketable securities:
Equity securities		8,000,000
Equity securities \| Level 1
Marketable securities:
Equity securities		8,000,000
Equity securities \| Level 2
Marketable securities:
Equity securities		0
Equity securities \| Level 3
Marketable securities:
Equity securities		$ 0

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,300,000)	$ (392,000)	$ (275,000)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities:
Depreciation and amortization	44,000	48,000	65,000
Amortization of right of use asset	2,000	5,000	7,000
Stock-based compensation	159,000	114,000	126,000
Inventory valuation adjustment	57,000	57,000	65,000
Changes in fair value of equity securities	3,000	7,000	1,000
Other	5,000	7,000	13,000
Proceeds from sale and principal collections of mortgage loans held for sale	0	0	1,000
Loss (gain) on early extinguishment of debt	924,000	2,000	(216,000)
Gain on deconsolidation, net	0	(14,000)	0
Changes in operating assets and liabilities:
Escrow receivable	2,000	3,000	21,000
Real estate inventory	1,172,000	(449,000)	2,613,000
Other assets	(9,000)	(10,000)	(19,000)
Accounts payable and other accrued liabilities	(7,000)	31,000	(38,000)
Interest payable	(2,000)	2,000	(10,000)
Lease liabilities	(1,000)	(6,000)	(10,000)
Net cash provided by (used in) operating activities	1,049,000	(595,000)	2,344,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(12,000)	(25,000)	(37,000)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities	6,000	55,000	80,000
Purchase of non-marketable equity securities	(6,000)	0	0
Proceeds from sale of non-marketable equity securities	0	0	1,000
Cash impact of deconsolidation of subsidiaries	0	(2,000)	0
Net cash (used in) provided by investing activities	(12,000)	28,000	44,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes, net of discount	75,000	0	0
Repurchase of convertible senior notes	(1,176,000)	0	(362,000)
Settlement of Capped Calls related to convertible senior notes	1,000	2,000	0
Proceeds from exercise of stock options	4,000	0	3,000
Proceeds from issuance of common stock for ESPP	2,000	5,000	2,000
Proceeds from PIPE offering	41,000	0	0
Proceeds from the issuance of common stock under at-the-market offering, net	198,000	0	0
Issuance of common stock in connection with the repurchase of convertible notes	1,184,000	0	0
Proceeds from non-recourse asset-backed debt	684,000	498,000	238,000
Principal payments on non-recourse asset-backed debt	(1,489,000)	(715,000)	(2,515,000)
Payment of loan origination fees and debt issuance costs	(17,000)	0	(1,000)
Payment for early extinguishment of debt	(4,000)	0	(4,000)
Other financing activities	(2,000)	0	0
Net cash used in financing activities	(499,000)	(210,000)	(2,639,000)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	538,000	(777,000)	(251,000)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of year	763,000	1,540,000	1,791,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of year	1,301,000	763,000	1,540,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest	120,000	121,000	203,000
DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Stock-based compensation expense capitalized for internally developed software	4,000	15,000	23,000
Principal value of 2026 Notes extinguished in Debt Exchange	(246,000)	0	0
Principal value of 2030 Notes issued in Debt Exchange	246,000	0	0
Investment in non-marketable equity securities due to deconsolidation	3,000	39,000	0
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	962,000	671,000	999,000
Restricted cash	339,000	92,000	541,000
Cash, cash equivalents, and restricted cash	$ 1,301,000	$ 763,000	$ 1,540,000

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Impairment of Long-Lived Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets held-for-use	$ 4	$ 7	$ 10
General and administrative
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets held-for-use	$ 0	$ 0	$ 1
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	General and administrative	General and administrative	General and administrative
Technology and development
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets held-for-use	$ 4	$ 7	$ 9
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Technology and development	Technology and development	Technology and development

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

Accounts payable and accrued liabilities as of December 31, 2025 and 2024, consisted of the following:


	2025		2024
Legal contingency accrual	$	41	$	23
Accrued expenses due to vendors	20		30
Accrued payroll and other employee related expenses	13		12


Accrued property and franchise taxes	3		8
Other	3		1
Accounts payable due to vendors	—		9
Accrued expenses and liabilities due to related parties	—		9
Total accounts payable and other accrued liabilities	$	80	$	92

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Common stock, par value (in dollars per share)

$ 0.0001

Common stock authorized (in shares)

3,000,000,000

Common stock issued (in shares)

957,245,487

719,990,121

Common stock outstanding (in shares)

957,245,487

719,990,121

Restricted cash

$ 339

$ 92

Real estate inventory, net

925

2,159

Escrow receivable

Other current assets

Assets

^[1]

2,407

3,126

Accounts payable and other accrued liabilities

Non-recourse asset-backed debt - current portion

432

Interest payable

Non-recourse asset-backed debt

1,068

1,492

Total liabilities

^[2]

1,402

2,413

Variable Interest Entity, Primary Beneficiary

Restricted cash

334

Real estate inventory, net

916

2,141

Escrow receivable

Other current assets

Assets

1,257

2,236

Accounts payable and other accrued liabilities

Non-recourse asset-backed debt - current portion

432

Interest payable

Non-recourse asset-backed debt

1,068

1,492

Total liabilities

$ 1,133

$ 1,948

[1]

[2]

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property, Plant and Equipment

The estimated useful lives of the Company’s property and equipment are as follows:


Internally developed software			2 years
Software implementation costs			Lesser of 3 years or contract term
Computers			2 years
Security systems			1 year
Furniture and fixtures			5 years
Leasehold improvements			Lesser of useful life or lease term
Office equipment			3 years

Property and equipment as of December 31, 2025 and 2024, consisted of the following (in millions):


	2025		2024
Internally developed software	$	107	$	106
Computers	3		9
Security systems	4		4
Office equipment	1		2
Furniture and fixtures	1		1

Software implementation costs	1		1

Total	117		123
Accumulated depreciation and amortization	(90)		(75)
Property and equipment – net	$	27	$	48

Schedule of Impairment Loss Recognized

The impairment loss recognized during the periods presented is as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
General and administrative	$	—	$	—	$	1
Technology and development	4		7		9
Total impairment loss	$	4	$	7	$	10

FAIR VALUE DISCLOSURES

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE DISCLOSURES

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.

Following is a discussion of the fair value hierarchy and the valuation methodologies used for assets and liabilities recorded at fair value on a recurring and nonrecurring basis and for estimating fair value for financial instruments not recorded at fair value.

Fair Value Hierarchy

Fair value measurements of assets and liabilities are categorized based on the following hierarchy:

Level 1 — Fair value determined based on quoted prices in active markets for identical assets or liabilities.

Level 2 — Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means.

Level 3 — Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.

Estimation of Fair Value

Asset/Liability Class

Valuation Methodology, Inputs and

Assumptions

Classification

Marketable securities

Equity securities

Price is quoted given the securities are traded on an exchange.

Level 1 recurring fair value measurement.

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

As of December 31, 2025, the Company did not have any assets or liabilities measured at fair value on a recurring basis. The following tables present the levels of the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis as of December 31, 2024 (in millions):


December 31, 2024	Balance at Fair Value		Level 1		Level 2		Level 3
Marketable securities:


Equity securities	$	8	$	8	$	—	$	—










Total assets	$	8	$	8	$	—	$	—

Fair Value of Financial Instruments


	December 31, 2025
	Carrying Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	962	$	962	$	962	$	—
Restricted cash	339		339		339		—


Liabilities:
Non-recourse asset-backed debt – current portion	$	152	$	152	$	—	$	152

Convertible senior notes – current portion	193		384		—		384
Non-recourse asset-backed debt – net of current portion	968		961		—		961


	December 31, 2024
	Carrying Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	671	$	671	$	671	$	—
Restricted cash	92		92		92		—


Liabilities:
Non-recourse asset-backed debt – current portion	$	432	$	431	$	—	$	431


Non-recourse asset-backed debt – net of current portion	1,492		1,443		—		1,443
Convertible senior notes – net of current portion	378		336		—		336

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

For the years ended December 31, 2025 and 2024 there were no additions to goodwill and there was no impairment of goodwill.

As of December 31, 2025 and 2024, the Company had no remaining intangible assets subject to amortization. Amortization expense for intangible assets was $4 million and $7 million for the years ended December 31, 2024 and 2023, respectively.

CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONDENSED FINANCIAL INFORMATION

CONDENSED BALANCE SHEETS

(In millions, except share data)


	December 31,
	2025		2024
ASSETS
CURRENT ASSETS:
Other current assets	$	43	$	21
Total current assets	43		21
Intangibles - net	—		—
Investment in subsidiaries	1,197		1,093
TOTAL ASSETS	$	1,240	$	1,114
LIABILITIES AND SHAREHOLDERS’ EQUITY


CURRENT LIABILITIES:
Accounts payable and other accrued liabilities	$	42	$	23
Convertible senior notes - current portion	193		—

Total current liabilities	235		23
Convertible senior notes - net of current portion	—		378
Total liabilities	235		401
Shareholders’ equity:
Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 957,245,487 and 719,990,121 shares issued, respectively; 957,245,487 and 719,990,121 shares outstanding, respectively	—		—
Additional paid-in capital	6,038		4,438
Accumulated deficit	(5,033)		(3,725)
Accumulated other comprehensive loss	—		—
Total shareholders’ equity	1,005		713
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,240	$	1,114

CONDENSED STATEMENTS OF OPERATIONS

(In millions)


	Year Ended December 31,
	2025		2024		2023
Operating expenses:
General and administrative	$	7	$	14	$	8
Total operating expenses	7		14		8
Loss from operations	(7)		(14)		(8)

(Loss) gain on extinguishment of debt	(923)		—		225
Interest expense	(17)		(3)		(5)
(Loss) income before income taxes	(947)		(17)		212
Income tax expense	—		—		—
Earnings of subsidiaries	(353)		(375)		(487)
Net loss	$	(1,300)	$	(392)	$	(275)

See accompanying note to condensed financial statements.

CONDENSED STATEMENTS OF CASH FLOWS

(In millions)


	Year Ended December 31,
	2025		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(1,300)	$	(392)	$	(275)
Adjustments to reconcile net loss to cash, cash equivalents used in operating activities:
Earnings of subsidiaries	353		375		487
Depreciation and amortization, net of accretion	5		2		3

Loss (gain) on early extinguishment of debt	923		—		(225)
Interest payable	—		—		(1)
Other	1		—		2
Changes in operating assets and liabilities:
Other assets	(22)		(20)		—
Accounts payable and other accrued liabilities	17		22		—
Net cash used in operating activities	(23)		(13)		(9)
CASH FLOWS FROM INVESTING ACTIVITIES:

Investment in subsidiary	(1,515)		(5)		(4)
Distribution from subsidiary	1,223		11		370
Net cash (used in) provided by investing activities	(292)		6		366
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes, net of discount	75		—		—
Repurchase of convertible senior notes	(1,176)		—		(362)

Settlement of Capped Calls related to convertible senior notes	1		2		—
Proceeds from exercise of stock options	4		—		3
Proceeds from issuance of common stock for ESPP	2		5		2


Proceeds from PIPE offering	41		—		—
Proceeds from the issuance of common stock under at-the-market offering, net	198		—		—


Issuance of common stock in connection with the repurchase of convertible notes	1,184		—		—
Payment of loan origination fees and debt issuance costs	(8)
Payment for early extinguishment of debt	(4)
Other financing activity	(2)		—		—
Net cash provided by (used in) financing activities	315		7		(357)
NET INCREASE IN CASH AND CASH EQUIVALENTS	—		—		—
CASH AND CASH EQUIVALENTS - Beginning of year	—		—		—
CASH AND CASH EQUIVALENTS - End of year	$	—	$	—	$	—
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest	$	12	$	1	$	3
DISCLOSURES OF NONCASH FINANCING ACTIVITIES:
Principal value of 2026 Notes extinguished in Debt Exchange	$	(246)	$	—	$	—
Principal value of 2030 Notes issued in Debt Exchange	$	246	$	—	$	—

See accompanying note to condensed financial statements.

INTRODUCTION AND BASIS OF PRESENTATION

The accompanying condensed financial statements, including the note thereto, should be read in conjunction with the consolidated financial statements and notes thereto of Opendoor Technologies Inc. found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. For purposes of these condensed financial statements, the Company’s wholly-owned subsidiaries are accounted for using the equity method of accounting.

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($)	12 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquisition cost	$ 0	$ 0
Goodwill impairment	0	0
Finite-lived intangible assets	$ 0	0
Amortization expense of intangible assets		$ 4,000,000	$ 7,000,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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-Subparagraph (b)
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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

RELATED PARTIES	12 Months Ended
RELATED PARTIES	Dec. 31, 2025
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIES On September 10, 2025, the board of directors appointed Keith Rabois, Managing Director at Khosla Ventures and the Company’s co-founder as a Class I director of the Company and Eric Wu, the Company’s co-founder and former Chief Executive Officer and Chairman of the Board, as a Class III director of the Company, effective immediately. Concurrently with the election of directors, the Company entered into stock purchase agreements with Khosla Ventures Opportunity III, LP, Eric Wu, and a certain other purchaser. Pursuant to the terms of these respective purchase agreements, Khosla Ventures Opportunity III, LP purchased 5,263,158 shares of the Company’s common stock for an aggregate investment of $35 million in a PIPE offering, Eric Wu agreed to purchase 751,879 shares of common stock for an aggregate investment of $5 million in a PIPE offering, and a certain other purchaser agreed to purchase 150,375 shares of common stock for an aggregate investment of $1 million in a PIPE offering. In connection with the PIPE offerings, the Company issued an aggregate of 6,165,412 shares of common stock for aggregate gross cash proceeds of approximately $41 million. The shares were issued in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D thereunder, and were not registered under the Securities Act of 1933. As of December 31, 2025, the retained interest in Mainstay was $48 million, which is presented in Other assets in the consolidated balance sheets. As of December 31, 2025, there have been no indicators of impairment or other observable price changes. As a result of the Company’s continued investment in Mainstay, transactions between the Company and Mainstay subsequent to the Deconsolidation are considered to be related-party transactions. Prior to the Deconsolidation, transactions between Mainstay and Opendoor were eliminated upon consolidation. In connection with the Deconsolidation, the Company entered into a contractual agreement to provide Mainstay with certain transition administrative services for a limited period of time (“Transition Services”) and to fulfill certain funding obligations to be paid in the form of Mainstay Series A Preferred Stock at the original Series A Preferred Stock issuance price. Transition Services provided for the years ended December 31, 2025 and 2024 were $2 million and immaterial, respectively. In September 2025, the Company received $9 million of Series A Preferred Stock as consideration for the Transition Services and related funding requirements. The Company continued to fund bonuses for certain Mainstay employees, other than Mainstay Management, through November 2025. Amounts paid during the year ended December 31, 2025 and 2024 were $6 million and immaterial, respectively. Additionally, Mainstay provides property tax compliance services (“Property Tax Services”) and brokerage services (“Brokerage Services”) to the Company in the normal course of business, which were less than $1 million for the years ended December 31, 2025 and 2024. Subsequent to the Deconsolidation, the Company has no compensation arrangements with the management of Mainstay who are responsible for directing the activities that most significantly impact the economics of Mainstay (“Mainstay Management”). As of the Deconsolidation, outstanding Opendoor RSUs held by Mainstay employees, other than Mainstay Management, were modified so that the service-based vesting requirement will be satisfied as long as the Mainstay employee continues to provide services to Mainstay (“Post Deconsolidation RSUs”). For the years ended December 31, 2025 and 2024, subsequent to Deconsolidation, 771,383 and 932,163 shares of common stock were issued to Mainstay employees for the settlement of RSUs, net of shares withheld for participant taxes. As of December 31, 2025, 43,110 RSUs remained unvested and outstanding. In April 2025, the Company entered into an agreement with Mainstay to create Mainstay National Title LLC, which provides title and escrow services to institutional customers. The Company has a 25% interest in and provides certain services to Mainstay National Title LLC. The initial investment is recognized as an equity method investment under ASC 323, Investments – Equity Method and Joint Ventures. As of December 31, 2025 the carrying value of the equity method investment was $1 million and is presented in Other assets on the consolidated balance sheets. During the year ended December 31, 2025, the Company recognized revenue of $9 million presented within the consolidated statement of operations related to services provided to Mainstay National Title LLC.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

SHARE-BASED AWARDS - RSU Activity (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
RSUs
Number of RSUs
Beginning balance (in shares) \| shares	45,247
Granted (in shares) \| shares	41,275
Vested (in shares) \| shares	(24,349)
Forfeited (in shares) \| shares	(29,475)
Ending balance (in shares) \| shares	32,698
Weighted- Average Grant-Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 2.77
Granted (in dollars per share) \| $ / shares	2.87
Vested (in dollars per share) \| $ / shares	2.72
Forfeited (in dollars per share) \| $ / shares	2.20
Ending balance (in dollars per share) \| $ / shares	$ 3.45
Market condition RSUs
Number of RSUs
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	101,418
Ending balance (in shares) \| shares	101,418
Weighted- Average Grant-Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	8.36
Ending balance (in dollars per share) \| $ / shares	$ 8.36

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Escrow Receivable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Allowance for credit loss	$ 0	$ 0
Allowance for credit loss, writeoff	$ 0	$ 0	$ 0

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Other Accrued Liabilities

Accounts payable and accrued liabilities as of December 31, 2025 and 2024, consisted of the following:


	2025		2024
Legal contingency accrual	$	41	$	23
Accrued expenses due to vendors	20		30
Accrued payroll and other employee related expenses	13		12


Accrued property and franchise taxes	3		8
Other	3		1
Accounts payable due to vendors	—		9
Accrued expenses and liabilities due to related parties	—		9
Total accounts payable and other accrued liabilities	$	80	$	92

CASH, CASH EQUIVALENTS, AND INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of December 31, 2025 and 2024, were as follows (in millions):


	December 31, 2025
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Cash	$	86	$	—	$	—	$	86	$	86	$	—
Money market funds	876		—		—		876		876		—










Total	$	962	$	—	$	—	$	962	$	962	$	—


	December 31, 2024
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Cash	$	60	$	—	$	—	$	60	$	60	$	—
Money market funds	611		—		—		611		611		—



Equity securities	8		—		—		8		—		8






Total	$	679	$	—	$	—	$	679	$	671	$	8

Schedule of Non-Marketable Equity Securities and Equity Method Investments

A summary of non-marketable equity securities and equity method investment balances as of December 31, 2025 and 2024 were as follows (in millions):


	December 31, 2025		December 31, 2024
Equity method investments	$	20	$	20
Non-marketable equity securities	48		39
Total	$	68	$	59

INCOME TAXES - Schedule of Components of Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current income tax expense:
Federal	$ 0	$ 0	$ 0
State	0	1	1
Foreign	0	0	0
Total current income tax expense	0	1	1
Income Tax Provision	$ 0	$ 1	$ 1

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2025 segment
Accounting Policies [Abstract]
Number of reportable segments	1
Number of operating segments	1

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company is managed as a single operating and reportable segment on a consolidated basis, reflecting how the Company’s Chief Operating Decision Maker (“CODM”) allocates resources and evaluates the Company’s financial information. The operating segment is the Company’s residential real estate product and service offerings. The Company determined that the Chief Executive Officer is the CODM, given their responsibility for making resource allocation decisions, assessing performance, making strategic operational decisions and managing the organization at a consolidated level.

As the Company is managed as a single operating and reportable segment, the measure of segment profit or loss is consolidated net loss. The CODM utilizes the financial information below in assessing the segment’s performance and allocating resources. The measure of segment assets is reported on the Company’s consolidated balance sheets as total assets.

The table below highlights the Company’s reportable segment’s expenses and net loss for the years ended December 31, 2025, 2024, and 2023 (in millions):


	Year Ended December 31,
	2025		2024		2023
Revenue	$	4,371	$	5,153	$	6,946
Less:
Cost of revenue	(4,021)		(4,720)		(6,459)
Direct selling costs(1)	(123)		(132)		(197)
Holding costs(2)	(71)		(58)		(116)
Advertising and other marketing expense(3)	(47)		(90)		(80)
Operations(4)	(56)		(74)		(80)
Fixed operating expense(5)	(142)		(209)		(259)
CEO make-whole provision(6)	(5)		—		—
Stock-based compensation	(56)		(114)		(126)
Stock-based compensation for market conditions RSUs	(103)		—		—
Interest expense	(131)		(133)		(211)
Interest income	39		53		106
Other(7)	(955)		(68)		201
Net loss	$	(1,300)	$	(392)	$	(275)

________________

(1)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes and are included in Sales, marketing and operations.

(2)Represents holding costs incurred both in the period presented and in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs”). Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations in the period in which they are incurred (“GAAP Holding Costs”).

(3)Advertising expenses are included in Sales, marketing and operations. Other marketing expenses include non-advertising marketing expenses such as acquisition leads and referrals and public relations services and are included in Sales, marketing and operations.

(4)Represents operating expenses that are generally related to the volume of homes transacted during the period and tend to be variable in nature. Primarily includes workforce expenses in support of sales, and real estate inventory operations.

(5)Represents operating expenses that are not directly correlated with home transaction volumes. These expenses generally include costs related to salaries and benefits for our leadership, finance, technology, human resources, legal, marketing and administrative personnel, as well as third-party professional services fees, rent expense and third-party software.

(6)In connection with the appointment of the Company's new Chief Executive Officer in September 2025, the Company granted two make-whole awards related to compensation forfeited from his former employer. The awards consist of (i) a $15 million cash award and (ii) a restricted stock unit award with a grant date value of $15 million. Both awards vest nine months after his start date, contingent upon his continued service as Chief Executive Officer through the vesting date, and are expensed over the requisite service period. The CEO make-whole provision adjustment reflects only the expense associated with the cash make-whole award. The expense associated with the restricted stock unit make-whole award is included in the stock-based compensation line item presented separately in the reconciliation above.

(7)Other segment income (expenses) are primarily made up of (loss) gain on extinguishment of debt, depreciation and amortization, gain on deconsolidation, net, restructuring and amortization of stock-based compensation capitalized to internally developed software. This also includes the elimination of holding costs incurred in prior periods on homes sold in the periods presented, and includes holding costs incurred in the current period on homes remaining in inventory at period end.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Topic 280
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-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Legal contingency accrual	$ 41	$ 23
Accrued expenses due to vendors	20	30
Accrued payroll and other employee related expenses	13	12
Accrued property and franchise taxes	3	8
Other	3	1
Accounts payable due to vendors	0	9
Accrued expenses and liabilities due to related parties	0	9
Total accounts payable and other accrued liabilities	$ 80	$ 92

CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONDENSED BALANCE SHEETS

CONDENSED FINANCIAL INFORMATION

CONDENSED BALANCE SHEETS

(In millions, except share data)


	December 31,
	2025		2024
ASSETS
CURRENT ASSETS:
Other current assets	$	43	$	21
Total current assets	43		21
Intangibles - net	—		—
Investment in subsidiaries	1,197		1,093
TOTAL ASSETS	$	1,240	$	1,114
LIABILITIES AND SHAREHOLDERS’ EQUITY


CURRENT LIABILITIES:
Accounts payable and other accrued liabilities	$	42	$	23
Convertible senior notes - current portion	193		—

Total current liabilities	235		23
Convertible senior notes - net of current portion	—		378
Total liabilities	235		401
Shareholders’ equity:
Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 957,245,487 and 719,990,121 shares issued, respectively; 957,245,487 and 719,990,121 shares outstanding, respectively	—		—
Additional paid-in capital	6,038		4,438
Accumulated deficit	(5,033)		(3,725)
Accumulated other comprehensive loss	—		—
Total shareholders’ equity	1,005		713
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,240	$	1,114

CONDENSED STATEMENTS OF OPERATIONS

(In millions)


	Year Ended December 31,
	2025		2024		2023
Operating expenses:
General and administrative	$	7	$	14	$	8
Total operating expenses	7		14		8
Loss from operations	(7)		(14)		(8)

(Loss) gain on extinguishment of debt	(923)		—		225
Interest expense	(17)		(3)		(5)
(Loss) income before income taxes	(947)		(17)		212
Income tax expense	—		—		—
Earnings of subsidiaries	(353)		(375)		(487)
Net loss	$	(1,300)	$	(392)	$	(275)

See accompanying note to condensed financial statements.

CONDENSED STATEMENTS OF CASH FLOWS

(In millions)


	Year Ended December 31,
	2025		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(1,300)	$	(392)	$	(275)
Adjustments to reconcile net loss to cash, cash equivalents used in operating activities:
Earnings of subsidiaries	353		375		487
Depreciation and amortization, net of accretion	5		2		3

Loss (gain) on early extinguishment of debt	923		—		(225)
Interest payable	—		—		(1)
Other	1		—		2
Changes in operating assets and liabilities:
Other assets	(22)		(20)		—
Accounts payable and other accrued liabilities	17		22		—
Net cash used in operating activities	(23)		(13)		(9)
CASH FLOWS FROM INVESTING ACTIVITIES:

Investment in subsidiary	(1,515)		(5)		(4)
Distribution from subsidiary	1,223		11		370
Net cash (used in) provided by investing activities	(292)		6		366
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes, net of discount	75		—		—
Repurchase of convertible senior notes	(1,176)		—		(362)

Settlement of Capped Calls related to convertible senior notes	1		2		—
Proceeds from exercise of stock options	4		—		3
Proceeds from issuance of common stock for ESPP	2		5		2


Proceeds from PIPE offering	41		—		—
Proceeds from the issuance of common stock under at-the-market offering, net	198		—		—


Issuance of common stock in connection with the repurchase of convertible notes	1,184		—		—
Payment of loan origination fees and debt issuance costs	(8)
Payment for early extinguishment of debt	(4)
Other financing activity	(2)		—		—
Net cash provided by (used in) financing activities	315		7		(357)
NET INCREASE IN CASH AND CASH EQUIVALENTS	—		—		—
CASH AND CASH EQUIVALENTS - Beginning of year	—		—		—
CASH AND CASH EQUIVALENTS - End of year	$	—	$	—	$	—
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest	$	12	$	1	$	3
DISCLOSURES OF NONCASH FINANCING ACTIVITIES:
Principal value of 2026 Notes extinguished in Debt Exchange	$	(246)	$	—	$	—
Principal value of 2030 Notes issued in Debt Exchange	$	246	$	—	$	—

See accompanying note to condensed financial statements.

LEASES - Schedule of Maturity of Operating Lease Liabilities (Details) $ in Millions	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 2
2027	2
2028	2
2029	2
2030	1
Thereafter	0
Total undiscounted future cash flows	9
Less: Imputed interest	2
Total lease liabilities	$ 7

RESTRUCTURING - Narrative (Details) $ in Millions		1 Months Ended	12 Months Ended
RESTRUCTURING - Narrative (Details) $ in Millions	Nov. 07, 2024 USD ($) employee	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) employee	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) employee
Restructuring Cost and Reserve [Line Items]
Lease termination expense		$ 3
Restructuring			$ 10	$ 17	$ 14
Business exit costs			$ 4
2023 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Number of employees impacted, (approximately) \| employee					680
Post-employment benefits (approximately)					$ 14
2024 Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Number of employees impacted, (approximately) \| employee	300		125
Post-employment benefits (approximately)	$ 10
Lease termination expense				3
Other restructuring costs				$ 4
2024 Restructuring Activities \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring			$ 6

INCOME TAXES - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits as of the beginning of the year	$ 23	$ 22	$ 20
Increase related to current year tax provisions	0	1	2
Unrecognized tax benefits as of the end of the year	$ 23	$ 23	$ 22

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated the impact of events that have occurred subsequent to December 31, 2025, through the date the consolidated financial statements were filed with the SEC. Based on this evaluation, other than as recorded or disclosed within these consolidated financial statements and related notes, the Company has determined that there are no material subsequent events that would require recognition or disclosure.

CREDIT FACILITIES, LONG-TERM DEBT, AND CONVERTIBLE NOTES - Schedule of Credit Facilities and Long Term Debt (Details) - Line of Credit - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Borrowing Capacity	$ 7,152
Outstanding, current	52	$ 432
Net Carrying Amount	1,068	1,492
Asset-Backed Senior Facilities
Debt Instrument [Line Items]
Borrowing Capacity	3,902
Outstanding amount, current	52	432
Issuance Costs	0	0
Carrying Value	52	432
Outstanding amount, noncurrent	725	1,150
Issuance Costs	(3)	(7)
Net Carrying Amount	722	1,143
Asset-backed Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Borrowing Capacity	3,250
Outstanding amount, current	0	0
Outstanding amount, noncurrent	350	350
Issuance Costs	(4)	(1)
Net Carrying Amount	346	349
Revolving Facility 2018-2 \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	1,000
Outstanding amount, current	0	0
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	0.00%	0.00%
Revolving Facility 2018-3 \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 750
Outstanding amount, current	0	$ 182
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	7.28%	8.00%
Revolving Facility 2019-1 \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 300
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	7.24%	0.00%
Revolving Facility 2019-2 \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 300
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	7.15%	0.00%
Revolving Facility 2019-3 \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 100
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	7.28%	8.13%
Term Debt Facility 2021-S1 \| Asset-backed Senior Term Debt Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 400
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 100	$ 100
Weighted average interest rate (in percent)	6.03%	3.48%
Term Debt Facility 2021-S2 \| Asset-backed Senior Term Debt Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 52
Outstanding amount, current	52	$ 0
Outstanding amount, noncurrent	$ 0	$ 300
Weighted average interest rate (in percent)	3.57%	3.31%
Term Debt Facility 2021-S3 \| Asset-backed Senior Term Debt Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 1,000
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 625	$ 750
Weighted average interest rate (in percent)	3.75%	3.75%
Term Debt Facility 2022-S1 \| Asset-backed Senior Term Debt Facilities
Debt Instrument [Line Items]
Outstanding amount, current		$ 250
Outstanding amount, noncurrent		$ 0
Weighted average interest rate (in percent)		4.07%
Term Debt Facility 2020-M1 \| Asset-backed Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 3,000
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 200	$ 200
Weighted average interest rate (in percent)	12.12%	10.00%
Term Debt Facility 2022-M1 \| Asset-backed Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 250
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 150	$ 150
Weighted average interest rate (in percent)	12.31%	10.00%

SHARE-BASED AWARDS - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options (in thousands)
Beginning balance (in shares)	7,233
Exercised (in shares)	(3,167)
Expired (in shares)	(739)
Ending balance (in shares)	3,327	7,233
Exercisable (in shares)	3,327
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 2.51
Exercised (in dollars per share)	2.17
Expired (in dollars per share)	3.34
Ending balance (in dollars per share)	2.65	$ 2.51
Exercisable (in dollars per share)	$ 2.65
Weighted-Average Remaining Contractual Term (in years) and Aggregate Intrinsic Value
Weighted-average remaining contractual term (in years), outstanding	2 years 1 month 6 days	2 years 4 months 24 days
Weighted-average remaining contractual term (in years), exercisable	2 years 1 month 6 days
Aggregate intrinsic values	$ 11	$ 2
Exercisable, aggregate intrinsic value	$ 11

SHARE-BASED AWARDS - 2020 Equity Incentive Plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Feb. 08, 2023	Dec. 18, 2020
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	154,969,574			43,508,048
Total number of shares as a percent of common stock outstanding on December 31 of the immediately preceding calendar year				5.00%
Employee Stock Purchase Plan \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	31,949,241		5,438,506
Total number of shares as a percent of common stock outstanding on December 31 of the immediately preceding calendar year			1.00%
Number of shares authorized (in shares)			54,385,060
Shares issued in period (in shares)	1,591,514	3,133,493
Share issued, weighted average exercise price (in dollars per share)	$ 1.09	$ 1.59

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SHARE-BASED AWARDS - Schedule of Fair Value Assumptions of RSU (Details)		12 Months Ended
	Nov. 21, 2025	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend	0.00%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, minimum		110.00%
Volatility, maximum		110.50%
Risk-free rate, minimum		3.58%
Risk-free rate, maximum		3.68%
Expected dividend		0.00%
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term (in years)		4 years 8 months 12 days
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term (in years)		5 years

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed and implemented a cybersecurity risk management program designed to protect the confidentiality, integrity, and availability of our critical systems and information. Our program is designed to align with relevant legal requirements and draws upon widely accepted security frameworks and practices. We take an integrated, organization-wide approach to evaluating and addressing cybersecurity risks, incorporating these considerations alongside other enterprise risks such as regulatory, financial, and operational concerns. Key elements of our program include, but are not limited to, the following: •processes designed to identify, assess, and prioritize cybersecurity threats to our critical systems and information; •technical controls and processes intended to detect and remediate weaknesses in our systems and software; •the use of third-party service providers, where appropriate, to assist with aspects of our program; •evaluation of key service providers based on our assessment of their criticality to our operations and respective risk profile, for example, through due diligence, contractual protections, and periodic review; •practices designed to safeguard personal information and maintain compliance with data protection requirements; •ongoing monitoring capabilities to detect and evaluate potential security threats; and •a cybersecurity incident response plan that includes documented procedures for responding to, containing, and recovering from cybersecurity events. We have experienced a number of cybersecurity incidents in the past, which we do not believe to be material, regularly experience cybersecurity attempts, and expect that we will continue to experience varying degrees of cybersecurity attempts and incidents in the future. To date, we have not identified any risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. However, there can be no assurance that our cybersecurity risk management program and processes, including our policies, controls, or procedures, will be fully implemented, complied with or effective in protecting our systems and information. See “Item 1A. Risk Factors” for additional discussion regarding the risks we face from cybersecurity threats.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our program is designed to align with relevant legal requirements and draws upon widely accepted security frameworks and practices. We take an integrated, organization-wide approach to evaluating and addressing cybersecurity risks, incorporating these considerations alongside other enterprise risks such as regulatory, financial, and operational concerns.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit and Risk Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program. The Committee receives updates at least annually from our Vice President of Engineering or his designees and management on our cybersecurity risk management and strategy, including, as applicable, progress towards our risk-mitigation goals, results from third-party assessments, and the emerging threat landscape. In addition, management updates the Committee, where it deems appropriate, regarding cybersecurity incidents it considers significant. The Committee reports to the full Board regarding its activities, including those related to cybersecurity and, will, from time to time, brief the full Board on our cybersecurity risk management program. From time to time, our Committee members receive presentations on cybersecurity topics from our internal or external experts as part of its continuing education on topics that impact public companies. Our Vice President of Engineering, in coordination with our internal security staff, is responsible for assessing and managing our material risks from cybersecurity threats, and has primary responsibility for our overall cybersecurity risk management program and supervising both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Vice President of Engineering, who possesses a 13-year track record in product development and engineering, six years of which consist of overseeing technology, including the oversight of information security systems, reports directly to our Chief Executive Officer. This extensive experience spans both public and private companies. Our Vice President of Engineering takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, and alerts and reports produced by security tools deployed in the IT environment, such as regular network and endpoint monitoring, vulnerability assessments, penetration testing, and tabletop exercises.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit and Risk Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit and Risk Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Role of Management [Text Block]	The Committee receives updates at least annually from our Vice President of Engineering or his designees and management on our cybersecurity risk management and strategy, including, as applicable, progress towards our risk-mitigation goals, results from third-party assessments, and the emerging threat landscape. In addition, management updates the Committee, where it deems appropriate, regarding cybersecurity incidents it considers significant. The Committee reports to the full Board regarding its activities, including those related to cybersecurity and, will, from time to time, brief the full Board on our cybersecurity risk management program. From time to time, our Committee members receive presentations on cybersecurity topics from our internal or external experts as part of its continuing education on topics that impact public companies. Our Vice President of Engineering, in coordination with our internal security staff, is responsible for assessing and managing our material risks from cybersecurity threats, and has primary responsibility for our overall cybersecurity risk management program and supervising both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Vice President of Engineering, in coordination with our internal security staff, is responsible for assessing and managing our material risks from cybersecurity threats, and has primary responsibility for our overall cybersecurity risk management program and supervising both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Vice President of Engineering, who possesses a 13-year track record in product development and engineering, six years of which consist of overseeing technology, including the oversight of information security systems, reports directly to our Chief Executive Officer. This extensive experience spans both public and private companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Committee receives updates at least annually from our Vice President of Engineering or his designees and management on our cybersecurity risk management and strategy, including, as applicable, progress towards our risk-mitigation goals, results from third-party assessments, and the emerging threat landscape. In addition, management updates the Committee, where it deems appropriate, regarding cybersecurity incidents it considers significant. The Committee reports to the full Board regarding its activities, including those related to cybersecurity and, will, from time to time, brief the full Board on our cybersecurity risk management program. From time to time, our Committee members receive presentations on cybersecurity topics from our internal or external experts as part of its continuing education on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Lease Commitments The Company has entered into various non-cancelable operating lease agreements for certain of its office space. See “Note 8 — Leases” for further discussion. Legal Matters From time to time, the Company may be subject to potential liability relating to the ownership and operations of the Company’s properties. Accruals are recorded when the outcome is probable and can be reasonably estimated. There are various claims and lawsuits arising in the normal course of business pending against the Company, some of which seek damages and other relief which, if granted, may require future cash expenditures. In addition, from time to time the Company receives inquiries and audit requests from various government agencies and fully cooperates with these requests. The Company does not believe that it is reasonably possible that the resolution of these matters would result in any liability that would materially affect the Company’s consolidated results of operations or financial condition except as noted below. On October 7, 2022 and November 22, 2022, purported securities class action lawsuits were filed in the United States District Court for the District of Arizona, captioned Alich v. Opendoor Technologies Inc., et al. (Case No. 2:22-cv-01717-JFM) (“Alich”) and Oakland County Voluntary Employee’s Beneficiary Association, et al. v. Opendoor Technologies Inc., et al. (Case No. 2:22-cv-01987-GMS) (“Oakland County”), respectively. The lawsuits were consolidated into a single action, captioned In re Opendoor Technologies Inc. Securities Litigation (Case No. 2:22-CV-01717-MTL). The consolidated amended complaint named as defendants the Company, SCH, certain of the Company’s current and former officers and directors and the underwriters of a securities offering the Company made in February 2021. The complaint alleged that the Company and certain officers violated Section 10(b) of the Exchange Act and SEC Rule 10b-5, and that the Company, SCH, certain officers and directors and the underwriters violated Section 11 of the Securities Act, in each case by making materially false or misleading statements related to the effectiveness of the Company’s pricing algorithm. The plaintiffs also alleged that certain defendants violated Section 20(a) of the Exchange Act and Section 15 of the Securities Act, respectively, which provide for control person liability. The complaint asserted claims on behalf of all persons and entities that purchased, or otherwise acquired, Company common stock between December 21, 2020 and November 3, 2022 or pursuant to offering documents issued in connection with our business combination with SCH and the secondary public offering conducted by the Company in February 2021. The defendants filed motions to dismiss on June 30, 2023, which the court granted on February 27, 2024 without prejudice. On May 14, 2024, the court granted plaintiffs’ motion for reconsideration of certain portions of the court’s order dismissing the complaint. The court’s orders on the motion to dismiss and motion for reconsideration dismissed all Exchange Act claims and Securities Act claims except for a portion of plaintiffs’ claims brought under Section 11 and Section 15 of the Securities Act. The plaintiffs and the defendant participated in a mediation in February 2025. On March 26, 2025, the Company reached an agreement in principle with the plaintiffs to resolve all claims against all defendants in the consolidated action on a class-wide basis for an amount within the limits of insurance coverage. The Company recorded a liability reflecting the proposed settlement amount and a corresponding asset reflecting estimated insurance recoveries. On June 13, 2025, the Company executed a Stipulation and Agreement of Settlement memorializing the terms and conditions of the settlement. The same day, the plaintiffs filed a motion with the court for preliminary approval of the settlement. On October 21, 2025, the court granted the preliminary approval motion and scheduled a final settlement approval hearing for January 6, 2026. On January 6, 2026, the Court issued an order providing final approval for the settlement and entered final judgment dismissing all claims with prejudice. On March 1, 2023, and March 15, 2023, shareholder derivative lawsuits were filed in the United States District Court for the District of Arizona, captioned Carlson v. Rice, et al. (Case No. 2:23-cv-00367-GMS) and Van Dorn v. Wu, et al. (Case No. 2:23-cv-00455-DMF), respectively, which were subsequently consolidated into a single action, captioned Carlson v. Rice (Case No. 2:23-CV-00367-GMS). Plaintiffs voluntarily dismissed the matter on June 22, 2023, and thereafter re-filed complaints in the Court of Chancery of the State of Delaware, captioned Carlson v. Rice, et al. (Case No. 2023-0642) and Van Dorn v. Rice, et al. (Case No. 2023-0643). The cases were consolidated into a single action, captioned Opendoor Technologies Inc. Stockholder Derivative Litigation (Case No. 2023-0642). On June 29, 2023, a shareholder derivative lawsuit was filed in the United States District Court for the District of Delaware, captioned Juul v. Wu, et al. (Case No. 1:23-cv-00705-UNA). On October 13, 2023, a shareholder derivative lawsuit was filed in the United States District Court for the District of Delaware, captioned Woods, et al. v. Bain, et al. (Case No. 1:23-cv-01158-UNA). On October 18, 2023, a shareholder derivative lawsuit was filed in the United States District Court for the District of Arizona, captioned Gera v. Palihapitiya, et al. (Case No. 2:23-cv-02164-SMB). The complaints in each of the derivative actions that were filed were based on facts and circumstances related to In re Opendoor Technologies Inc. Securities Litigation. The plaintiffs brought claims against certain current and former directors and officers of the Company for breach of fiduciary duty and alleged violations of the Exchange Act, including Section 10(b) and Rule 10b-5 and Section 14(a) and Rule 14a-9. A global mediation of all of these shareholder derivative lawsuits was held on February 7, 2025. The parties agreed in principle that Opendoor would adopt certain corporate governance reforms as part of a potential global resolution of the shareholder derivative lawsuits and in exchange for a full release of claims. On June 27, 2025, the Company executed a Stipulation of Settlement memorializing the terms and conditions of the settlement. The same day, the plaintiff in the Gera action filed a motion with the court for preliminary approval of the settlement. The payment of any court-approved attorneys’ fees and costs was to be funded by proceeds from applicable insurance policies. The Company recorded a liability reflecting the proposed settlement amount and a corresponding asset reflecting estimated insurance recoveries. On September 11, 2025, the court issued an order granting preliminary approval of the settlement. On November 25, 2025, the Court issued an order providing final approval for the settlement and a release of all claims against all defendants, and entered final judgment dismissing all claims in the Gera action with prejudice. Stipulations of dismissal were subsequently filed in each of the other derivative actions pending in Delaware state and federal court.

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The following table summarizes components of loss before income taxes as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	(1,301)	$	(393)	$	(274)
Foreign	1		2		—
Loss before Income Taxes	$	(1,300)	$	(391)	$	(274)

The following table summarizes the components of the Company’s provision for income taxes for the periods presented (in millions):


	Year Ended December 31,
	2025		2024		2023
Current income tax expense:
Federal	$	—	$	—	$	—
State	—		1		1
Foreign	—		—		—
Total current income tax expense	—		1		1




Income Tax Provision	$	—	$	1	$	1

For the years ended December 31, 2025, 2024, and 2023, the Company did not record any deferred federal and state income tax expense or benefit due to the full valuation allowance. Additionally, the Company’s foreign deferred expense or benefit was immaterial.

Effective Tax Rate

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows (in millions):


	Year Ended December 31,
	2025
U. S. Federal tax benefit at statutory rate	$	(273)	21.0	%








Change in valuation allowance, net	59		(4.5)
Nontaxable or nondeductible items:
Deduction limitation on executive compensation	27		(2.1)
Share-based compensation	(7)		0.5
Loss on debt extinguishment	194		(14.9)



Income Tax Expense	$	—	—	%

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before taxes prior to the adoption of ASU 2023-09 is as follows:


	Year Ended December 31,
	2024		2023
U. S. Federal tax benefit at statutory rate	21.0	%	21.0	%
State income taxes, net of federal benefit	3.6		5.8
Non-deductible expenses and other	0.1		(1.1)


Share-based compensation	(3.2)		(6.6)

Deduction limitation on executive compensation	(0.2)		(0.5)

Impact of deconsolidation	(1.9)		—
Change in valuation allowance, net	(19.7)		(20.6)
Research and development credits	0.1		1.5
Effective tax rate	(0.2)	%	(0.5)	%

For the year ended December 31, 2025, the Company’s effective tax rate differs from the amount computed by applying the U.S. federal statutory and state income tax rates to net loss before income tax, primarily as the result of loss on debt extinguishment, stock-based compensation, and changes in the Company’s valuation allowance. For the years ended December 31, 2024 and 2023, the Company’s effective tax rate differs from the amount computed by applying the U.S. federal statutory and state income tax rates to net loss before income tax, primarily as the result of state income taxes, stock-based compensation, and changes in the Company’s valuation allowance.

In December 2021, the Organization for Economic Co-operation and Development Inclusive Framework on Base Erosion Profit Shifting released Model Global Anti-Base Erosion rules (“Model Rules”) under Pillar Two. The Model Rules set forth the “common approach” for a Global Minimum Tax at 15 percent for multinational enterprises with a turnover of more than 750 million Euros. Certain aspects of Pillar Two were effective January 1, 2024 and other aspects were effective January 1, 2025. Various countries have adopted legislation and other countries are in the process of introducing legislation to implement Pillar Two. Pillar Two did not have a material impact on the Company’s consolidated financial position or results of operations.

Deferred Taxes

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income taxes purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024, are as follows (in millions):


	December 31, 2025		December 31, 2024
Deferred tax assets:
Accruals and reserves	$	14	$	14
Inventory	15		25
Tax credits	49		49
Lease Liabilities	2		57
Section 174 capitalization	42		74
Goodwill	7		7
Net operating loss	743		633
Total deferred tax assets	872		859
Less: Valuation allowance	(868)		(795)
Deferred tax assets, net of valuation allowance	4		64
Deferred tax liabilities:
Depreciation and amortization	(2)		(7)

Right-of-use assets	(2)		(57)
Deferred tax liabilities	(4)		(64)
Net deferred tax assets and liabilities	$	—	$	—

A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized in a particular tax jurisdiction. All available evidence, both positive and negative, is considered to determine whether, based on the weight of that evidence, a valuation allowance is needed for some portion or all of a deferred tax asset. Due to the losses the Company generated in the current and prior years, the Company believes it is not more likely than not that all of the deferred tax assets can be realized for its U.S. federal and state deferred tax assets. Accordingly, the Company established and recorded a full valuation allowance on its net deferred tax assets of $868 million as of December 31, 2025 and a full valuation allowance on its net deferred tax assets of $795 million as of December 31, 2024. The valuation allowance increased by $73 million and $77 million for 2025 and 2024, respectively primarily as a result of current year losses.

As of December 31, 2025, the Company had U.S. federal and state net operating loss (“NOL”) carryforwards of $3.0 billion and $2.4 billion, respectively, which will each begin to expire in 2034 if not utilized. For NOLs arising after December 31, 2017, the Tax Cuts and Jobs Act of 2017 limits a taxpayer’s ability to utilize NOL carryforwards to 80% of taxable income and can be carried forward indefinitely (carryback is generally prohibited). In the Company’s case, as of December 31, 2025, $2.9 billion of US. federal NOLs and $803 million of state NOLs have an unlimited carryover period. NOLs generated in tax years beginning before January 1, 2018 will not be subject to the taxable income limitation and will continue to have a two-year carryback and twenty-year carryforward period. Additionally, as of December 31, 2025, the Company had U.S. federal research tax credit carryforwards of $45 million that begin to expire in 2035. The Company also had state research tax credit carryforwards of $31 million with an indefinite carryforward period.

Section 382 of the Internal Revenue Code (the “Code”) limits the use of net operating losses and tax credit carryforwards in certain situations where changes occur in the stock ownership of a company. Utilization of the net operating loss carryforwards are subject to various limitations due to the ownership change limitations provided by Internal Revenue Code (IRC) Section 382 and similar state provisions. The Company performed an ownership analysis and identified three previous ownership changes in 2014, 2016 and 2020, as defined under Section 382 and 383 of the IRC, however none of the previous

ownership changes resulted in a material limitation that will reduce the total amount of net operating loss carryforwards and credits that can be utilized.

On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted into law. The Act includes significant changes to the U.S. tax code, including restoration of immediate recognition of domestic research and development expenditures and reinstatement of 100% bonus depreciation for qualifying property. The Company has evaluated the impact of the Act on its consolidated financial statements, including the effects on its deferred tax assets and liabilities and has not identified any material impact on its Annual Report on Form 10-K for the calendar year ended December 31, 2025.

The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, effective January 1, 2025. The amendments were applied prospectively and did not have a material impact on the Company’s consolidated financial statements.

Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in millions):


	Year Ended December 31,
	2025		2024		2023
Unrecognized tax benefits as of the beginning of the year	$	23	$	22	$	20


Increase related to current year tax provisions	—		1		2
Unrecognized tax benefits as of the end of the year	$	23	$	23	$	22

Due to the full valuation allowance at December 31, 2025, current adjustments to the unrecognized tax benefit will have no impact on the Company’s effective income tax rate. There would be an impact of $23 million to the effective tax rate if adjustments are made after the valuation allowance is released.

The Company’s policy is to recognize interest and penalties associated with uncertain tax benefits as part of the income tax provision and include accrued interest and penalties with the related income tax liability on the Company’s consolidated balance sheets. To date, the Company has not recognized nor accrued for any material interest and penalties in its consolidated statements of operations. The Company is subject to federal and state income taxes in the United States, and foreign income taxes in Canada and India. Due to the history of net operating losses, the Company is subject to U.S. federal, state and local examinations by tax authorities for all years since incorporation. As of December 31, 2025, the Company is not currently under any audits that would materially change the unrecognized tax benefits recorded.

The Company has not provided U.S. income or foreign withholding taxes on the undistributed earnings of its foreign subsidiaries as of December 31, 2025, because it intends to permanently reinvest such earnings outside of the U.S. If these foreign earnings were to be repatriated in the future, the related U.S. tax liability will be immaterial, due to the participation exemption put in place under the Tax Cuts and Jobs Act of 2017.

The amount of cash income taxes paid by the Company during the year ended December 31, 2025 was immaterial.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation - Current Year (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U. S. Federal tax benefit at statutory rate	$ (273)
Change in valuation allowance, net	59
Deduction limitation on executive compensation	27
Share-based compensation	(7)
Loss on debt extinguishment	194
Income Tax Expense	$ 0	$ 1	$ 1
Percent
U. S. Federal tax benefit at statutory rate	21.00%	21.00%	21.00%
Change in valuation allowance, net	(4.50%)	(19.70%)	(20.60%)
Deduction limitation on executive compensation	(2.10%)	(0.20%)	(0.50%)
Share-based compensation	0.50%	(3.20%)	(6.60%)
Loss on debt extinguishment	(14.90%)
Effective tax rate	0.00%	(0.20%)	(0.50%)

SHAREHOLDERS’ EQUITY (Details)	Nov. 21, 2025 tradingDay $ / shares shares	Dec. 31, 2025 $ / shares shares	Nov. 18, 2025 $ / shares	Dec. 31, 2024 $ / shares shares	Dec. 21, 2020 $ / shares shares
Class of Warrant or Right [Line Items]
Common stock authorized (in shares)		3,000,000,000		3,000,000,000	3,000,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, authorized to issue (in shares)		100,000,000
Preferred stock par value (in dollars per share) \| $ / shares		$ 0.0001
Preferred stock, shares issued (in shares)		0
Preferred stock, shares outstanding (in shares)		0
Number of securities called by each warrant or right (in shares)	1
Expected dividend	0.00%
Number of consecutive trading days \| tradingDay	30
Number of volume-weighted average price, trading days \| tradingDay	20
Common stock, volume weighted average price, percent	1.20
Number of early expiration price condition trading days \| tradingDay	20
Warrant
Class of Warrant or Right [Line Items]
Warrants issued (in shares)	99,295,146
Closing stock price (in dollars per share) \| $ / shares			$ 7.52
Expected life (in years)	1 year
Risk-free rate	3.64%
Volatility rate	149.20%
Series K Warrant
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)	0.1
Exercise price of warrants issued (in dollars per share) \| $ / shares	$ 9.00
Series A Warrant
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)	0.1
Exercise price of warrants issued (in dollars per share) \| $ / shares	$ 13.00
Series Z Warrant
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)	0.1
Exercise price of warrants issued (in dollars per share) \| $ / shares	$ 17.00

SHARE-BASED AWARDS - Stock-Based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 159,000,000	$ 114,000,000	$ 126,000,000
Market Condition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	103,000,000	0	(4,000,000)
Accelerated recognition of stock-based compensation expense	0	$ 0	$ 0
Market condition RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, fair value	848,000,000
Unamortized stock-based compensation	$ 745,000,000
Unamortized stock-based compensation period (in years)	2 years 7 months 6 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation	$ 97,000,000
Unamortized stock-based compensation period (in years)	2 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SHARE-BASED AWARDS - 2014 Stock Plan (Details)	Feb. 06, 2020 shares
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	106,320,623

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DECONSOLIDATION	12 Months Ended
DECONSOLIDATION	Dec. 31, 2025
Noncontrolling Interest [Abstract]
DECONSOLIDATION	DECONSOLIDATION On July 31, 2024, a consolidated subsidiary of the Company, Mainstay Labs Inc. (“Mainstay”), formerly Open Exchange Labs Inc., issued its Series A Preferred Stock to third-party investors (the “Private Investment”). Mainstay is a market intelligence and transaction platform for the single-family rental industry. As a result of the Private Investment, the Company no longer had a controlling financial interest in Mainstay in accordance with ASC Topic 810, Consolidation, and Mainstay was deconsolidated from the Company’s consolidated financial statements as of July 31, 2024 (the “Deconsolidation”). The Company determined that the Deconsolidation does not meet the criteria requiring presentation as discontinued operations in accordance with U.S. GAAP because it does not represent a strategic shift that will have a major effect on the Company’s operations or financial results. Upon Deconsolidation, the Company recognized a $14 million gain in Other income – net in the consolidated statement of operations for the year ended December 31, 2024, which represented the fair value of the Company’s retained interest in Mainstay less the carrying value of Mainstay’s net assets and the Company’s liabilities due to Mainstay as of July 31, 2024. The Company’s retained interest in Mainstay as of July 31, 2024 of $39 million was recognized as a non-marketable equity security investment under ASC 321, Investment – Equity Securities. The investment is measured at fair value on a non-recurring basis, with the fair value initially determined as of the transaction date. There have been no indicators of impairment or other observable price changes since that date. The fair value on the transaction date was calculated using the option pricing method utilizing a back-solve methodology to infer the total equity value based on the pricing of the Private Investment. See “Note 1. Description of Business and Accounting Policies – Investments.” See “Note 17 — Related Parties” for further information on the Company’s ongoing relationship and transactions with Mainstay.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Other Comprehensive Income [Abstract]
NET LOSS	$ (1,300)	$ (392)	$ (275)
OTHER COMPREHENSIVE INCOME:
Unrealized gain on marketable securities	0	1	3
COMPREHENSIVE LOSS	$ (1,300)	$ (391)	$ (272)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

CREDIT FACILITIES, LONG-TERM DEBT, AND CONVERTIBLE NOTES - Schedule of Convertible Senior Notes (Details) - Convertible Debt $ / shares in Units, $ in Millions		12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2025 USD ($) $ / shares	Dec. 30, 2025	May 31, 2025	Dec. 31, 2024 USD ($)	Aug. 31, 2021
Debt Instrument [Line Items]
Remaining Aggregate Principal Amount	$ 197	$ 197			$ 381
Unamortized Debt Discount and Issuance Costs	(4)	(4)			(3)
Net Carrying Amount	193	193			378
Convertible Senior Notes 2026
Debt Instrument [Line Items]
Remaining Aggregate Principal Amount	135	135			381
Unamortized Debt Discount and Issuance Costs					(3)
Net Carrying Amount	$ 135	$ 135			$ 378
Stated Cash Interest Rate	0.25%	0.25%				0.25%
Effective Interest Rate	0.78%	0.78%
Conversion Rate	0.0537097	0.0537097	0.0519926
Conversion price (in dollars per share) \| $ / shares	$ 19.23	$ 19.23
Convertible Senior Notes 2030
Debt Instrument [Line Items]
Remaining Aggregate Principal Amount	$ 62	$ 62
Unamortized Debt Discount and Issuance Costs	(4)	(4)
Net Carrying Amount	$ 58	$ 58
Stated Cash Interest Rate	7.00%	7.00%		7.00%
Effective Interest Rate	9.48%	9.48%
Conversion Rate		0.637105
Conversion price (in dollars per share) \| $ / shares	$ 1.57	$ 1.57

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

CURRENT ASSETS:

Cash and cash equivalents

$ 962

$ 671

Restricted cash

339

Marketable securities

Escrow receivable

Real estate inventory, net

925

2,159

Other current assets

Total current assets

2,299

2,997

PROPERTY AND EQUIPMENT – Net

^[1]

2,407

3,126

CURRENT LIABILITIES:

Accounts payable and other accrued liabilities

Non-recourse asset-backed debt - current portion

432

Convertible senior notes - current portion

193

Interest payable

Lease liabilities – current portion

Total current liabilities

327

529

NON-RECOURSE ASSET-BACKED DEBT – Net of current portion

1,068

1,492

CONVERTIBLE SENIOR NOTES - Net of current portion

378

LEASE LIABILITIES – Net of current portion

OTHER LIABILITIES

Total liabilities

^[2]

1,402

2,413

COMMITMENTS AND CONTINGENCIES (See Note 19)

SHAREHOLDERS’ EQUITY:

Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 957,245,487 and 719,990,121 shares issued, respectively; 957,245,487 and 719,990,121 shares outstanding, respectively

Additional paid-in capital

6,038

4,438

Accumulated deficit

(5,033)

(3,725)

Accumulated other comprehensive loss

Total shareholders’ equity

1,005

713

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 2,407

$ 3,126

[1]

[2]

SHAREHOLDERS’ EQUITY	12 Months Ended
SHAREHOLDERS’ EQUITY	Dec. 31, 2025
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY Common Stock Pursuant to the Company’s certificate of incorporation, the Company is authorized to issue 3,000,000,000 shares of common stock with a par value of $0.0001 per share. Preferred Stock Pursuant to the Company’s certificate of incorporation, the Company is authorized to issue 100,000,000 shares of preferred stock having a par value of $0.0001 per share (“Opendoor Technologies Preferred Stock”). The Company’s board of directors has the authority to issue Opendoor Technologies Preferred Stock and to determine the rights, preferences, privileges and restrictions, including voting rights, of those shares. As of December 31, 2025, there were no shares of Opendoor Technologies Preferred Stock issued and outstanding. Dividend Common stock is entitled to dividends when and if declared by the Company’s board of directors, subject to the rights of all classes of stock outstanding having priority rights to dividends. The Company has not paid any cash dividends on common stock to date. The Company may retain future earnings, if any, for the further development and expansion of its business and has no current plans to pay cash dividends for the foreseeable future. Any future determination to pay dividends will be made at the discretion of the Company’s board of directors and will depend on, among other things, the Company’s financial condition, results of operations, capital requirements, restrictions contained in future agreements and financing instruments, business prospects and such other factors as the Company’s board of directors may deem relevant. Warrant Dividends On November 6, 2025, the Company declared a special dividend in the form of warrants to the holders of record of our common stock (the “Warrants”), as of the close of business on November 18, 2025 (the “Record Date”). Pursuant to the terms of the warrant agreement, dated November 21, 2025, (the “2025 Warrant Agreement”), each holder of record of common stock on the Record Date received a series of three Warrants - Series K (OPENW), Series A (OPENL), and Series Z (OPENZ) - for every 30 shares of common stock held, rounded down to the nearest whole number. The Warrants are listed on the Nasdaq Stock Market LLC and commenced trading on November 24, 2025. At the time of issuance, each Warrant entitled the holder to purchase one share of common stock at exercise prices of $9.00 (Series K Warrant), $13.00 (Series A Warrant), and $17.00 (Series Z Warrant) per Warrant, subject to certain adjustments. The Warrants are initially exercisable only for cash; however, at the Company’s sole discretion, the exercise method may be changed to net exercise. On November 21, 2025, 99,295,146 Warrants were issued and distributed to the holders of record of common stock and 2030 Notes as of the Record Date. The Company estimated the fair value of the Warrants using a Monte Carlo simulation model using the following key inputs: (i) the Company’s closing stock price on the Record Date: $7.52; (ii) Exercise Price: $9.00, $13.00 and $17.00; (iii) simulation term: one year; (iv) risk-free rate: 3.64% (v) expected dividend yield 0.0%; and (vi) volatility: 149.2%. Under the terms of 2025 Warrant Agreement, the Warrants will expire and cease to be exercisable at 5:00 p.m. New York City time on November 20, 2026 (the “Expiration Date”) subject to the Early Expiration Price Condition (defined below). Early Expiration Price Condition and Date for the Warrants Upon the occurrence of the first 30 consecutive trading day period that includes 20 trading days on which the daily volume-weighted average price (“VWAP”) of a share of common stock is at least equal to 120% of the exercise price, subject to certain adjustments provided for in the 2025 Warrant Agreement (such occurrence, the “Early Expiration Price Condition”, and the last of such 20 trading days, the “Early Expiration Price Condition Date”), the Expiration Date of the Warrants would automatically accelerate to the date (the “Early Expiration Date”) that is the business day immediately following the Early Expiration Price Condition Date. Warrants issued to Convertible Senior Notes’ holders Under the terms of both the 2026 Notes and the 2030 Notes, the Company was required to either adjust the respective conversion ratio or issue Warrants to the holders of the notes. The conversion rate for the Company’s 2026 Notes was adjusted in accordance with the terms of the governing indenture for such notes. Refer to “Note 5 - Credit Facilities, Long Term Debt, and Convertible Notes” for the impact on the 2026 Notes conversion rate. In lieu of an adjustment to the conversion rate, holders of the Company’s 2030 Notes received Warrants, at the same time and on the same terms as holders of common stock, without having to convert such holder’s 2030 Notes, as if such holder held a number of shares of common stock, equal to the product of (i) the conversion rate applicable to the 2030 Notes in effect on the Record Date and (ii) the aggregate principal amount (expressed in thousands) of 2030 Notes held by such holder on the Record Date. WARRANTS Marketing Warrants On July 28, 2022, the Company entered into a warrant agreement with Zillow, Inc. (“Zillow”) in connection with a partnership arrangement that allows for Zillow to purchase up to 6 million shares of common stock that will vest in tranches (each, a “Tranche”) upon Zillow providing resale marketing services to the Company. Each Tranche will have an exercise price per share equal to the 30-day trailing VWAP of Opendoor common stock prior to the vesting date of that Tranche, subject to a $15 floor and $30 cap per share. After a Tranche has vested, the Tranche can be exercised via a cash payment or a cashless exercise; provided that the Company has the option to cash settle any exercise. The warrant expires in July 2027, subject to extension for an additional Tranche and early termination under limited circumstances. Zillow began providing marketing services under the partnership arrangement in March 2023. As of December 31, 2025, one Tranche of 300,000 shares of common stock underlying the warrant has vested, and none have been exercised. Warrant Dividends On November 6, 2025, the Company’s board of directors declared a distribution of Warrants to purchase shares of the Company’s common stock. See “Note 11 — Shareholders’ Equity” for additional information regarding the Warrant Dividends.

- Definition

The entire disclosure for equity.

+ References

+ Details

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

SHARE-BASED AWARDS - Schedule of Fair Value Assumptions for ESPP (Details) - $ / shares		12 Months Ended
	Nov. 21, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend	0.00%
Employee Stock Purchase Plan \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, minimum		104.40%	88.70%	101.80%
Volatility, maximum		157.00%	121.10%	119.10%
Risk free rate, minimum		3.82%	4.35%	5.06%
Risk free rate, maximum		4.31%	5.27%	5.47%
Expected dividend		0.00%	0.00%	0.00%
Employee Stock Purchase Plan \| Employee Stock Purchase Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value		$ 0.46	$ 0.83	$ 0.64
Expected life (in years)		6 months	6 months
Employee Stock Purchase Plan \| Employee Stock Purchase Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value		$ 3.16	$ 1.56	$ 2.13
Expected life (in years)		1 year	1 year

NET LOSS PER SHARE - Schedule of Net Loss Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss - basic	$ (1,300)	$ (392)	$ (275)
Net loss – diluted	$ (1,300)	$ (392)	$ (275)
Denominator:
Weighted average shares outstanding - basic (in shares)	766,531	699,457	657,111
Weighted average shares outstanding - diluted (in shares)	766,531	699,457	657,111
Basic net loss per share (in dollars per share)	$ (1.70)	$ (0.56)	$ (0.42)
Diluted net loss per share (in dollars per share)	$ (1.70)	$ (0.56)	$ (0.42)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment as of December 31, 2025 and 2024, consisted of the following (in millions):


	2025		2024
Internally developed software	$	107	$	106
Computers	3		9
Security systems	4		4
Office equipment	1		2
Furniture and fixtures	1		1

Software implementation costs	1		1

Total	117		123
Accumulated depreciation and amortization	(90)		(75)
Property and equipment – net	$	27	$	48

Depreciation and amortization expense of $31 million, $33 million, and $38 million was recorded for the years ended December 31, 2025, 2024 and 2023, respectively.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California
Auditor Firm ID	34

CREDIT FACILITIES, LONG-TERM DEBT, AND CONVERTIBLE NOTES - Capped Calls (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
	Aug. 31, 2025	Dec. 31, 2024	Aug. 31, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Settlement of Capped Calls related to convertible senior notes				$ 1	$ 2	$ 0
Call Option
Debt Instrument [Line Items]
Capped calls cost			$ 119
Capped calls strike price (in dollars per share)			$ 19.23
Capped calls cap price (in dollars per share)			$ 29.59
Capped calls cap price premium			100.00%
Capped calls, percentage settled		75.00%
Settlement of Capped Calls related to convertible senior notes	$ 1	$ 2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - At-The-Market Equity Offering and Private investment in Public Equity Offerings (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Sep. 10, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 31, 2024
Subsidiary, Sale of Stock [Line Items]
Proceeds from the issuance of common stock under at-the-market offering, net		$ 198	$ 0	$ 0
Proceeds from PIPE offering		$ 41	$ 0	$ 0
At-The-Market Equity Offering
Subsidiary, Sale of Stock [Line Items]
Maximum aggregate consideration to be received for sale of stock					$ 200
Issued and sold of shares (in shares)		21,587,667
Common stock price per PIPE Shares (in dollars per share)		$ 9.26
Proceeds from the issuance of common stock under at-the-market offering, net		$ 198
Proceeds from sale of common stock, net of issuance costs		$ 195
Common stock reserved for issuance (in shares)		0
Private Investment in Public Equity Offerings
Subsidiary, Sale of Stock [Line Items]
Proceeds from PIPE offering	$ 41

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Stock-Based Compensation (Details)		3 Months Ended	12 Months Ended
	Nov. 21, 2025	Mar. 31, 2024	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend	0.00%
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Expiration period			10 years
Incentive Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			5 years
Ownership threshold for term maximum			10.00%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend			0.00%
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
RSUs \| Weighted Average \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period		3 years
Market condition RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend			0.00%
Market condition RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period			1 year
Market condition RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period			5 years

RESTRUCTURING - Schedule of Activity in Restructuring Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 7	$ 3	$ 4
Additions charged to expense	10	17	14
Cash payments	(16)	(13)	(15)
Ending balance	1	$ 7	$ 3
2024 Restructuring Activities
Restructuring Reserve [Roll Forward]
Non-cash lease termination costs	$ 1

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

LEASES - Schedule of Components of Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 4	$ 8	$ 11
Variable lease cost	0	1	1
Short-term lease cost	1	0	1
Sublease income	(1)	(1)	(2)
Net lease cost	4	8	11
Cash paid for amounts included in the measurement of operating lease liabilities	(4)	(13)	(14)
Right-of-use assets obtained in exchange for new or acquired lease liabilities	$ 3	$ 4	$ 1

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Loss Per Share, Basic and Diluted


	Year Ended December 31,
	2025		2024		2023
Basic and diluted net loss per share:
Numerator:
Net loss	$	(1,300)	$	(392)	$	(275)



Denominator:
Weighted average shares outstanding – basic and diluted	766,531		699,457		657,111
Basic and diluted net loss per share	$	(1.70)	$	(0.56)	$	(0.42)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Year Ended December 31,
	2025	2024	2023
Market condition RSUs	101,418	—	—
Common stock warrants	99,590	—	—


RSUs	32,698	45,247	60,896
Convertible Senior Notes	26,098	—	—
Options	3,327	7,233	7,820


Employee Stock Purchase Plan	794	2,185	1,992

Total anti-dilutive securities	263,925	54,665	70,708

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

The Company utilizes VIEs in the normal course of business to support the Company’s financing needs. The Company determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with the VIE and reconsiders that conclusion on an on-going basis. See “Note 1 — Description of Business and Accounting Policies” for further discussion of the Company’s “Consolidation of Variable Interest Entities” policy.

The Company established certain special purpose entities (“SPEs”) for the purpose of financing the Company’s purchase and renovation of real estate inventory through the issuance of asset-backed debt. The Company is the primary beneficiary of the various VIEs within these financing structures and consolidates these VIEs. The Company is determined to be the primary beneficiary based on its power to direct the activities that most significantly impact the economic outcomes of the SPEs through its role in designing the SPEs and managing the real estate inventory they purchase and sell. The Company has a potentially significant variable interest in the entities based upon the equity interest the Company holds in the VIEs.

The following table summarizes the assets and liabilities related to the VIEs consolidated by the Company as of December 31, 2025 and 2024 (in millions):


	December 31, 2025		December 31, 2024
Assets

Restricted cash	$	334	$	81
Real estate inventory, net	916		2,141
Other(1)	7		14
Total assets	$	1,257	$	2,236
Liabilities
Non-recourse asset-backed debt	$	1,120	$	1,924
Other(2)	13		24
Total liabilities	$	1,133	$	1,948

________________

(1)Includes escrow receivable and other current assets.

(2)Includes accounts payable and other accrued liabilities and interest payable.

The creditors of the VIEs generally do not have recourse to the Company’s general credit solely by virtue of being creditors of the VIEs. However, certain of the financial covenants included in the inventory financing facilities to which the VIEs are party are calculated by reference to Opendoor Labs Inc. and its consolidated subsidiaries’ assets and liabilities. As a result, under certain circumstances, this may limit the Company’s flexibility to transfer assets from Opendoor subsidiaries to the Parent Company. See “Note 5 — Credit Facilities, Long-Term Debt, and Convertible Notes” for further discussion of the recourse obligations with respect to the VIEs.

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

Description of Business

Opendoor Technologies Inc. (the “Company” and “Opendoor”) including its consolidated subsidiaries and certain variable interest entities (“VIEs”), is a leading e-commerce platform for residential real estate transactions and the largest U.S. iBuyer. By leveraging its centralized digital platform, Opendoor is working towards a future that enables sellers and buyers of residential real estate to experience a simple and certain transaction that is dramatically improved from the traditional process. The Company was incorporated in Delaware on December 30, 2013.

The Company completed a business combination with Social Capital Hedosophia Holdings Corp. II (“SCH”), a Cayman Islands exempted company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Business Combination, pursuant to which Opendoor Labs Inc. became a wholly owned subsidiary of SCH and SCH changed its name from “Social Capital Hedosophia Holdings Corp. II” to “Opendoor Technologies Inc.”, was completed on December 18, 2020 (the “Closing”), and was accounted for as a reverse recapitalization, in accordance with GAAP.

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared pursuant to generally accepted accounting principles in the United States of America (“GAAP”). The consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 include the accounts of Opendoor, its wholly owned subsidiaries and VIEs where the Company is the primary beneficiary. The accompanying consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the periods presented. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements herein.

At-The-Market Equity Offering

In May 2024, the Company entered into an at-the-market equity offering sales agreement (the “ATM Agreement”) with Barclays Capital Inc. and Virtu Americas LLC, as sales agents (the “Agents”), pursuant to which the Company may offer and sell, from time to time, through the Agents, shares of the Company’s common stock having an aggregate offering price of up to $200 million. Under the ATM Agreement, the Agents may sell shares by any method deemed to be an “at-the-market offering.” During the year ended December 31, 2025, the Company issued and sold an aggregate of 21,587,667 shares at a weighted average price of $9.26 per share, under the ATM Agreement for total cash proceeds, after commissions, of approximately $198 million, and Net Proceeds, as defined in the ATM Agreement, of approximately $195 million. As of December 31, 2025, there are no shares available for issuance under the ATM Agreement.

Private Investment in Public Equity Offerings

On September 10, 2025, the Company closed certain private investment in public equity (“PIPE”) offerings and entered into purchase agreements with accredited investors that resulted in aggregate gross cash proceeds to the Company of approximately $41 million. See “Note 17 — Related Parties” to the consolidated financial statements for details regarding the PIPE offerings.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that have a material impact on the amounts reported in the financial statements and accompanying notes. Significant estimates, assumptions and judgments made by management include, among others, share-based awards, and inventory valuation adjustment. Management believes that the estimates and judgments upon which management relies are reasonable based upon information available to management at the time that these estimates and judgments are made. To the extent there are material differences between these estimates, assumptions and judgments and actual results, the carrying values of the Company’s assets and liabilities and the results of operations will be affected. The health of the residential housing

market and interest rate environment have introduced additional uncertainty with respect to judgments, estimates, and assumptions, which may materially impact the estimates previously listed, among others.

Significant Risks and Uncertainties

The Company operates in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, the Company believes that changes in any of the following factors could have a significant negative effect on the Company in terms of its future financial position, results of operations or cash flows: its rates of revenue growth; its ability to manage inventory; engagement and usage of its products; the effectiveness of its investment of resources to pursue strategies; competition in its market; the stability of the residential real estate market; the impact of interest rate changes on demand for and pricing of its products and on the cost of capital; its ability to leverage artificial intelligence (“AI”) to drive operational efficiency; impacts to its business from political and regulatory activity, including recent trade policies, and potential increased tariffs; changes in technology, products, markets or services by the Company or its competitors; its ability to maintain or establish relationships with listings and data providers; its ability to obtain or maintain licenses and permits to support its current and future businesses; actual or anticipated changes to its products and services; changes in government regulation affecting its business; the outcomes of legal proceedings; natural disasters and catastrophic events, such as pandemics or epidemics; scaling and adaptation of existing technology and network infrastructure; its management of its growth; its ability to attract and retain qualified employees and key personnel; its ability to successfully integrate and realize the benefits of its past or future strategic acquisitions or investments; the protection of customers’ information and other privacy concerns; the protection of its brand and intellectual property; and intellectual property infringement and other claims, among other things.

Concentrations of Credit Risk

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, restricted cash, and investments in non-marketable securities. The Company places cash and cash equivalents and investments with major financial institutions, which management assesses to be of high credit quality, in order to limit exposure of the Company’s investments.

Summary of Significant Accounting Policies

Segment Reporting

For the years ended December 31, 2025, 2024, and 2023, the Company was managed as a single operating and reportable segment on a consolidated basis. Furthermore, the Company determined that the Chief Executive Officer is the Chief Operating Decision Maker (“CODM”) as the CEO is responsible for making decisions regarding the allocation of resources and assessing performance, as well as for strategic operational decisions and managing the organization at a consolidated level.

Cash and Cash Equivalents

Cash includes demand deposits with financial institutions and cash items in transit. Cash equivalents include only investments with initial maturities of three months or less that are highly liquid and readily convertible to known amounts of cash. The Company maintains portions of the Company’s cash in bank deposit accounts, which, at times, may exceed federally insured limits. Management believes that the Company is not exposed to any significant credit risk related to cash deposits.

Restricted Cash

Restricted cash consists primarily of funds held in operating, collection, disbursement and reserve accounts related to the Company’s credit facilities and entities established for such credit facilities. The use of the restricted cash balance related to the Company’s credit facilities are constrained by contract to purchasing real estate inventory and certain related activities.

Investments

Marketable Securities

The Company’s investments in marketable securities consisted of marketable equity securities. Marketable equity securities are publicly traded and have readily determinable fair values with changes in fair value recorded in Other income – net.

Non-Marketable Equity Securities and Equity Method Investments

Non-marketable equity securities and equity method investments are investments in privately held companies that do not have readily determinable fair values. These securities are accounted for under one of the following accounting methods:

•Equity method: This method is applied when the Company has the ability to exert significant influence over the investee. The securities are recorded at cost and adjusted for the Company’s share of the investee’s earnings or losses, less any dividends received and/or impairments.

•Measurement alternative: This method is followed for all remaining non-marketable equity securities. These securities are recorded at cost minus impairment, if any, adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer.

Realized and unrealized gains and losses or the Company's share of the investee's earnings or losses on non-marketable equity securities, including impairment losses, are recognized in Other income – net. Any dividends on equity method investments are recognized as a reduction of the investment's carrying value. Non-marketable equity securities and equity method investments are reported in Other assets.

The Company assesses whether an impairment loss on its non-marketable equity securities has occurred due to declines in fair value or other market conditions. When the fair value of an equity method investment is less than its carrying value, the Company writes down the investment to fair value when the decline in value is considered to be other than temporary. When the fair value of an investment accounted for using the measurement alternative is less than its carrying value, the Company writes down the investment to its fair value, without the consideration of recovery. See “Note 3 — Cash, Cash Equivalents, and Investments” for further discussion.

Real Estate Inventory

Real estate inventory is carried at the lower of cost or net realizable value and the Company applies the specific identification method whereby each property constitutes the unit of account. Real estate inventory cost includes but is not limited to the property purchase price, acquisition costs and direct costs to renovate or repair the home, less inventory valuation adjustments, if any. Work-in-progress inventory includes homes undergoing repairs and finished goods inventory includes homes that are listed for sale, including homes ready for listing, and homes under contract for sale. Real estate inventory is reviewed for valuation adjustments at least quarterly. If the carrying amount or cost basis is not expected to be recovered, an inventory valuation adjustment is recorded to Cost of revenue and the related assets are adjusted to their net realizable value.

Convertible Senior Notes

The Company accounts for each series of its convertible senior notes wholly as debt. The Company has not identified any material embedded features contained within its notes which would require bifurcation, and therefore, separate treatment as derivative instruments. As applicable, any debt discount and debt issuance costs incurred in connection with the issuance of the notes are recorded as a direct deduction from the carrying amount of the notes. These amounts are amortized to interest expense using the effective interest method over the expected term of the notes, or if applicable, to the earliest date the noteholder may exercise a put option. Upon conversion, the carrying amount of the notes, including any unamortized debt issuance costs and unamortized discounts, are reduced by cash paid, with any difference being reflected as a change in equity. No gain or loss will be recognized upon conversion. Upon extinguishment of any portion of the notes, the difference between the reacquisition price of the extinguished notes and the respective net carrying amount is recorded as a gain or loss in (Loss) gain on extinguishment

of debt in the consolidated statements of operations. See “Note 5 — Credit Facilities, Long-Term Debt, and Convertible Notes” for further details on the Company's notes.

Capped Calls

The Company purchased certain capped calls in connection with the issuance of the 2026 Notes (the “Capped Calls”) which it expected to reduce potential dilution from conversions of the 2026 Notes. The Capped Calls were determined to be freestanding financial instruments that met the criteria for classification in equity; as such, the Capped Calls were recorded as a reduction of additional paid-in capital within shareholders' equity and were not subsequently remeasured.

Escrow Receivable

Escrow receivable consists of proceeds from home resale held in escrow prior to such proceeds being remitted to the Company. The Company reviews the need for an allowance for credit losses quarterly based on historical collections experience, among other factors. As of December 31, 2025 and 2024, the Company did not record an allowance for credit losses and for the years ended December 31, 2025, 2024 and 2023, the Company did not have any material write-offs.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Property and equipment are capitalized and depreciated. Depreciation is calculated using the straight-line method over the estimated useful lives of assets. Maintenance and repair costs are charged to expense as incurred. The estimated useful lives of the Company’s property and equipment are as follows:


Internally developed software			2 years
Software implementation costs			Lesser of 3 years or contract term
Computers			2 years
Security systems			1 year
Furniture and fixtures			5 years
Leasehold improvements			Lesser of useful life or lease term
Office equipment			3 years

Leases

The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period in exchange for consideration. Control over the use of the identified assets means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset.

For leases for which the Company is the lessee, the Company recognizes right-of-use assets and lease liabilities for all leases other than those with a term of 12 months or less as the Company has elected to apply the short-term lease recognition exemption. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term. Lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are classified and recognized at the commencement date of a lease. Lease liabilities are measured based on the present value of fixed lease payments over the lease term. Right-of-use assets consist of (i) initial measurement of the lease liability; (ii) lease payments made to the lessor at or before the commencement date less any lease incentives received; and (iii) initial direct costs incurred by the Company. Lease payments may vary because of changes in facts or circumstances occurring after the commencement, including changes in inflation indices. Variable lease payments are excluded from the measurement of right-of-use assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred.

As the rates implicit on the Company’s leases for which it is the lessee are not readily determinable, the Company uses its incremental borrowing rate based on information available at the commencement date in determining the present value of lease

payments. When determining the incremental borrowing rate, the Company assesses multiple variables such as lease term, collateral, economic conditions, and its creditworthiness.

For operating leases, the Company recognizes straight-line rent expense.

The Company’s lease arrangements may include options to extend or early terminate a lease, which it does not include in expected lease terms unless they are reasonably certain to be exercised. The Company has lease arrangements with lease and non-lease components. As a lessee, the Company has elected to apply the practical expedient to combine lease and related non-lease components, for all classes of underlying assets, and shall account for the combined component as a lease component.

Internally Developed Software

For software the Company develops for internal use, the costs incurred in the preliminary stages of development are expensed as incurred. Once an application reaches the development stage, the Company capitalizes direct costs incurred (including internal and external) to property and equipment. Maintenance and on-going operating costs of developed applications are expensed as incurred. Amortization expense is recognized on a straight-line basis into technology and development expense.

Goodwill

Goodwill represents the difference between the purchase price and the fair value of assets acquired and liabilities assumed in a business combination. Goodwill is not amortized. The Company has a single reporting unit and management reviews goodwill for impairment annually on the first day of the third quarter and also if events or changes in circumstances indicate the occurrence of a triggering event. Goodwill is reviewed for impairment by initially considering qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, as a basis for determining whether it is necessary to perform a quantitative analysis. If it is determined that it is more likely than not that the fair value of reporting unit is less than its carrying amount, a quantitative analysis is performed to identify goodwill impairment.

Warrant Dividends

Warrant dividends are accounted for in accordance with ASC 815, Derivative and Hedging. The warrants are classified as equity financial instruments as they are indexed to the Company’s common stock and require settlement in shares with no net cash settlement provisions. The Company records the issuance of the warrants to additional paid in capital on the consolidated balance sheets based on the fair value of the warrants. No fair value remeasurement of the warrants, as equity instruments, is required in subsequent periods.

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment and definite-lived intangible assets, among other long-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. The impairment loss recognized for the periods presented is primarily related to abandonment of certain internally developed software projects. The impairment loss recognized during the periods presented is as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
General and administrative	$	—	$	—	$	1
Technology and development	4		7		9
Total impairment loss	$	4	$	7	$	10

Revenue Recognition

The Company generates revenue through home sales, along with other revenue from ancillary real estate services in the United States. Other revenue represents an insignificant portion of the Company’s total revenue.

The Company recognizes revenue when it satisfies its performance obligations by transferring control of promised goods or services to its customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

Home sales revenue consists of selling residential real estate to customers. Revenue is recognized when title to and possession of the property has transferred to the customer and the Company has no continuing involvement with the property, which is generally upon close of escrow. The amount of revenue recognized for each home sale is equal to the sale price of the home net of any concessions.

Other revenue consists primarily of title insurance and escrow services, and real estate broker commissions. These real estate services are provided in conjunction with home sales, and revenue is recognized consistent with home sales revenue, generally upon close of escrow.

No customers generated 10% or more of the Company’s total revenue in the years ended December 31, 2025, 2024 or 2023.

Cost of Revenue

Cost of revenue includes the property purchase price, acquisition costs, direct costs to renovate or repair the home and inventory valuation adjustments, if any. These costs are accumulated in real estate inventory during the property holding period and charged to cost of revenue under the specific identification method when the property is sold. Additionally, for the Company’s revenues other than home sales revenue, cost of revenue consists of any costs incurred in delivering the service including associated headcount expenses such as salaries, benefits, and stock-based compensation.

Sales, Marketing and Operations Expense

Sales, marketing and operations expense consists primarily of resale broker commissions, resale closing costs, holding costs related to real estate inventory including property taxes, insurance, utilities, homeowners association dues and maintenance, and expenses associated with product marketing, promotions and brand-building. Sales, marketing and operations expense also includes any headcount expenses in support of sales, marketing, and real estate inventory operations such as salaries, benefits, and stock-based compensation. These costs are expensed as incurred.

Advertising costs are expensed as incurred. For the years ended December 31, 2025, 2024, and 2023, expenses attributable to advertising totaled $47 million, $86 million, and $75 million, respectively.

General and Administrative Expense

General and administrative expense consists primarily of headcount expenses, including salaries, benefits and stock-based compensation for our executive, finance, human resources, legal and administrative personnel, third-party professional services fees and rent expense.

Technology and Development

Technology and development expense consists primarily of employee-related expenses for product development, design, data analytics and engineering, including salaries, benefits and stock-based compensation, as well as contractor and consultant fees, third-party software and hosting costs, and amortization of internally developed software.

Stock-Based Compensation

Stock-based compensation awards consist of stock options, restricted stock units (“RSUs”), market condition restricted stock units (“market condition RSUs”) and shares issued pursuant the 2020 Employee Stock Purchase Plan (“ESPP”).

Stock Options

The Company has granted stock options with a service condition to vest, which is generally four years, and are generally exercisable over a maximum term of 10 years from the date of grant. Incentive stock options granted to a 10% shareholder are exercisable over a maximum term of five years from the date of grant. Option awards are generally granted with an exercise price equal to the fair value of the Company’s common stock at the date of grant. The Company records stock-based compensation expense for service-based stock options on a straight-line basis over the requisite service period. These amounts are reduced by forfeitures as they occur. The Company uses the Black-Scholes-Merton option-pricing model to determine the fair value as of the grant date for stock options.

RSUs

The Company grants RSUs subject to a service condition to vest, which is generally two to four years. Compensation expense is recognized on a straight-line basis subject to a floor of the vested number of shares for each award. The Company determines the fair value of RSUs based on the Company’s grant date closing stock price and recognizes forfeitures as they occur. In the quarter ended March 31, 2024, the Company began granting RSUs to certain executive employees that contain a performance condition and service condition to vest. The Company reassesses the probability of achieving the performance condition at each reporting date during the performance period. If the award is deemed probable of being earned, compensation expense is recognized on an accelerated attribution basis over the requisite service period of the award, which is generally three years. If all, or a portion, of the award is not expected to be earned, the appropriate amount of previously recognized compensation expense is reversed and future compensation is adjusted accordingly.

Market Condition RSUs

The Company has granted certain employees dual-trigger RSUs with vesting conditions including both an applicable market condition as well as a service condition. As described in the share agreement, the applicable market condition is satisfied upon the Company's achievement of certain share price milestones, while the service condition is satisfied through continued service to the Company.

For market-condition RSUs, the Company determines the grant-date fair value utilizing Monte Carlo simulations, which incorporate various assumptions, including expected stock price volatility, contractual term, dividend yield, and stock price at grant date. The Company estimates the volatility of common stock on the date of grant based on the Company’s historical stock price volatility. As the Company had no history of dividend payments and had not declared any prospective dividends, a 0% dividend yield was assumed.

For stock-based compensation, each market condition is treated as an accounting unit and expense is recognized over the requisite service period with respect to each unit. The Company determines the requisite service period by comparing the derived service period to achieve the market-based condition and the explicit service-based period, if any, using the longer of the two service periods as the requisite service period.

ESPP

The Company recognizes stock-based compensation expense related to purchase rights granted pursuant to the 2020 ESPP on a straight-line basis over the offering period. The Company estimates the fair value of purchase rights granted under the ESPP using the Black-Scholes-Merton option-pricing model.

Income Taxes

The Company records income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the financial statement and income

tax basis of existing assets and liabilities. These differences are measured using the enacted statutory tax rates that are expected to apply to taxable income for the years in which differences are expected to reverse. The Company recognizes the effect on deferred income taxes of a change in tax rates in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions on the basis of a two-step process whereby: (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority.

Consolidation of Variable Interest Entities

The Company is a variable interest holder in certain entities in which equity investors at risk do not have the characteristics of a controlling financial interest or where the entity does not have enough equity at risk to finance its activities without additional subordinated financial support from other parties; these entities are VIEs. The Company’s variable interest arises from contractual, ownership or other monetary interest in the entity, which fluctuates based on the VIE’s economic performance. The Company consolidates a VIE if it is the primary beneficiary. The Company is the primary beneficiary if it has a controlling financial interest, which includes both the power to direct the activities that most significantly impact the economic performance of the VIE and a variable interest that obligates the Company to absorb losses or the right to receive benefits that potentially could be significant to the VIE. To determine whether a variable interest the Company holds could potentially be significant to the VIE, the Company considers both qualitative and quantitative factors regarding the nature, size and form of its involvement with the VIE. The Company assesses whether or not the Company is the primary beneficiary of a VIE on an ongoing basis.

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

In the year ended December 31, 2025, the Company adopted ASU 2023‑09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires enhanced income tax disclosures, including greater disaggregation in the rate reconciliation and additional information about income taxes paid. Specifically, ASU 2023‑09 requires public business entities to provide more detailed categories in the reconciliation of the statutory tax rate to the effective tax rate and to disclose income taxes paid disaggregated by federal, state, and foreign jurisdictions, as well as by individually significant jurisdictions. The guidance also requires disclosure of pre‑tax income (loss) and income tax expense (benefit) disaggregated between domestic and foreign operations. The Company applied the new guidance prospectively to the current annual period only. Adoption of ASU 2023‑09 did not have a material impact on the Company’s consolidated financial position or results of operations, but resulted in expanded income tax disclosures in the notes to the consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

In October 2023, the FASB issued ASU 2023-06 which is intended to clarify or improve disclosure and presentation requirements of a variety of topics. It will allow users to more easily compare entities subject to the U.S Securities and Exchange Commission’s (“SEC”) existing disclosures with those entities that were not previously subject to the requirements and align the requirements in the FASB accounting standard codification with the SEC’s regulations. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, or if the SEC has not removed the applicable disclosure requirement by June 30, 2027, the amendment will not be effective for any entity. Early adoption is prohibited. The Company is currently assessing the impact on the Company's disclosures.

In November 2024, the FASB issued ASU 2024-03, which is intended to improve the disclosures about a public business entity’s expenses and provide detailed information about the types of expenses in commonly presented expense captions. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, and early adoption is permitted. The Company is currently assessing the impact on the Company's consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software, to modernize the outdated guidance for accounting for software costs by aligning the accounting with how software is developed today. This guidance is effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2025-06 should be applied either prospectively, retrospectively, or utilizing a modified transition approach. The Company is currently assessing the impact on the Company's consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-07. This update clarifies the application of derivative accounting to certain contracts and refines the guidance for share-based noncash consideration received from customers. Specifically, ASU 2025-07 introduces a scope exception for contracts that are not exchange-traded and whose underlying is tied to operations or activities specific to one party. It also clarifies that share-based noncash consideration from a customer should initially be accounted for under Topic 606 until the right to receive or retain such consideration becomes unconditional, at which point financial instruments guidance may apply. The effective date for the standard is for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2025-07 should be applied either prospectively or by utilizing a modified retrospective approach. The Company is currently assessing the impact on the Company's consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements. This update clarifies interim disclosure requirements and centralizes such requirements within Topic 270. Among other changes, ASU 2025‑11 introduces a disclosure principle requiring entities to provide information about significant events or changes since the end of the last annual reporting period that have a material impact, clarifies when duplicative annual disclosures may be omitted from interim reports, and aligns interim reporting requirements with applicable SEC guidance for registrants. This guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in ASU 2025‑11 should be applied prospectively. The Company is currently assessing the impact on the Company’s consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU 2025‑12, Codification Improvements. This update addresses shareholder suggestions on the Accounting Standards Codification and makes other incremental improvements to U.S. GAAP. The amendments make codification updates to a broad range of topics arising from technical corrections, unintended application of the codification, clarifications and other minor improvements. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual periods. Early adoption is permitted and may be elected on an issue‑by‑issue basis. The amendments in ASU 2025‑12 are to be applied prospectively. The Company is currently assessing the impact on the Company’s consolidated financial statements and disclosures.

LEASES - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	May 31, 2025	Dec. 31, 2024	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Term of contract			11 years
Future lease payment decrease		$ 8
Right-of-use assets and lease liabilities		13
Early termination fees paid		4
Lease termination expense		$ 3
Tempe, Arizona Office
Lessee, Lease, Description [Line Items]
Future lease payment decrease	$ 10
Loss on termination of lease	1
Reduction in operating lease right-of-use asset	8
Reduction in operating lease liabilities	7
Reduction in other associated costs	$ 2

WARRANTS	12 Months Ended
WARRANTS	Dec. 31, 2025
Equity [Abstract]
WARRANTS	SHAREHOLDERS’ EQUITY Common Stock Pursuant to the Company’s certificate of incorporation, the Company is authorized to issue 3,000,000,000 shares of common stock with a par value of $0.0001 per share. Preferred Stock Pursuant to the Company’s certificate of incorporation, the Company is authorized to issue 100,000,000 shares of preferred stock having a par value of $0.0001 per share (“Opendoor Technologies Preferred Stock”). The Company’s board of directors has the authority to issue Opendoor Technologies Preferred Stock and to determine the rights, preferences, privileges and restrictions, including voting rights, of those shares. As of December 31, 2025, there were no shares of Opendoor Technologies Preferred Stock issued and outstanding. Dividend Common stock is entitled to dividends when and if declared by the Company’s board of directors, subject to the rights of all classes of stock outstanding having priority rights to dividends. The Company has not paid any cash dividends on common stock to date. The Company may retain future earnings, if any, for the further development and expansion of its business and has no current plans to pay cash dividends for the foreseeable future. Any future determination to pay dividends will be made at the discretion of the Company’s board of directors and will depend on, among other things, the Company’s financial condition, results of operations, capital requirements, restrictions contained in future agreements and financing instruments, business prospects and such other factors as the Company’s board of directors may deem relevant. Warrant Dividends On November 6, 2025, the Company declared a special dividend in the form of warrants to the holders of record of our common stock (the “Warrants”), as of the close of business on November 18, 2025 (the “Record Date”). Pursuant to the terms of the warrant agreement, dated November 21, 2025, (the “2025 Warrant Agreement”), each holder of record of common stock on the Record Date received a series of three Warrants - Series K (OPENW), Series A (OPENL), and Series Z (OPENZ) - for every 30 shares of common stock held, rounded down to the nearest whole number. The Warrants are listed on the Nasdaq Stock Market LLC and commenced trading on November 24, 2025. At the time of issuance, each Warrant entitled the holder to purchase one share of common stock at exercise prices of $9.00 (Series K Warrant), $13.00 (Series A Warrant), and $17.00 (Series Z Warrant) per Warrant, subject to certain adjustments. The Warrants are initially exercisable only for cash; however, at the Company’s sole discretion, the exercise method may be changed to net exercise. On November 21, 2025, 99,295,146 Warrants were issued and distributed to the holders of record of common stock and 2030 Notes as of the Record Date. The Company estimated the fair value of the Warrants using a Monte Carlo simulation model using the following key inputs: (i) the Company’s closing stock price on the Record Date: $7.52; (ii) Exercise Price: $9.00, $13.00 and $17.00; (iii) simulation term: one year; (iv) risk-free rate: 3.64% (v) expected dividend yield 0.0%; and (vi) volatility: 149.2%. Under the terms of 2025 Warrant Agreement, the Warrants will expire and cease to be exercisable at 5:00 p.m. New York City time on November 20, 2026 (the “Expiration Date”) subject to the Early Expiration Price Condition (defined below). Early Expiration Price Condition and Date for the Warrants Upon the occurrence of the first 30 consecutive trading day period that includes 20 trading days on which the daily volume-weighted average price (“VWAP”) of a share of common stock is at least equal to 120% of the exercise price, subject to certain adjustments provided for in the 2025 Warrant Agreement (such occurrence, the “Early Expiration Price Condition”, and the last of such 20 trading days, the “Early Expiration Price Condition Date”), the Expiration Date of the Warrants would automatically accelerate to the date (the “Early Expiration Date”) that is the business day immediately following the Early Expiration Price Condition Date. Warrants issued to Convertible Senior Notes’ holders Under the terms of both the 2026 Notes and the 2030 Notes, the Company was required to either adjust the respective conversion ratio or issue Warrants to the holders of the notes. The conversion rate for the Company’s 2026 Notes was adjusted in accordance with the terms of the governing indenture for such notes. Refer to “Note 5 - Credit Facilities, Long Term Debt, and Convertible Notes” for the impact on the 2026 Notes conversion rate. In lieu of an adjustment to the conversion rate, holders of the Company’s 2030 Notes received Warrants, at the same time and on the same terms as holders of common stock, without having to convert such holder’s 2030 Notes, as if such holder held a number of shares of common stock, equal to the product of (i) the conversion rate applicable to the 2030 Notes in effect on the Record Date and (ii) the aggregate principal amount (expressed in thousands) of 2030 Notes held by such holder on the Record Date. WARRANTS Marketing Warrants On July 28, 2022, the Company entered into a warrant agreement with Zillow, Inc. (“Zillow”) in connection with a partnership arrangement that allows for Zillow to purchase up to 6 million shares of common stock that will vest in tranches (each, a “Tranche”) upon Zillow providing resale marketing services to the Company. Each Tranche will have an exercise price per share equal to the 30-day trailing VWAP of Opendoor common stock prior to the vesting date of that Tranche, subject to a $15 floor and $30 cap per share. After a Tranche has vested, the Tranche can be exercised via a cash payment or a cashless exercise; provided that the Company has the option to cash settle any exercise. The warrant expires in July 2027, subject to extension for an additional Tranche and early termination under limited circumstances. Zillow began providing marketing services under the partnership arrangement in March 2023. As of December 31, 2025, one Tranche of 300,000 shares of common stock underlying the warrant has vested, and none have been exercised. Warrant Dividends On November 6, 2025, the Company’s board of directors declared a distribution of Warrants to purchase shares of the Company’s common stock. See “Note 11 — Shareholders’ Equity” for additional information regarding the Warrant Dividends.

- Definition

The entire disclosure for equity.

+ References

+ Details

SHARE-BASED AWARDS (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of the Stock Option Activity

A summary of the stock option activity for the year ended December 31, 2025, is as follows:


	Number of Options (in thousands)	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Balance – December 31, 2024	7,233	$	2.51	2.4	$	2

Exercised	(3,167)	2.17

Expired	(739)	3.34
Balance – December 31, 2025	3,327	2.65		2.1	$	11
Exercisable – December 31, 2025	3,327	2.65		2.1	$	11

Schedule of the RSU Activity

A summary of the RSU activity for the year ended December 31, 2025, is as follows:


	Number of RSUs (in thousands)	Weighted- Average Grant-Date Fair Value
Unvested and outstanding – December 31, 2024	45,247	$	2.77
Granted	41,275	2.87
Vested	(24,349)	2.72
Forfeited	(29,475)	2.20
Unvested and outstanding – December 31, 2025	32,698	$	3.45

A summary of the market condition RSU activity for the year ended December 31, 2025, is as follows:


	Number of RSUs (in thousands)	Weighted- Average Grant-Date Fair Value
Unvested and outstanding – December 31, 2024	—	$	—
Granted	101,418	8.36


Unvested and outstanding – December 31, 2025	101,418	$	8.36

Schedule of Assumptions Used in the Black-Scholes Model for Employee and non-Employee Stock Options

The following assumptions were applied in the model to estimate the grant date fair value of the awards.


	Year Ended December 31, 2025

Volatility	110.0% - 110.5%
Risk-free rate	3.58% - 3.68%
Term (in years)	4.7 - 5
Expected dividend	$	—

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair value of ESPP purchase rights is estimated at the date of grant using the Black-Scholes-Merton option-pricing valuation model. The following assumptions were applied in the model to estimate the grant-date fair value of the ESPP.


	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Fair value	$0.46 - $3.16		$0.83 - $1.56		$0.64 - $2.13
Volatility	104.4% - 157.0%		88.7% - 121.1%		101.8% - 119.1%
Risk-free rate	3.82% - 4.31%		4.35% - 5.27%		5.06% - 5.47%
Expected life (in years)	0.5 - 1		0.5 - 1		0.5 - 1
Expected dividend	$	—	$	—	$	—

Schedule of Stock-Based Compensation Expense in the Statements of Operations

The following table summarizes total stock-based compensation expense by function as presented in the consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023, as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
General and administrative	$	142	$	62	$	63
Sales, marketing and operations	7		13		16
Technology and development	10		39		47
Total stock-based compensation expense	$	159	$	114	$	126

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reportable Segment’s Expenses and Net Loss

The table below highlights the Company’s reportable segment’s expenses and net loss for the years ended December 31, 2025, 2024, and 2023 (in millions):


	Year Ended December 31,
	2025		2024		2023
Revenue	$	4,371	$	5,153	$	6,946
Less:
Cost of revenue	(4,021)		(4,720)		(6,459)
Direct selling costs(1)	(123)		(132)		(197)
Holding costs(2)	(71)		(58)		(116)
Advertising and other marketing expense(3)	(47)		(90)		(80)
Operations(4)	(56)		(74)		(80)
Fixed operating expense(5)	(142)		(209)		(259)
CEO make-whole provision(6)	(5)		—		—
Stock-based compensation	(56)		(114)		(126)
Stock-based compensation for market conditions RSUs	(103)		—		—
Interest expense	(131)		(133)		(211)
Interest income	39		53		106
Other(7)	(955)		(68)		201
Net loss	$	(1,300)	$	(392)	$	(275)

________________

FAIR VALUE DISCLOSURES - Narrative (Details) - Fair Value, Recurring - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets measured at fair value on a recurring basis	$ 0	$ 8,000,000
Liabilities measured at fair value on a recurring basis	$ 0

WARRANTS (Details) - Zillow, Inc. - Marketing Warrants	Jul. 28, 2022 d $ / shares shares	Dec. 31, 2025 shares
Class of Warrant or Right [Line Items]
Number of shares authorized to be purchased by warrant agreement (in shares) \| shares	6,000,000
Volume-weighted average price, days \| d	30
Warrants to purchase shares (in shares) \| shares		300,000
Minimum
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share) \| $ / shares	$ 15
Maximum
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share) \| $ / shares	$ 30

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Private Investment in Public Equity Offerings	At-The-Market Equity Offering	Common Stock	Common Stock Private Investment in Public Equity Offerings	Common Stock At-The-Market Equity Offering	Additional Paid-in Capital	Additional Paid-in Capital Private Investment in Public Equity Offerings	Additional Paid-in Capital At-The-Market Equity Offering	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022				637,387,025
Beginning balance at Dec. 31, 2022	$ 1,086			$ 0			$ 4,148			$ (3,058)	$ (4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for settlement of RSUs, net of shares withheld for participant taxes (in shares)				35,562,197
Issuance of common stock for settlement of RSUs, net of shares withheld for participant taxes	(1)						(1)
Exercise of stock options (in shares)				2,535,147
Exercise of stock options	3						3
Issuance of common stock under employee stock purchase plan, net of shares withheld for participant taxes (in shares)				2,151,794
Issuance of common stock under employee stock purchase plan, net of shares withheld for participant taxes	2						2
Stock-based compensation	149						149
Other comprehensive income	3										3
Net loss	(275)									(275)
Ending balance (in shares) at Dec. 31, 2023				677,636,163
Ending balance at Dec. 31, 2023	967			$ 0			4,301			(3,333)	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for settlement of RSUs, net of shares withheld for participant taxes (in shares)				38,860,600
Issuance of common stock for settlement of RSUs, net of shares withheld for participant taxes	1						1
Exercise of stock options (in shares)				422,561
Issuance of common stock under employee stock purchase plan, net of shares withheld for participant taxes (in shares)				3,070,797
Issuance of common stock under employee stock purchase plan, net of shares withheld for participant taxes	5						5
Settlement of Capped Calls related to the 2026 Notes	2						2
Stock-based compensation	129						129
Other comprehensive income	1										1
Net loss	$ (392)									(392)
Ending balance (in shares) at Dec. 31, 2024	719,990,121			719,990,121
Ending balance at Dec. 31, 2024	$ 713			$ 0			4,438			(3,725)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for settlement of RSUs, net of shares withheld for participant taxes (in shares)				24,165,731
Issuance of common stock for settlement of RSUs, net of shares withheld for participant taxes	2						2
Issuance of common stock in connection with the repurchase of convertible notes (in shares)				180,580,200
Issuance of common stock in connection with the repurchase of convertible notes	1,184						1,184
Issuance of common stock upon exercise of warrants (in shares)				4,921
Fair value of dividend warrants issued	$ 0						8			(8)
Exercise of stock options (in shares)	3,167,000			3,166,957
Exercise of stock options	$ 4						4
Issuance of common stock under employee stock purchase plan, net of shares withheld for participant taxes (in shares)				1,584,478
Issuance of common stock under employee stock purchase plan, net of shares withheld for participant taxes	2						2
Issuance of common stock in connection with PIPE offering and under at-the-market offering, net of equity issuance costs (in shares)			21,587,667		6,165,412	21,587,667
Issuance of common stock in connection with PIPE offering and under at-the-market offering, net of equity issuance costs		$ 41	$ 195					$ 41	$ 195
Settlement of Capped Calls related to the 2026 Notes	1						1
Stock-based compensation	163						163
Net loss	$ (1,300)									(1,300)
Ending balance (in shares) at Dec. 31, 2025	957,245,487			957,245,487
Ending balance at Dec. 31, 2025	$ 1,005			$ 0			$ 6,038			$ (5,033)	$ 0

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Accruals and reserves	$ 14	$ 14
Inventory	15	25
Tax credits	49	49
Lease Liabilities	2	57
Section 174 capitalization	42	74
Goodwill	7	7
Net operating loss	743	633
Total deferred tax assets	872	859
Less: Valuation allowance	(868)	(795)
Deferred tax assets, net of valuation allowance	4	64
Deferred tax liabilities:
Depreciation and amortization	(2)	(7)
Right-of-use assets	(2)	(57)
Deferred tax liabilities	(4)	(64)
Net deferred tax assets and liabilities	$ 0	$ 0

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Shrisha Radhakrishna [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table describes contracts, instructions or written plans for the sale or purchase of our securities that were intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” by our directors or executive officers during the three-month period ended December 31, 2025.

Trading Arrangement

Action

Date

Rule 10b5-1 (1)

Non-Rule 10b5-1 (2)

Maximum Shares to be Sold

Expiration Date

Shrisha Radhakrishna (Chief Technology & Product Officer and former President)(3)

Adopt

11/26/2025

2,861,250(4)

12/1/2026

______________

(1)Intended to satisfy the affirmative defense of Rule 10b5-1(c)

(2)Not intended to satisfy the affirmative defense of Rule 10b5-1(c)

(3)As of December 10, 2025, Mr. Radhakrishna is no longer an officer as defined in Rule 16a-1.

(4)At the time of adoption, the maximum number of shares that could be sold was unknown. The Rule 10b5-1 trading arrangement contemplated, as of the adoption date, the sale of up to 2,826,250 shares of common stock subject to RSUs previously granted to Mr. Radhakrishna that will vest or vested at various dates between November 15, 2025 and November 15, 2026, 35,000 shares held directly by Mr. Radhakrishna, as well as an unknown number of shares to be purchased in the future pursuant to the Company’s Employee Stock Purchase Plan. The aggregate number of Mr. Radhakrishna’s RSU shares that will be available for sale under the plan is not yet determinable because the shares available will be net of shares sold to satisfy tax withholding obligations that arise in connection with the vesting and settlement of such RSU awards.

Name

Shrisha Radhakrishna

Title

Chief Technology & Product Officer and former President

Rule 10b5-1 Arrangement Adopted

true

11/26/2025

12/1/2026

370 days

2,861,250

CONDENSED FINANCIAL INFORMATION - CONDENSED STATEMENTS OF OPERATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING EXPENSES:
General and administrative	$ 238	$ 182	$ 206
Total operating expenses	637	753	873
LOSS FROM OPERATIONS	(287)	(320)	(386)
INTEREST EXPENSE	(131)	(133)	(211)
LOSS BEFORE INCOME TAXES	(1,300)	(391)	(274)
Income tax expense	0	(1)	(1)
Net loss	(1,300)	(392)	(275)
Parent Company
OPERATING EXPENSES:
General and administrative	7	14	8
Total operating expenses	7	14	8
LOSS FROM OPERATIONS	(7)	(14)	(8)
(Loss) gain on extinguishment of debt	(923)	0	225
INTEREST EXPENSE	(17)	(3)	(5)
LOSS BEFORE INCOME TAXES	(947)	(17)	212
Income tax expense	0	0	0
Earnings of subsidiaries	(353)	(375)	(487)
Net loss	$ (1,300)	$ (392)	$ (275)

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Non-marketable Equity Securities and Equity Method Investment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Equity method investments	$ 20	$ 20
Non-marketable equity securities	48	39
Total	$ 68	$ 59

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

NET LOSS PER SHARE - Narrative (Details) - USD ($)	12 Months Ended
NET LOSS PER SHARE - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Dividends declared or paid	$ 0	$ 0	$ 0
Preferred dividends declared	$ 0	$ 0	$ 0

REAL ESTATE INVENTORY - Schedule of Real Estate Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Work-in-progress	$ 249	$ 577
Finished goods:
Listed for sale	484	1,302
Under contract for sale	192	280
Total real estate inventory	$ 925	$ 2,159

SHARE-BASED AWARDS

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

SHARE-BASED AWARDS

2014 Stock Plan

Our 2014 Stock Plan (the “2014 Plan”), as last amended and approved by the board of directors on February 6, 2020, allowed the Company to grant up to 106,320,623 shares of common stock to employees, directors, and non-employees pursuant to awards of stock options, restricted stock or restricted stock units (“RSUs”) granted under the 2014 Plan. Upon the Closing, the remaining unallocated share reserve under the 2014 Plan was cancelled and no new awards will be granted under the 2014 Plan. Awards outstanding under the 2014 Plan were assumed by Opendoor Technologies upon the Closing and continue to be governed by the terms of the 2014 Plan. As of December 31, 2025, the only awards remaining under the 2014 Plan are unexercised stock options.

2020 Equity Incentive Plans

In connection with the close of the Business Combination, the Company adopted the 2020 Incentive Award Plan (the “2020 Plan”) under which 43,508,048 shares of common stock were initially reserved for issuance. The 2020 Plan allows for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents and other stock or cash based awards. The number of shares of the Company’s common stock available for issuance under the 2020 Plan automatically increases on the first day of each calendar year, beginning January 1, 2022 and ending on and including January 1, 2030, by the lesser of (a) a number equal to the excess (if any) of (1) 5% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year over (2) the number of shares of common stock then reserved for issuance under the 2020 Plan as of such date, and (b) such smaller number of shares determined by the Company’s board of directors. Pursuant to this automatic increase provision, as of December 31, 2025, 154,969,574 shares of common stock are reserved for issuance under the 2020 Plan.

In connection with the close of the Business Combination, the Company’s board of directors approved the 2020 Employee Stock Purchase Plan (“ESPP”), which was last amended on February 8, 2023. There are 5,438,506 shares of common stock initially reserved for issuance under the ESPP. The number of shares of the Company’s common stock available for issuance under the ESPP automatically increases on the first day of each calendar year, beginning January 1, 2022 and ending on and including January 1, 2030, by the lesser of (a) 1% of the total number of shares of common stock outstanding on December 31 of the immediately preceding calendar year and (b) such number of shares as is determined by the Company’s board of directors; provided that, no more than 54,385,060 shares may be issued under the ESPP. Pursuant to this automatic increase provision, as of December 31, 2025, 31,949,241 shares of common stock are reserved for issuance under the ESPP. For the twelve months ended December 31, 2025 and December 31, 2024, shares issued under the ESPP were 1,591,514 at a weighted average price of $1.09 per share and 3,133,493 at a weighted average price of $1.59 per share, respectively.

2022 Inducement Plan

In July 2022, the Company’s board of directors adopted the 2022 Inducement Plan (the “Inducement Plan”). Under the Inducement Plan, 31,200,000 shares were initially reserved for issuance. The purpose of the Inducement Plan is to attract, retain and motivate prospective employees of the Company, particularly executive team members and employees joining as part of business combinations. The Inducement Plan allows for the issuance of non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents and other stock or cash based awards to new employees of the Company or any subsidiary of the Company.

Stock options and RSUs

A summary of the stock option activity for the year ended December 31, 2025, is as follows:


	Number of Options (in thousands)	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Balance – December 31, 2024	7,233	$	2.51	2.4	$	2

Exercised	(3,167)	2.17

Expired	(739)	3.34
Balance – December 31, 2025	3,327	2.65		2.1	$	11
Exercisable – December 31, 2025	3,327	2.65		2.1	$	11

Aggregate intrinsic value represents the difference between the exercise price of the options and the estimated fair value of the Company’s common stock. The total intrinsic value of options exercised for the years ended December 31, 2025, 2024, and 2023, was $14 million, $1 million, and $3 million, respectively.

A summary of the RSU activity for the year ended December 31, 2025, is as follows:


	Number of RSUs (in thousands)	Weighted- Average Grant-Date Fair Value
Unvested and outstanding – December 31, 2024	45,247	$	2.77
Granted	41,275	2.87
Vested	(24,349)	2.72
Forfeited	(29,475)	2.20
Unvested and outstanding – December 31, 2025	32,698	$	3.45

The total fair value of RSUs vested for the years ended December 31, 2025, 2024 and 2023 was $91 million, $92 million, and $112 million, respectively.

A summary of the market condition RSU activity for the year ended December 31, 2025, is as follows:


	Number of RSUs (in thousands)	Weighted- Average Grant-Date Fair Value
Unvested and outstanding – December 31, 2024	—	$	—
Granted	101,418	8.36


Unvested and outstanding – December 31, 2025	101,418	$	8.36

The fair value of market condition RSUs is estimated at the date of grant using a Monte Carlo simulation model. The following assumptions were applied in the model to estimate the grant date fair value of the awards.


	Year Ended December 31, 2025

Volatility	110.0% - 110.5%
Risk-free rate	3.58% - 3.68%
Term (in years)	4.7 - 5
Expected dividend	$	—

ESPP

The first offering period for the Company's 2020 ESPP began on March 1, 2022. The ESPP, pursuant to Internal Revenue Code Section 423, allows eligible participants to purchase shares using payroll deductions of up to 15% of their total compensation, subject to a $25,000 calendar year limitation on contributions. Prior to March 2023, the Company limited the maximum number of shares to be purchased in an offering period to 1,000 shares per employee, and each offering period was six months in duration. Beginning in March 2023, the maximum number of shares to be purchased in an offering period was increased to 10,000 shares per employee, 5,000 per purchase period, and each offering period is 12 months in duration, with two 6-month purchase periods. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a 15% discount on the lower price of either (i) the offer period start date or (ii) the purchase date. The ESPP also includes a reset provision for the purchase price if the stock price on the purchase date is less than the stock price on the offering date. ESPP employee payroll contributions withheld as of December 31, 2025 and 2024 were $1 million and $1 million, respectively, and are included within Accounts payable and other accrued liabilities in the consolidated balance sheets. Payroll contributions withheld as of December 31, 2025 will be used to purchase shares at the end of the current ESPP purchase period ending on February 27, 2026.


	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Fair value	$0.46 - $3.16		$0.83 - $1.56		$0.64 - $2.13
Volatility	104.4% - 157.0%		88.7% - 121.1%		101.8% - 119.1%
Risk-free rate	3.82% - 4.31%		4.35% - 5.27%		5.06% - 5.47%
Expected life (in years)	0.5 - 1		0.5 - 1		0.5 - 1
Expected dividend	$	—	$	—	$	—

The Company recognized stock-based compensation expense related to the ESPP of $1 million, $3 million, and $2 million during the years ended December 31, 2025, 2024, and 2023 respectively. As of December 31, 2025, total estimated unrecognized compensation expense related to the ESPP was $1 million. The unamortized compensation costs are expected to be recognized over the remaining term of the offering period of 0.4 years.

Stock-based compensation expense

Stock-based compensation expense is allocated based on the cost center to which the award holder belongs. The following table summarizes total stock-based compensation expense by function as presented in the consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023, as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
General and administrative	$	142	$	62	$	63
Sales, marketing and operations	7		13		16
Technology and development	10		39		47
Total stock-based compensation expense	$	159	$	114	$	126

For market condition awards, the Company recognized $103 million, $— million, $(4) million of compensation expense during the years ended December 31, 2025, 2024, and 2023 respectively. During the years ended December 31, 2025, 2024 and 2023 no market conditions were satisfied. The grant-date fair value for the market condition awards granted during the year ended December 31, 2025 was $848 million and is being recognized over a requisite service period ranging from one year to five years. As of December 31, 2025, there was $745 million of unamortized stock-based compensation costs related to unvested market condition RSUs. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.6 years.

As of December 31, 2025, there was $97 million of unamortized stock-based compensation costs related to unvested RSUs. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.0 years.

REAL ESTATE INVENTORY - Narrative (Details) $ in Millions	12 Months Ended
REAL ESTATE INVENTORY - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) home	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Inventory Disclosure [Abstract]
Inventory adjustments	$ 20	$ 26
Amount of homes purchased under contract \| home	710
Aggregate purchase price for homes	$ 248
Valuation adjustments	$ 57	$ 57	$ 65

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The following table summarizes the assets and liabilities related to the VIEs consolidated by the Company as of December 31, 2025 and 2024 (in millions):


	December 31, 2025		December 31, 2024
Assets

Restricted cash	$	334	$	81
Real estate inventory, net	916		2,141
Other(1)	7		14
Total assets	$	1,257	$	2,236
Liabilities
Non-recourse asset-backed debt	$	1,120	$	1,924
Other(2)	13		24
Total liabilities	$	1,133	$	1,948

________________

(1)Includes escrow receivable and other current assets.

(2)Includes accounts payable and other accrued liabilities and interest payable.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

VARIABLE INTEREST ENTITIES (Details) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Assets

Restricted cash

$ 339

$ 92

Real estate inventory, net

925

2,159

TOTAL ASSETS

^[1]

2,407

3,126

Liabilities

Total liabilities

^[2]

1,402

2,413

Variable Interest Entity, Primary Beneficiary

Assets

Restricted cash

334

Real estate inventory, net

916

2,141

Other

TOTAL ASSETS

1,257

2,236

Liabilities

Non-recourse asset-backed debt

1,120

1,924

Other

Total liabilities

$ 1,133

$ 1,948

[1]

[2]

CREDIT FACILITIES, LONG-TERM DEBT, AND CONVERTIBLE NOTES - Asset-backed Mezzanine Term Debt Facilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Restricted assets	$ 200	$ 250
Asset-backed Mezzanine Term Debt Facilities \| Revolving Credit Facility \| Multiple Term Loan Facilities
Debt Instrument [Line Items]
Withdrawal period	42 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REAL ESTATE INVENTORY (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Real Estate Inventory


	December 31, 2025		December 31, 2024
Work-in-progress	$	249	$	577
Finished goods:
Listed for sale	484		1,302
Under contract for sale	192		280
Total real estate inventory	$	925	$	2,159

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Deferred state income tax expense	$ 0	$ 0	$ 0
Deferred federal income tax expense	0	0	$ 0
Valuation allowance	868,000,000	795,000,000
Increase to deferred tax assets valuation allowance	73,000,000	$ 77,000,000
Federal operating loss carry forwards	3,000,000,000.0
State operating loss carry forwards	2,400,000,000
Impact on effective tax rate	23,000,000
Income taxes paid	0
Domestic Tax Jurisdiction
Income Tax Contingency [Line Items]
Federal net operating loss generated	2,900,000,000
Federal research tax credit carryforwards	45,000,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Federal net operating loss generated	803,000,000
Federal research tax credit carryforwards	$ 31,000,000

CREDIT FACILITIES, LONG-TERM DEBT, AND CONVERTIBLE NOTES - Schedule of Interest Expense Related to the Convertible Senior Notes (Details) - Convertible Senior Notes - Convertible Debt - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Contractual interest	$ 12	$ 1	$ 2
Amortization of debt discount and issuance costs	6	2	3
Total Convertible Senior Notes interest expense	$ 18	$ 3	$ 5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 117	$ 123
Accumulated depreciation and amortization	(90)	(75)
Property and equipment – net	27	48
Depreciation and amortization expense	31	33	$ 38
Internally developed software
Property, Plant and Equipment [Line Items]
Property, plant and equipment	107	106
Computers
Property, Plant and Equipment [Line Items]
Property, plant and equipment	3	9
Security systems
Property, Plant and Equipment [Line Items]
Property, plant and equipment	4	4
Office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1	2
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1	1
Software implementation costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1	$ 1

SEGMENT INFORMATION - Schedule of Reportable Segment’s Expenses and Net Loss (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue		$ 4,371	$ 5,153	$ 6,946
Less:
Cost of revenue		(4,021)	(4,720)	(6,459)
Stock-based compensation		(159)	(114)	(126)
Interest expense		(131)	(133)	(211)
Net loss		(1,300)	(392)	(275)
Chief Executive Officer
Less:
Cash award	$ 15
Reportable Segment
Segment Reporting Information [Line Items]
Revenue		4,371	5,153	6,946
Less:
Cost of revenue		(4,021)	(4,720)	(6,459)
Direct selling costs		(123)	(132)	(197)
Holding Costs		(71)	(58)	(116)
Advertising and other marketing expense		(47)	(90)	(80)
Operations		(56)	(74)	(80)
Fixed operating expense		(142)	(209)	(259)
CEO make-whole provision		(5)	0	0
Interest expense		(131)	(133)	(211)
Interest income		39	53	106
Other		(955)	(68)	201
Net loss		(1,300)	(392)	(275)
Excluding Market Condition RSUs \| Reportable Segment
Less:
Stock-based compensation		(56)	(114)	(126)
Market condition RSUs \| Reportable Segment
Less:
Stock-based compensation		$ (103)	$ 0	$ 0
RSUs \| Chief Executive Officer
Less:
Grant date fair value	$ 15
Vesting period	9 months

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2025
Internally developed software
Property, Plant and Equipment [Line Items]
Useful life	2 years
Software implementation costs
Property, Plant and Equipment [Line Items]
Useful life	3 years
Computers
Property, Plant and Equipment [Line Items]
Useful life	2 years
Security systems
Property, Plant and Equipment [Line Items]
Useful life	1 year
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life	5 years
Office equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Description of Business

Basis of Presentation and Principles of Consolidation

Use of Estimates

Significant Risks and Uncertainties

Concentrations of Credit Risk

Segment Reporting

Cash and Cash Equivalents

Restricted Cash

Investments

Marketable Securities

Non-Marketable Equity Securities and Equity Method Investments

Real Estate Inventory

Convertible Senior Notes and Capped Calls

Convertible Senior Notes

of debt in the consolidated statements of operations. See “Note 5 — Credit Facilities, Long-Term Debt, and Convertible Notes” for further details on the Company's notes.

Capped Calls

Escrow Receivable

Property and Equipment


Internally developed software			2 years
Software implementation costs			Lesser of 3 years or contract term
Computers			2 years
Security systems			1 year
Furniture and fixtures			5 years
Leasehold improvements			Lesser of useful life or lease term
Office equipment			3 years

Leases

payments. When determining the incremental borrowing rate, the Company assesses multiple variables such as lease term, collateral, economic conditions, and its creditworthiness.

For operating leases, the Company recognizes straight-line rent expense.

Internally Developed Software

Goodwill

Warrant Dividends

Impairment of Long-Lived Assets

Revenue Recognition

No customers generated 10% or more of the Company’s total revenue in the years ended December 31, 2025, 2024 or 2023.

Cost of Revenue

Sales, Marketing and Operations Expense and General and Administrative Expense

Sales, Marketing and Operations Expense

Advertising costs are expensed as incurred.

General and Administrative Expense

Technology and Development

Stock-Based Compensation

Stock Options

RSUs

Market Condition RSUs

ESPP

Income Taxes

Consolidation of Variable Interest Entities

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

Fair Value Measurements

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.

Fair Value Hierarchy

Fair value measurements of assets and liabilities are categorized based on the following hierarchy:

Level 1 — Fair value determined based on quoted prices in active markets for identical assets or liabilities.

Level 3 — Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.

Estimation of Fair Value

Asset/Liability Class

Valuation Methodology, Inputs and

Assumptions

Classification

Marketable securities

Equity securities

Price is quoted given the securities are traded on an exchange.

Level 1 recurring fair value measurement.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

The following table summarizes components of loss before income taxes as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	(1,301)	$	(393)	$	(274)
Foreign	1		2		—
Loss before Income Taxes	$	(1,300)	$	(391)	$	(274)

Schedule of Components of Income Tax Provision

The following table summarizes the components of the Company’s provision for income taxes for the periods presented (in millions):


	Year Ended December 31,
	2025		2024		2023
Current income tax expense:
Federal	$	—	$	—	$	—
State	—		1		1
Foreign	—		—		—
Total current income tax expense	—		1		1




Income Tax Provision	$	—	$	1	$	1

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31,
	2025
U. S. Federal tax benefit at statutory rate	$	(273)	21.0	%








Change in valuation allowance, net	59		(4.5)
Nontaxable or nondeductible items:
Deduction limitation on executive compensation	27		(2.1)
Share-based compensation	(7)		0.5
Loss on debt extinguishment	194		(14.9)



Income Tax Expense	$	—	—	%


	Year Ended December 31,
	2024		2023
U. S. Federal tax benefit at statutory rate	21.0	%	21.0	%
State income taxes, net of federal benefit	3.6		5.8
Non-deductible expenses and other	0.1		(1.1)


Share-based compensation	(3.2)		(6.6)

Deduction limitation on executive compensation	(0.2)		(0.5)

Impact of deconsolidation	(1.9)		—
Change in valuation allowance, net	(19.7)		(20.6)
Research and development credits	0.1		1.5
Effective tax rate	(0.2)	%	(0.5)	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024, are as follows (in millions):


	December 31, 2025		December 31, 2024
Deferred tax assets:
Accruals and reserves	$	14	$	14
Inventory	15		25
Tax credits	49		49
Lease Liabilities	2		57
Section 174 capitalization	42		74
Goodwill	7		7
Net operating loss	743		633
Total deferred tax assets	872		859
Less: Valuation allowance	(868)		(795)
Deferred tax assets, net of valuation allowance	4		64
Deferred tax liabilities:
Depreciation and amortization	(2)		(7)

Right-of-use assets	(2)		(57)
Deferred tax liabilities	(4)		(64)
Net deferred tax assets and liabilities	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in millions):


	Year Ended December 31,
	2025		2024		2023
Unrecognized tax benefits as of the beginning of the year	$	23	$	22	$	20


Increase related to current year tax provisions	—		1		2
Unrecognized tax benefits as of the end of the year	$	23	$	23	$	22