0001104659-21-035292 | POS AM | XBRL Viewer

September 30,

Description

Cash and Marketable securities held in Trust Account

Print Document View Excel Document

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2020
Document and Entity Information [Abstract]
Document Type	S-1
Amendment Flag	false
Entity Registrant Name	OpenDoor Technologies Inc.
Entity Central Index Key	0001801169
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Oct. 17, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents	$ 1,412,665,000				$ 405,080,000		$ 262,368,000
Total current assets	2,053,111,000				2,087,644,000
TOTAL ASSETS	2,175,582,000				2,231,684,000
Current liabilities
Accounts payable and accrued expenses	25,270,000				32,977,000
Accrued expenses	11,002,000				16,342,000
Total current liabilities	393,389,000				1,126,382,000
Total liabilities	575,575,000				1,583,285,000
Commitments
Class A ordinary shares subject to possible redemption, 38,964,589 and no shares at redemption value at June 30, 2020 and December 31, 2019, respectively					1,381,502,000
Shareholder's Equity (Deficit)
Common Stock, Value, Issued	54,000
Additional paid-in capital	2,677,155,000				57,362,000
Accumulated deficit	(1,077,243,000)				(790,483,000)
TOTAL LIABILITIES, TEMPORARY EQUITY, AND SHAREHOLDERS' EQUITY DEFICIT	$ 2,175,582,000				2,231,684,000
Social Capital Member
Current Assets
Cash and cash equivalents		$ 250,461			0	$ 0
Prepaid expenses		383,761			0
Total current assets		634,222			0
Deferred offering costs		0			52,673
Deferred Offering Cost					52,673
Cash and Marketable securities held in Trust Account		414,042,207			0
TOTAL ASSETS		414,676,429			52,673
Current liabilities
Accrued expenses		4,362,316			0
Accrued offering costs		0			52,673
Advances from related party		0			21,631
Promissory note - related party		1,138,497			0
Total current liabilities		5,500,813			74,304
Deferred underwriting fee payable		14,490,000			0
Total liabilities		19,990,813			74,304
Commitments
Class A ordinary shares subject to possible redemption, 38,964,589 and no shares at redemption value at June 30, 2020 and December 31, 2019, respectively		389,685,614			0
Shareholder's Equity (Deficit)
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding		0			0
Additional paid-in capital		11,341,549			0
Accumulated deficit		(6,342,826)			(21,631)
Total shareholders' equity (deficit)		5,000,002	$ 5,000,007	$ 3,369	(21,631)	0
TOTAL LIABILITIES, TEMPORARY EQUITY, AND SHAREHOLDERS' EQUITY DEFICIT		414,676,429			52,673
Social Capital Member \| Common Class A
Shareholder's Equity (Deficit)
Common Stock, Value, Issued		244			0
Social Capital Member \| Common Class B
Shareholder's Equity (Deficit)
Common Stock, Value, Issued		$ 1,035			$ 0
Total shareholders' equity (deficit)						$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Preferred Stock, Par or Stated Value Per Share	$ 0.0001
Preferred Stock, Shares Authorized	100,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001		$ 0.00001
Common Stock, Shares Authorized	3,000,000,000		485,262,910
Common Stock, Shares, Issued	540,714,692		83,748,443
Common Stock, Shares, Outstanding	540,714,692		83,748,443
Social Capital Member
Ordinary shares subject to possible redemption (in shares)		38,964,589	0
Preferred Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized		5,000,000	5,000,000
Preferred Stock, Shares Issued		0	0
Preferred Stock, Shares Outstanding		0	0
Common Stock, Shares, Issued			1
Social Capital Member \| Common Class A
Ordinary shares subject to possible redemption (in shares)		38,964,589	0
Common Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Common Stock, Shares Authorized		500,000,000	500,000,000
Common Stock, Shares, Issued		2,435,411	0
Common Stock, Shares, Outstanding		2,435,411	0
Social Capital Member \| Common Class B
Common Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Common Stock, Shares Authorized		50,000,000	50,000,000
Common Stock, Shares, Issued		10,350,000	1
Common Stock, Shares, Outstanding		10,350,000	1
Shares subject to forfeiture		1,350,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	2 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loss from operations					$ (185,865,000)	$ (247,834,000)	$ (163,672,000)
Other income:
NET LOSS ATTRIBUTABLE TO OPENDOOR TECHNOLOGIES INC.				$ (6,321,195)
Weighted average shares outstanding, basic and diluted				10,111,790
Basic and diluted loss per ordinary share				$ (0.63)
Social Capital Member
Formation and operating costs		$ 6,059,583		$ 6,363,402
Loss from operations		(6,059,583)		(6,363,402)
Other income:
Interest income		16,290		42,207
NET LOSS ATTRIBUTABLE TO OPENDOOR TECHNOLOGIES INC.	$ (21,631)	$ (6,043,293)	$ (277,902)	$ (6,321,195)
Weighted average shares outstanding, basic and diluted	1,000	12,179,587		10,111,790
Basic and diluted loss per ordinary share	$ (21,631)	$ (0.50)		$ (0.63)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Income attributable to ordinary shares subject to possible redemption		$ 39,725
Social Capital Member
Ordinary shares subject to possible redemption (in shares)	38,964,589	38,964,589	0
Income attributable to ordinary shares subject to possible redemption	$ 15,332	$ 39,725

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY (DEFICIT) - USD ($)

Social Capital Member

Common Class A

Common Stock

Social Capital Member

Common Class A

Social Capital Member

Common Class B

Common Stock

Social Capital Member

Common Class B

Social Capital Member

Additional Paid-in Capital

Social Capital Member

Accumulated Deficit

Social Capital Member

Common Stock

Additional Paid-in Capital

Total

BALANCE at the beginning (in shares) at Dec. 31, 2018

77,863,856

Balance at Dec. 31, 2019

$ 0

$ (21,631)

BALANCE at the end (in shares) at Dec. 31, 2019

83,748,443

Balance at Oct. 17, 2019

$ 0

BALANCE at the beginning (in shares) at Oct. 17, 2019

Value of shares issued

$ 1

Net loss

(21,631)

Balance at Dec. 31, 2019

$ 0

(21,631)

BALANCE at the end (in shares) at Dec. 31, 2019

83,748,443

Cancellation of Class B ordinary share

$ 0

Cancellation of Class B ordinary share (in shares)

(1)

Value of shares issued

^[1]

$ 1,035

23,965

25,000

Issuance of new shares

^[1]

10,350,000

Balance at Mar. 31, 2020

$ 1,035

23,965

(21,631)

3,369

BALANCE at the end (in shares) at Mar. 31, 2020

10,350,000

Balance at Dec. 31, 2019

$ 0

(21,631)

BALANCE at the beginning (in shares) at Dec. 31, 2019

83,748,443

Net loss

(6,321,195)

$ (6,321,195)

Balance at Sep. 30, 2020

$ 244

$ 1,035

11,341,549

(6,342,826)

5,000,002

BALANCE at the end (in shares) at Sep. 30, 2020

2,435,411

10,350,000

Balance at Dec. 31, 2019

$ 0

(21,631)

BALANCE at the beginning (in shares) at Dec. 31, 2019

83,748,443

Value of shares issued

$ 889,000

Issuance of new shares

1,389,585

BALANCE at the end (in shares) at Dec. 31, 2020

540,714,692

Balance at Mar. 31, 2020

$ 1,035

23,965

(21,631)

3,369

BALANCE at the beginning (in shares) at Mar. 31, 2020

10,350,000

Sale of 41,400,000 Units, net of underwriting discount and offering expenses

$ 4,140

391,799,302

391,803,442

Sale of 41,400,000 Units, net of underwriting discount and offering expenses (in shares)

41,400,000

Sale of 6,133,333 Private Placement Warrants

9,200,000

Ordinary shares subject to redemption

$ (3,957)

(395,724,945)

(395,728,902)

Ordinary shares subject to redemption (in shares)

(39,570,413)

Net loss

(277,902)

Balance at Jun. 30, 2020

$ 183

$ 1,035

5,298,322

(299,533)

5,000,007

BALANCE at the end (in shares) at Jun. 30, 2020

1,829,587

10,350,000

Change in value of ordinary shares subject to possible redemption

$ 61

6,043,227

6,043,288

Change in value of ordinary shares subject to possible redemption (in shares)

605,824

Net loss

(6,043,293)

Balance at Sep. 30, 2020

$ 244

$ 1,035

$ 11,341,549

$ (6,342,826)

$ 5,000,002

BALANCE at the end (in shares) at Sep. 30, 2020

2,435,411

10,350,000

[1]	Included an aggregate of up to 1,350,000 shares that were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full (see Note 7).

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY (DEFICIT) (Parenthetical) - Social Capital Member - shares	3 Months Ended
	Jun. 30, 2020	Sep. 30, 2020
Sale of 6,133,333 Private Placement Warrants (in shares)	6,133,333
Common Class A
Sale of 41,400,000 Units, net of underwriting discount and offering expenses (in shares)	41,400,000
Common Class B
Shares subject to forfeiture		1,350,000

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	2 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities:
Net loss				$ (6,321,195)
Changes in operating assets and liabilities:
Net cash provided by (used in) operating activities					$ 681,911,000	$ (272,050,000)	$ (1,179,637,000)
Cash Flows from Investing Activities:
Net cash used in investing activities					(21,866,000)	(95,078,000)	(7,432,000)
Cash Flows from Financing Activities:
Redemption of Class A common shares						(3,410,000)	(37,777,000)
Net cash provided by financing activities					160,661,000	646,179,000	1,496,494,000
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH					820,706,000	279,051,000	309,425,000
Cash - Beginning				405,080,000	405,080,000	262,368,000
Cash - Ending	$ 405,080,000				1,412,665,000	405,080,000	$ 262,368,000
Social Capital Member
Cash Flows from Operating Activities:
Net loss	(21,631)	$ (6,043,293)	$ (277,902)	(6,321,195)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest earned on cash and marketable securities held in Trust Account				(42,207)
Changes in operating assets and liabilities:
Prepaid expenses				(383,761)
Accrued expenses				4,362,316
Net cash provided by (used in) operating activities	(21,631)			(2,384,847)
Cash Flows from Investing Activities:
Investment of cash in Trust Account				(414,000,000)
Net cash used in investing activities				(414,000,000)
Cash Flows from Financing Activities:
Proceeds from issuance of Class B ordinary shares to Sponsor	0			25,000
Proceeds from sale of Units, net of underwriting discounts paid				406,800,000
Proceeds from sale of Private Placement Warrants				9,200,000
Repayment of advances from related parties				(21,631)
Proceeds from promissory note - related party	21,631			1,438,497
Repayment of promissory note - related party				(300,000)
Payment of offering costs				(506,558)
Proceeds from promissory note	0
Net cash provided by financing activities	21,631			416,635,308
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	0			250,461
Cash - Beginning	0			0	$ 0
Cash - Ending	$ 0	$ 250,461		250,461		$ 0
Non-cash investing and financing activities:
Initial classification of ordinary shares subject to possible redemption				396,006,810
Change in value of ordinary shares subject to possible redemption				(6,321,196)
Deferred underwriting fee				14,490,000
Offering costs included in accrued offering costs				$ 264,285

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	2 Months Ended	9 Months Ended
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	Dec. 31, 2019	Sep. 30, 2020
Social Capital Member
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	Note 1 — Organization and Plan of Business Operations Social Capital Hedosophia Holdings Corp. II (the “Company”) is a newly incorporated blank check company incorporated as a Cayman Islands exempted company on October 18, 2019. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus on businesses in the technology industries primarily located in the United States. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2019, the Company had not commenced any operations. All activity for the period from October 18, 2019 (inception) through December 31, 2019 relates to the Company’s formation and the proposed initial public offering (“Proposed Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Proposed Public Offering. The Company’s ability to commence operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 36,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per unit (or 41,400,000 Units if the underwriters’ over-allotment option is exercised in full), which is discussed in Note 3 and the sale of 6,133,333 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to the Company’s sponsor, SCH Sponsor II LLC (f/k/a SCH Sponsor Corp. II), a Cayman Islands limited liability company (the “Sponsor”), that will close simultaneously with the Proposed Public Offering. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The New York Stock Exchange rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (as defined below) (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting discount). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination. Upon the closing of the Proposed Public Offering, management has agreed that $10.00 per Unit sold in the Proposed Public Offering, including proceeds of the sale of the Private Placement Warrants, will be held in a trust account (“Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a‑7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. The Company will provide the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination, either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share) as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. The per-share amount to be distributed to the Public Shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 7). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Class A ordinary shares will be recorded at redemption value and classified as temporary equity upon the completion of the Proposed Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company will proceed with a Business Combination only if the Company has net tangible assets, after payment of the deferred underwriting commission, of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote and a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Company’s Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Proposed Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination or seek to sell any shares to the Company in a tender offer in connection with a Business Combination. Additionally, subject to the immediately succeeding paragraph, each public shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to 15% or more of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination (and not seek to sell its shares to the Company in any tender offer the Company undertakes in connection with its initial business combination) and (b) not to propose an amendment to the Amended and Restated Memorandum of Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within Combination Period or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company will have until 24 months from the closing of the Proposed Public Offering to consummate a Business Combination. However, if the Company has not completed a Business Combination within 24 months of the closing of the Proposed Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding public shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In the event of a liquidation, the Public Shareholders will be entitled to receive a full pro rata interest in the Trust Account (initially anticipated to be approximately $10.00 per share, plus any pro rata interest earned on the Trust Fund not previously released to the Company and less up to $100,000 of interest to pay dissolution expenses). There will be no redemption rights or liquidating distributions with respect to the Founder Shares or the Private Placement Warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party (other than the Company’s independent auditors) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Proposed Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Going Concern Consideration At December 31, 2019, the Company had $0 in cash and a working capital deficit of $74,304. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management plans to address this uncertainty through a Proposed Public Offering as discussed in Note 3. There is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.	NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Social Capital Hedosophia Holdings Corp. II (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on October 18, 2019. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. The Company has one subsidiary, Hestia Merger Sub Inc., a wholly owned subsidiary of the Company incorporated in Delaware on September 9, 2020 (“Merger Sub”). As of September 30, 2020, the Company had not commenced any operations. All activity for the period from October 18, 2019 (inception) through September 30, 2020 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and the search for a Business Combination, including activities in connection with the proposed acquisition of Opendoor Labs Inc., a Delaware corporation (“Opendoor”). The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statements for the Company’s Initial Public Offering became effective on April 27, 2020. On April 30, 2020, the Company consummated the Initial Public Offering of 41,400,000 units (the “Units” and, with respect to the shares of Class A ordinary shares included in the Units sold, the “Public Shares”), which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 5,400,000 Units, at $10.00 per Unit, generating gross proceeds of $414,000,000 which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 6,133,333 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to SCH Sponsor II LLC (the “Sponsor”), generating gross proceeds of $9,200,000, which is described in Note 4. Transaction costs amounted to $22,196,558 consisting of $7,200,000 of underwriting fees, $14,490,000 of deferred underwriting fees and $506,558 of other offering costs. In addition, at September 30, 2020, cash of $250,461 was held outside of the Trust Account (as defined below) and is available for working capital purposes. Following the closing of the Initial Public Offering on April 30, 2020, an amount of $414,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) located in the United States and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. The Company will provide the holders of the Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of the Business Combination, either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account, calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. The per-share amount to be distributed to the Public Shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets, after payment of the deferred underwriting commission, of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote and a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Company’s Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination or seek to sell any shares to the Company in a tender offer in connection with a Business Combination. Additionally, subject to the immediately succeeding paragraph, each public shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) will be restricted from redeeming its shares with respect to more than 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination (and not seek to sell its shares to the Company in any tender offer the Company undertakes in connection with its initial Business Combination) and (b) not to propose an amendment to the Amended and Restated Memorandum of Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company will have until April 30, 2022 (the “Combination Period”) to consummate a Business Combination. However, if the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding public shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In the event of a liquidation, the Public Shareholders will be entitled to receive a full pro rata interest in the Trust Account ($10.00 per share, plus any pro rata interest earned on the Trust Fund not previously released to the Company and less up to $100,000 of interest to pay dissolution expenses). There will be no redemption rights or liquidating distributions with respect to the Founder Shares or the Private Placement Warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party (other than the Company’s independent auditors) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Liquidity and Going Concern As of September 30, 2020, the Company had $250,461 in its operating bank accounts, $414,042,207 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its ordinary shares in connection therewith and working capital deficit of $4,866,591. As of September 30, 2020, approximately $42,000 of the amount on deposit in the Trust Account represented interest income. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. On September 30, 2020, the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $4,000,000. At September 30, 2020, there was $1,138,497 outstanding under the Promissory Note (see Note 5). The Company may need to raise additional capital through loans or additional investments from its Sponsor, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to (other than pursuant to the Promissory Note), loan the Company additional funds, from time to time or at any time, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months following the date from when the financial statements are issued. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2 Months Ended

9 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Social Capital Member

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC.

Emerging growth company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and cash equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2019.

Deferred offering costs

Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the Proposed Public Offering and that will be charged to shareholder’s equity upon the completion of the Proposed Public Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred, will be charged to operations.

Income Taxes

The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented.

Net loss per share

Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. At December 31, 2019, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented.

Concentration of credit risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Fair value of financial instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed with the SEC on April 29, 2020, as well as the Company’s Current Reports on Form 8-K, as filed with the SEC on April 30, 2020 and May 6, 2020. The interim results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any future periods.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

Cash and Cash Equivalents

Cash and Marketable Securities Held in Trust Account

At September 30, 2020, the assets held in the Trust Account were invested in U.S. Treasury securities and money market funds.

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity." Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders' equity. The Company's Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company's control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders' equity section of the Company's condensed consolidated balance sheets.

Income Taxes

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2020 and December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security “CARES” Act into law. The CARES Act includes several significant business tax provisions that, among other things, would eliminate the taxable income limit for certain net operating losses (“NOLs”) and allow businesses to carry back NOLs arising in 2018, 2019 and 2020 to the five prior years, suspend the excess business loss rules, accelerate refunds of previously generated corporate alternative minimum tax credits, generally loosen the business interest limitation under IRC section 163(j) from 30 percent to 50 percent among other technical corrections included in the Tax Cuts and Jobs Act tax provisions. The Company does not believe that the CARES Act will have a significant impact on Company's financial position or statement of operations.

Net Loss per Ordinary Share

Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. Ordinary shares subject to possible redemption at September 30, 2020, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net loss per ordinary share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of warrants sold in the Initial Public Offering and the private placement to purchase 19,933,333 ordinary shares in the calculation of diluted loss per share, since the exercise of the warrants into ordinary shares is contingent upon the occurrence of future events. As a result, diluted net loss per ordinary share is the same as basic net loss per ordinary share for the periods presented.

Reconciliation of Net Loss Per Ordinary Share

The Company's net loss is adjusted for the portion of income that is attributable to ordinary shares subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted loss per ordinary share is calculated as follows:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2020		2020
Net loss	$	(6,043,293)	$	(6,321,195)
Less: Income attributable to ordinary shares subject to possible redemption		(15,332)		(39,725)
Adjusted net loss	$	(6,058,625)	$	(6,360,920)

Weighted average shares outstanding, basic and diluted		12,179,587		10,111,790

Basic and diluted net loss per ordinary share	$	(0.50)	$	(0.63)

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed consolidated balance sheets, primarily due to their short-term nature.

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying condensed consolidated financial statements.

Risks and Uncertainties

Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

INITIAL PUBLIC OFFERING	9 Months Ended
INITIAL PUBLIC OFFERING	Sep. 30, 2020
Social Capital Member
INITIAL PUBLIC OFFERING	NOTE 3. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 41,400,000 Units, which includes the full exercise by the underwriter of its option to purchase an additional 5,400,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per whole share (see Note 7).

PRIVATE PLACEMENT	2 Months Ended	9 Months Ended
PRIVATE PLACEMENT	Dec. 31, 2019	Sep. 30, 2020
Social Capital Member
PRIVATE PLACEMENT	Note 4 — Private Placement The Sponsor has committed to purchase an aggregate of 6,133,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrant ($9,200,000 in the aggregate ) from the Company in a private placement that will occur simultaneously with the closing of the Proposed Public Offering. The proceeds from the sale of the Private Placement Warrants will be added to the net proceeds from the Proposed Public Offering held in the Trust Account. Each Private Placement Warrant is exercisable for one Class A Share at a price of $11.50 per share, subject to adjustment (see Note 7). If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.	NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 6,133,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, for an aggregate purchase price of $9,200,000. Each Private Placement Warrant is exercisable for one Class A Share at a price of $11.50 per share, subject to adjustment (see Note 7). The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

RELATED PARTY TRANSACTIONS	2 Months Ended	9 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2020
RELATED PARTY TRANSACTIONS			17.RELATED PARTIES Prior to the Business Combination, one of the Preferred Stock investors held more than a 10% interest in the Company and had one seat as a member of the board of directors and another seat as an observer of the board of directors. In 2019, an executive early exercised their option to purchase 1,479,459 shares of unvested common stock at a price per share of $1.01 by issuing a promissory note to the Company for a total price of $1.5 million with an interest rate of 2.31% per annum. The Warrant Commitment and the subsequent Series E Warrants were issued to a counterparty that has an equity interest in the Company and a seat on the Company’s board of directors. The board member has significant influence with respect to the counterparty to the Warrant Commitment. The issuance of the Warrant Commitment and Series E Warrants was in exchange for on-going advisory services that the entity provided to the Company. See “Note 15 — Warrants” for further information. During 2019, the Company acquired OSN. See “Note 2 — Business Combination” for further information on the acquisition and the pro forma results of operations, reflecting OSN as if it had been acquired January 1, 2018. Prior to the acquisition, OSN conducted business with the Company as the noncontrolling member of the Company’s Title Companies. The Company paid the member title and due diligence fees in the member’s capacity as a title and escrow agent. Additionally, the Company paid the member management and administrative service fees, rent, and purchases of fixed assets in the member’s capacity as management and administrative service provider and lessor to the subsidiaries of OD Title Holdings and OD Title Sidecar.
Social Capital Member
RELATED PARTY TRANSACTIONS	Note 5 — Related Party Transactions Founder Shares In October 2019, the Company issued one ordinary share to the Sponsor for no consideration. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Class B ordinary shares or Class A ordinary shares received upon conversion thereof (together, “Founder Shares”) until the earlier of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30‑trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Advances — Related Party The Sponsor advanced the Company an aggregate of $21,631 to cover expenses related to the Initial Public Offering. The advances are non-interest bearing and due on demand. At December 31, 2019, advances of $21,631 were outstanding. Administrative Services Agreement The Company will enter into an agreement pursuant to which it will pay an affiliate of the Sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon completion of a Business Combination into warrants at a price of $1.50 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.	NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares In October 2019, the Company issued one ordinary share to the Sponsor for no consideration. On January 21, 2020, the Company cancelled the one share issued in October 2019 and the Sponsor purchased 8,625,000 Founder Shares for an aggregate purchase price of $25,000. On April 27, 2020, the Company effected a share capitalization, resulting in 10,350,000 Founder Shares issued and outstanding as of such date. All share and per-share amounts have been retroactively restated to reflect the share capitalization. The Founder Shares will automatically convert into Class A ordinary shares on the first business day following the completion of a Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to certain adjustments, as described in Note 7. The Founder Shares included an aggregate of up to 1,350,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the number of Founder Shares would collectively represent 20% of the Company’s issued and outstanding shares upon the completion of the Initial Public Offering. As a result of the underwriters’ election to fully exercise their over-allotment option, no Founder Shares are subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Class B ordinary shares or Class A ordinary shares received upon conversion thereof (together, “Founder Shares”) until the earlier of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Advances – Related Party The Sponsor advanced the Company an aggregate of $21,631 to cover expenses related to the Initial Public Offering. The advances were non-interest bearing and due on demand. Advances in the aggregate amount of $21,631 were repaid in February 2020. Promissory Note — Related Party On January 21, 2020, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company borrowed an aggregate principal amount of $300,000. The note was non-interest bearing and payable on the earlier of (i) June 30, 2020 and (ii) the completion of the Initial Public Offering. The borrowings outstanding under the note in the amount of $300,000 were repaid upon the consummation of the Initial Public Offering on April 30, 2020. On September 30, 2020, the Company issued the Promissory Note, pursuant to which the Company may borrow up to an aggregate principal amount of $4,000,000. The Promissory Note is non-interest bearing and payable on the earlier of (i) April 30, 2022 and (ii) the completion of the Business Combination. At September 30, 2020, there was $1,138,497 outstanding under the Promissory Note. Administrative Support Agreement The Company entered into an agreement whereby, commencing on April 27, 2020, the Company will pay an affiliate of the Sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three and nine months ended September 30, 2020, the Company incurred $30,000 and $50,000 of such fees. As of September 30, 2020, $50,000 is included in accrued expenses in the accompanying condensed consolidated balance sheets. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to (other than pursuant to the Promissory Note), loan the Company additional funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon completion of a Business Combination into warrants at a price of $1.50 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

COMMITMENTS	2 Months Ended	9 Months Ended	12 Months Ended
COMMITMENTS	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2020
COMMITMENTS			19.COMMITMENTS AND CONTINGENCIES Interest Rate Lock Commitments The Company entered into interest rate lock commitments with prospective borrowers whereby the Company commits to lend a certain loan amount under specific terms and interest rate to the borrower. These commitments are treated as derivatives and are carried at fair value. See “Note 5 — Derivative Instruments” for more information. Purchase Commitments As of December 31, 2020, the Company was in contract to purchase 1,742 homes for an aggregate purchase price of $466.4 million. Lease Commitments The Company has entered into various non-cancelable operating lease agreements for certain of its office space. See “Note 10 — 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 December 23, 2020, the Federal Trade Commission (“FTC”) notified the Company that they intend to recommend that the agency pursue an enforcement action against the Company and certain of its officers, if the Company is unable to reach a negotiated settlement acceptable to all parties. This notice is related to an initial FTC civil investigative demand sent to the Company in August 2019 seeking documents and information relating primarily to statements in Opendoor’s advertising and website comparing selling homes to Opendoor with selling homes in a traditional manner using an agent and relating to statements that Opendoor’s offers reflect or are based on market prices. The Company is engaged in settlement negotiations with the FTC and has accrued an immaterial amount for this matter. Any settlement could result in material monetary remedies and/or compliance requirements that could have a materially adverse impact on its financial results. The Company cannot make an estimate of the possible loss or range of loss incremental to the amount accrued, if any, resulting from negotiations with the FTC at this time.
Social Capital Member
COMMITMENTS	Note 6 — Commitments Registration Rights The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued on conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Propose Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Company’s Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company will grant the underwriters a 45‑day option to purchase up to 5,400,000 additional Units to cover over-allotments at the Proposed Public Offering price, less the underwriting discounts and commissions. The underwriters will be entitled to a cash underwriting discount of $7,200,000 in the aggregate, payable upon the closing of the Proposed Public Offering. In addition, the underwriters will be entitled to a deferred fee of $0.35 per Unit, or $12,600,000 in the aggregate (or $14,490,000 in the aggregate if the underwriters’ over-allotment option is exercised in full). The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Financial Advisory Fee The Company intends to engage Connaught (UK) Limited (“Connaught”) to provide financial advisory services in connection with the Proposed Public Offering. The Company will pay Connaught a fee in an amount equal to 10% of the underwriting commission payable to the underwriters. The fee to Connaught will be paid in part at the closing of the Proposed Public Offering and in part at the closing of the Business Combination, in the same proportion as the non-deferred and deferred underwriting commission payable to the underwriters. The underwriters have agreed to reimburse the Company for the fee to Connaught as it becomes payable out of the underwriting commission.	NOTE 6. COMMITMENTS Registration Rights Pursuant to a registration rights agreement entered into on April 27, 2020, the holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Company’s Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, or $14,490,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Financial Advisory Fee The underwriters agreed to reimburse the Company for an amount equal to 10% of the discount paid to the underwriters for financial advisory services provided by Connaught (UK) Limited in connection with the Initial Public Offering, of which $720,000 was paid at the closing of the Initial Public Offering and up to $1,449,000 will be payable at the time of the closing of a Business Combination. Merger Agreement On September 15, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Merger Sub and Opendoor. Pursuant to the transactions contemplated by the terms of the Merger Agreement (the “Closing”), and subject to the satisfaction or waiver of certain conditions set forth therein, Merger Sub will merge with and into Opendoor, with Opendoor surviving the merger in accordance with the Delaware General Corporation Law (the “DGCL”) and as a wholly owned subsidiary of the Company (the “Merger”) (the transactions contemplated by the Merger Agreement and the related ancillary agreements, the “Opendoor Business Combination”). As a result of the Merger, among other things, all outstanding shares of common stock of Opendoor will be cancelled in exchange for the right to receive, or reservation of, in the aggregate, a number of shares of the Company’s Common Stock (as defined below) equal to the quotient obtained by dividing (x) $5,000,000,000 by (y) $10.00. Prior to the Closing, subject to the approval of the Company’s shareholders, and in accordance with the DGCL, Cayman Islands Companies Law (2020 Revision) (the "CICL") and the Company’s Amended and Restated Memorandum and Articles of Association (as may be amended from time to time, the "Cayman Constitutional Documents"), the Company will effect a deregistration under the CICL and a domestication under Section 388 of the DGCL (by means of filing a certificate of domestication (the "Certificate of Domestication") with the Secretary of State of Delaware), pursuant to which the Company’s jurisdiction of incorporation will be changed from the Cayman Islands to the State of Delaware (the "Domestication"). In connection with the Domestication, (i) each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of the Company (the "Class A Ordinary Shares"), will convert automatically, on a one-for-one basis, into a share of common stock, par value $0.0001, per share of the Company (after its Domestication) (the "Common Stock"), (ii) each of the then issued and outstanding Class B ordinary shares, par value $0.0001 per share, of the Company (the "Class B Ordinary Shares"), will convert automatically, on a one-for-one basis, into a share of Common Stock, (iii) each then issued and outstanding warrant of the Company will convert automatically into a warrant to acquire one share of Common Stock ("Domesticated Warrant"), and (iv) each of the then issued and outstanding units of the Company that have not been previously separated into the underlying Class A Ordinary Shares and underlying warrants upon the request of the holder thereof (the "Cayman Units"), will be cancelled and will entitle the holder thereof to one share of Common Stock and one-third of one Domesticated Warrant. The consummation of the Opendoor Business Combination is subject to certain conditions as further described in the Merger Agreement.

SHAREHOLDERS' EQUITY

2 Months Ended

9 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Social Capital Member

SHAREHOLDERS' EQUITY

Note 7 — Shareholder’s Equity

Preferred Shares — The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001. The Company’s board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The board of directors will be able to, without shareholder approval, issue preferred shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. At December 31, 2019, there were no preference shares issued or outstanding.

Class B Ordinary Shares — The Company is authorized to issue 50,000,000 Class B ordinary shares, with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At December 31, 2019, there was one Class B ordinary share issued and outstanding.

Only holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as otherwise required by law.

The Class B Shares will automatically convert into Class A ordinary shares on the first business day following the completion of the Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Proposed Public Offering and related to the closing of a Business Combination, the ratio at which Founder Shares will convert into Class A ordinary shares will be adjusted (subject to waiver by holders of a majority of the Class B ordinary shares) so that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the ordinary shares issued and outstanding upon completion of the Proposed Public Offering plus the number of Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination (net of redemptions), excluding any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor.

Warrants — Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Proposed Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No Public Warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their Public Warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available.

The Company has agreed that as soon as practicable, but in no event later than 15 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement registering the issuance, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the Public Warrants. The Company will use it commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if the Class A ordinary shares are, at the time of any exercise of a Public Warrant, not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their Public Warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

· in whole and not in part;

· at a price of $0.01 per Public Warrant;

· upon not less than 30 days’ prior written notice of redemption to each warrant holder and

· if, and only if, the reported last sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like).

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

· in whole and not in part;

· at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of the Class A ordinary shares;

· if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like); and

· if the Reference Value is less than $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

If and when the Public Warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.

In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the completion of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Public Warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger prices described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants will be identical to the Public Warrants underlying the Units being sold in the Proposed Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable as described above so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

NOTE 7. SHAREHOLDERS’ EQUITY

Preferred Shares — The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001. The Company’s board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The board of directors will be able to, without shareholder approval, issue preferred shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. At September 30, 2020 and December 31, 2019, there were no preferred shares issued or outstanding.

Class A Ordinary Shares—The Company is authorized to issue 500,000,000 Class A ordinary shares, with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. At September 30, 2020 and December 31, 2019, there were 2,435,411 and no Class A ordinary shares issued or outstanding, excluding 38,964,589 and no Class A ordinary shares subject to possible redemption, respectively.

Class B Ordinary Shares—The Company is authorized to issue 50,000,000 Class B ordinary shares, with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At September 30, 2020 and December 31, 2019, there were 10,350,000 and one Class B ordinary shares issued and outstanding, respectively.

The Class B Shares will automatically convert into Class A ordinary shares on the first business day following the completion of the Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which Founder Shares will convert into Class A ordinary shares will be adjusted (subject to waiver by holders of a majority of the Class B ordinary shares) so that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the ordinary shares issued and outstanding upon completion of the Initial Public Offering plus the number of Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination (net of redemptions), excluding any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor.

Warrants—Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

in whole and not in part;

at a price of $0.01 per Public Warrant;

upon not less than 30 days’ prior written notice of redemption to each warrant holder and

if, and only if, the reported last sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like).

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

in whole and not in part;

at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the “fair market value” of the Class A ordinary shares;

if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like); and

if the Reference Value is less than $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable as described above so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

FAIR VALUE MEASUREMENTS

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2020

FAIR VALUE MEASUREMENTS

8.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

The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company's assets and liabilities.


Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Cash and cash equivalents	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Restricted cash	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Marketable securities	Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable.	Level 2 recurring fair value measurement
Other current assets
Interest rate caps	Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available.	Level 2 recurring fair value measurement
Mortgage loans held for sale pledged under agreements to repurchase	Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments.	Level 2 recurring fair value measurement
Credit facilities and other secured borrowings
Credit facilities	Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Loans sold under agreements to repurchase	Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Convertible notes	Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2
Derivative and warrant liabilities
Warrant liabilities	Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate.	Level 3 recurring fair value measurement
Embedded conversion options	Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes.	Level 3 recurring fair value measurement

Assets and Liabilities Recorded 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 (in thousands).


	Fair Value as of
	December 31, 2020		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	26,409	$	—	$	26,409	$	—
Asset-backed securities		12,533		—		12,533		—
U.S. agency securities		6,995		—		6,995		—
U.S. Treasury securities		1,700		—		1,700		—
Mortgage loans held for sale pledged under agreements to repurchase		7,529		—		7,529		—
Other current assets:
Interest rate lock commitments		373		—		373		—
Total assets	$	55,539	$	—	$	55,539	$	—


	Fair Value as of
	December 31, 2019		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	16,428	$	—	$	16,428	$	—
Asset-backed securities		12,492		—		12,492		—
Commercial paper		12,956		—		12,956		—
Non-U.S. securities		700		—		700		—
U.S. Treasury securities		1,000		—		1,000		—
Mortgage loans held for sale pledged under agreements to repurchase		2,116		—		2,116		—
Other current assets:
Interest rate caps		4		—		4		—
Interest rate lock commitments		95		—		95		—
Total assets	$	45,791	$	—	$	45,791	$	—
Derivative and warrant liabilities:
Warrants	$	4,538	$	—	$	—	$	4,538
Embedded conversion options		41,697		—		—		41,697
Total liabilities	$	46,235	$	—	$	—	$	46,235

Fair Value of Financial Instruments

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 thousands).


	As of December 31, 2020
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	1,412,665	$	1,412,665	$	1,412,665	$	—
Restricted cash		92,863		92,863		92,863		—
Liabilities:
Credit facilities and other secured borrowings	$	481,789	$	486,322	$	—	$	486,322


	As of December 31, 2019
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	405,080	$	405,080	$	405,080	$	—
Restricted cash		279,742		279,742		279,742		—
Liabilities:
Credit facilities and other secured borrowings	$	1,296,054	$	1,296,054	$	—	$	1,296,054
Convertible notes		140,096		180,252		—		180,252

The following table shows a reconciliation from the opening balances to the closing balances for Level 3 Fair values (in thousands):


			Embedded
			Conversion
	Warrants		Option
Balance as of December 31, 2018	$	18,022	$	—
Net change in fair value		(7,413)		—
Issuances		1,170		41,697
Exercise of warrants		(7,241)		—
Balance as of December 31, 2019		4,538		41,697
Net change in fair value		2,623		23,317
Issuances		—		—
Settlement of convertible notes		—		(65,014)
Exercise of warrants		(7,161)		—
Balance as of December 31, 2020	$	—	$	—

Warrant Liabilities

Prior to being exercised, the Company had three different instruments within warrant liabilities, as discussed further in Note 15 — Warrants, the series D preferred warrants, the series E preferred warrants, and a commitment to issue warrants. Prior to being exercised, the series D preferred warrants comprised of warrants with an exercise price of $0.01 per share. As these series D preferred warrants are deep in the money, such that the intrinsic value approximates the option value, the key input in valuing these warrants with respect to the Black-Scholes-Merton model is the Company’s equity valuation. With respect to the series E preferred warrants, the Black-Scholes-Merton inputs that most significantly impact the valuation of the warrants are the term and the Company’s equity valuation.

One of the key inputs in valuing the Company’s commitment to issue warrants is timing to a qualifying liquidity event; this is because the warrant commitment arrangement is stipulated such that the Company no longer has an obligation to issue warrants in periods subsequent to a qualifying liquidity event. Another key input in valuing the Company’s commitment to issue warrants is the number of warrants to be issued, which can vary based on the range prescribed in the agreement. The valuation of the commitment to issue warrants can vary significantly based on the timing to a qualifying liquidity event and the number of warrants to be issued. When the Company entered into the Merger Agreement, the Company updated the expected timing to a change in control and reduced the expected term of outstanding warrants to be consistent with the expected timing of consummation of the Business Combination. As a result of the Business Combination, the Company is no longer obligated to issue warrants under the Warrant Commitment.

As of December 31, 2019, in addition to the series D preferred warrants with an exercise price of $0.01 per share, the Company also had outstanding warrants with exercise price of $6.58 per share. With respect to the series D preferred warrants with an exercise price of $6.58 per share, the Black-Scholes-Merton inputs that most significantly impact the valuation of the warrants are the term and the Company’s equity valuation; these warrants are sensitive to term as an input because the warrants have a four year term subsequent to acceleration due to liquidity events or the Company’s sole discretion after August 17, 2019.

Embedded conversion options

Embedded conversion options, which are bifurcated embedded derivatives, originate from the convertible notes issued by the Company during 2019. See Note 7 — Credit Facilities and Long-Term Debt for further information. The fair value of the embedded conversion options is estimated using a lattice model incorporating the probabilities of various liquidity events which constituted conversion triggering events within the convertible notes. The key input to the valuation model is timing of possible liquidity events. Based on the structure of the convertible notes and that the Company has a redemption option, that if exercised sufficiently in advance of such conversion events, would allow the Company to redeem such notes, the Company valued the embedded conversion options with the assumption that the Company would preempt liquidity events by asserting its redemption option and thereby narrowing the valuation to terms of the redemption option. In addition to the 3% payment-in-kind interest, the redemption value of the convertible notes accretes with the passage of time. Between the end of the first year to the end of the seven-year note term, accretion ranges from 5.9% to 79.6%. As such, the embedded conversion options are highly sensitive to the timing of liquidity events. As discussed in Note 7 — Credit facilities and long-term debt, the convertible notes and related bifurcated embedded conversion options have been extinguished pursuant to the Exchange Agreement on September 14, 2020 and the Company remeasured the embedded conversion options immediately prior to extinguishment based upon the fair value of the Issuer Stock Rights exchanged.

Social Capital Member

FAIR VALUE MEASUREMENTS

NOTE 8. FAIR VALUE MEASUREMENTS

The Company follows the guidance in ASC Topic 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

The fair value of the Company's financial assets and liabilities reflects management's estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1:Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table presents information about the Company's assets that are measured at fair value on a recurring basis at September 30, 2020 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

- 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 + Details

SUBSEQUENT EVENTS	2 Months Ended	9 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2019	Sep. 30, 2020
Social Capital Member
SUBSEQUENT EVENTS	Note 8 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to January 31, 2020, the date that the financial statements were available to be issued. Other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. Founder Shares On January 21, 2020, the Company cancelled the one share issued in October 2019 and the Sponsor purchased 8,625,000 Founder Shares for an aggregate purchase price of $25,000. On April 27, 2020, the Company effected a share capitalization, resulting in 10,350,000 Founder Shares issued and outstanding as of such date. The Founder Shares will automatically convert into Class A ordinary shares on the first business day following the completion of a Business Combination on a one-for-one basis, subject to certain adjustments, as described in Note 7. The Founder Shares include an aggregate of up to 1,350,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the number of Founder Shares will collectively represent 20% of the Company’s issued and outstanding shares upon the completion of the Proposed Public Offering. Promissory Note — Related Party On January 21, 2020, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000, of which $300,000 was outstanding under the Promissory Note as of January 21, 2020. The note is non-interest bearing and payable on the earlier of (i) June 30, 2020 and (ii) the completion of the Proposed Public Offering. As a result of the execution of the underwriting agreement on April 27, 2020, the financial statements have been modified to reflect the final terms of the agreement.	NOTE 9. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

2 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Dec. 31, 2020

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ materially from such estimates. Significant estimates, assumptions and judgments made by management include, among others, the determination of the fair value of common stock, share-based awards, warrants, derivatives, convertible notes, and inventory impairment (“real estate inventory valuation adjustment”). Management believes that the estimates and judgments upon which they rely are reasonable based upon information available to them at the time that these estimates and judgments are made. To the extent that there are material differences between these estimates and actual results, the Company's financial statements will be affected. The COVID-19 pandemic introduced significant additional uncertainties with respect to estimates, judgments and assumptions, which may materially impact these estimates.

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.

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.

Concentration of Credit Risk

Concentrations of Credit Risk

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, investments in marketable securities, and mortgage loans held for sale pledged under agreements to repurchase ("MLHFS"). 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.

Similarly, the Company's credit risk on mortgage loans held for sale is mitigated due to a large number of customers. Further, the Company's credit risk on mortgage loans held for sale is mitigated by the fact that the Company typically sells mortgages on the secondary market within a relatively short period of time after which the Company’s exposure is limited to borrower defaults within the initial few months of the mortgage.

Recent Accounting Pronouncements

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

In September 2016, the Financial Accounting Standards Board (" FASB") issued ASU 2016‑13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. The FASB also issued subsequent amendments to the initial guidance, ASU 2019‑04, ASU 2019‑05, ASU 2019‑11, and ASU 2020‑03 (collectively, “Topic 326”). The effective date and transition methodology for the amendments in Topic 326 are the same as in ASU 2016‑13. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 requires that credit losses be presented as an allowance rather than as a write-down. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company adopted this ASU as of January 1, 2020 and the adoption of this ASU did not have a material impact to the Company's consolidated financial statements.

In August 2018, the FASB issued ASU 2018‑15 Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350‑40). ASU 2018‑15 amends a customer’s accounting for implementation costs incurred in hosting arrangements. The guidance aligns the requirements for capitalizing implementation costs incurred in cloud computing arrangements with the requirements for capitalizing costs to develop or obtain internal-use software. This ASU is effective for annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company adopted this ASU as of January 1, 2020 and the adoption of this ASU did not have a material impact to the Company's consolidated financial statements under the prospective transition method.

Recently Issued Accounting Standards Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company does not believe that the new guidance will have a material effect given that the Company has a full valuation allowance and the scenarios for which the guidance offer simplification are not significant for the Company.

In March 2020, the FASB issued ASU 2020-04 which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Inter- Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. This guidance is optional for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. This guidance is effective from March 12, 2020 through December 31, 2022. Entities may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. The Company may elect to take advantage of this optional guidance in its transition away from LIBOR within certain debt contracts. While the goal of the reference rate reform transition is for it to be economically neutral to entities, the Company has not yet adopted this standard nor has the Company determined the impact the adoption of this guidance will have on the Company’s financial position, results of operations or cash flows.

Marketable Securities, Policy [Policy Text Block]

Marketable Securities

The Company's investments in marketable securities consist of debt securities classified as available-for-sale and measured at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss) in shareholders’ equity and realized gains and losses included in earnings. None of the Company's investments in marketable securities were impaired for the years ended December 31, 2020, 2019 and 2018. See “Note 4 — Cash, Cash Equivalents, and Marketable Securities” for further discussion.

Social Capital Member

Basis of Presentation

Principles of Consolidation

Emerging Growth Company

Emerging growth company

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Use of Estimates

Use of estimates

Use of Estimates

Cash and Cash Equivalents

Cash and cash equivalents

Cash and Cash Equivalents

Cash and Marketable Securities Held in Trust Account

At September 30, 2020, the assets held in the Trust Account were invested in U.S. Treasury securities and money market funds.

Class A Ordinary Shares Subject to Possible Redemption

Deferred offering costs

Income Taxes

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2020 and December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

Net Loss per Ordinary Share

Net loss per share

Net Loss per Ordinary Share

Reconciliation of Net Loss Per Ordinary Share


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2020		2020
Net loss	$	(6,043,293)	$	(6,321,195)
Less: Income attributable to ordinary shares subject to possible redemption		(15,332)		(39,725)
Adjusted net loss	$	(6,058,625)	$	(6,360,920)

Weighted average shares outstanding, basic and diluted		12,179,587		10,111,790

Basic and diluted net loss per ordinary share	$	(0.50)	$	(0.63)

Concentration of Credit Risk

Concentration of credit risk

Concentration of Credit Risk

Fair Value of Financial Instruments

Fair value of financial instruments

Fair Value of Financial Instruments

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Recent Accounting Standards

Risks and Uncertainties

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2020

Schedule of computation of basic and diluted loss per ordinary share

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, 2020, 2019, and 2018 (in thousands):


	Year Ended December 31,
	2020		2019		2018
Basic net loss per share:
Numerator:
Net loss	$	(286,760)	$	(339,170)	$	(239,929)
Minus: Deemed dividend		—	$	—		7,224
Minus: Net income attributable to noncontrolling interests	$	—	$	1,847	$	1,362
Net loss attributable to common shareholders – basic	$	(286,760)	$	(341,017)	$	(248,515)
Denominator:
Weighted average shares outstanding – basic and diluted		109,301		79,977		78,564
Basic net loss per share	$	(2.62)	$	(4.26)	$	(3.16)
Diluted net loss per share:
Numerator:
Net loss	$	(286,760)	$	(339,170)	$	(239,929)
Minus: Deemed dividend		—	$	—		7,224
Minus: Net income attributable to noncontrolling interests	$	—	$	1,847	$	1,362
Minus: Gain on liability-classified warrants	$	—		8,132		—
Net loss attributable to common shareholders – diluted	$	(286,760)	$	(349,149)	$	(248,515)
Denominator:
Weighted average shares outstanding – basic and diluted		109,301		79,977		78,564
Diluted net loss per share	$	(2.62)	$	(4.37)	$	(3.16)

Social Capital Member

Schedule of computation of basic and diluted loss per ordinary share


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2020		2020
Net loss	$	(6,043,293)	$	(6,321,195)
Less: Income attributable to ordinary shares subject to possible redemption		(15,332)		(39,725)
Adjusted net loss	$	(6,058,625)	$	(6,360,920)

Weighted average shares outstanding, basic and diluted		12,179,587		10,111,790

Basic and diluted net loss per ordinary share	$	(0.50)	$	(0.63)

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Social Capital Member

Schedule of assets measured at fair value on a recurring basis

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details) - USD ($)			1 Months Ended	2 Months Ended	3 Months Ended	9 Months Ended
	Apr. 30, 2020	Jan. 21, 2020	Apr. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Oct. 17, 2019	Dec. 31, 2018
Cash and Cash Equivalents				$ 405,080,000			$ 1,412,665,000		$ 262,368,000
Aggregate principal amount							$ 2,905,000,000
Social Capital Member
Units issue price (in dollars per share)				$ 10.00
Gross proceeds from initial public offering	$ 414,000,000
Proceeds from sale of Private Placement Warrants						$ 9,200,000
Transaction costs	22,196,558
Underwriting fees	7,200,000
Deferred underwriting fees	14,490,000		$ 14,490,000
Other offering costs	$ 506,558
Cash available for working capital purposes					$ 250,461	250,461
Maturity term of U.S. government securities	185 days			185 days
Redemption of shares by Public Shareholders, Number of days considered	2
Minimum net tangible assets to complete business combination	$ 5,000,001		$ 5,000,001	$ 5,000,001
Percentage of aggregate common shares that may not be redeemed without prior consent	15.00%
Percentage of public shares required to be redeemed if business combination is not completed within specified period	100.00%			100.00%
Number of business days after which the public shares are to be redeemed if business combination is not completed within specified period	10
Maximum interest earned to be used to pay dissolution expenses	$ 100,000			$ 100,000
Full pro rata interest per share receivable by the Public Shareholders, in the event of liquidation (in dollars per share)	$ 10.00			$ 10.00
Reduction in the amount of funds held in trust account (in dollars per share)	$ 10.00			$ 10.00
Cash and Cash Equivalents				$ 0	250,461	250,461		$ 0
Securities held in trust account					414,042,207	414,042,207
Working capital deficit				74,304	4,866,591	4,866,591
Interest income on trust account					16,290	42,207
Aggregate principal amount					4,000,000	4,000,000
Amount outstanding under promissory note				$ 0	$ 1,138,497	$ 1,138,497
Social Capital Member \| Initial Public Offering
Issuance of stock (in shares)	41,400,000		41,400,000
Units issue price (in dollars per share)	$ 10.00		$ 10.00
Social Capital Member \| Over-Allotment Option
Issuance of stock (in shares)	5,400,000		5,400,000
Social Capital Member \| Private placement \| Sponsor
Warrants to purchase shares	6,133,333		6,133,333	6,133,333
Issue price of warrants (in dollars per share)	$ 1.50		$ 1.50	$ 1.50
Proceeds from sale of Private Placement Warrants	$ 9,200,000		$ 9,200,000	$ 9,200,000
Social Capital Member \| Subsequent Event \| Sponsor
Issuance of stock (in shares)		8,625,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	2 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unrecognized tax benefits	$ 5,033,000		$ 6,139,000	$ 5,033,000	$ 2,433,000	$ 862,000
Tax provision			$ 63,000	$ 252,000	$ 377,000
Warrants to purchase ordinary shares excluded from computation of diluted loss per share			92,821,000	381,643,000	333,038,000
Social Capital Member
Unrecognized tax benefits	0	$ 0		$ 0
Unrecognized tax benefits, interest and penalties accrued	0	0		$ 0
Tax provision	$ 0	$ 0
Warrants to purchase ordinary shares excluded from computation of diluted loss per share		19,933,333

- Definition

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

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Net Loss Per Common Share (Details) - USD ($)	2 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020
Net loss				$ (6,321,195)
Less: Income attributable to ordinary shares subject to possible redemption				(39,725)
Adjusted net loss				$ (6,360,920)
Weighted average shares outstanding, basic and diluted				10,111,790
Basic and diluted net loss per ordinary share				$ (0.63)
Social Capital Member
Net loss	$ (21,631)	$ (6,043,293)	$ (277,902)	$ (6,321,195)
Less: Income attributable to ordinary shares subject to possible redemption		(15,332)		$ (39,725)
Adjusted net loss		$ (6,058,625)
Weighted average shares outstanding, basic and diluted	1,000	12,179,587		10,111,790
Basic and diluted net loss per ordinary share	$ (21,631)	$ (0.50)		$ (0.63)

- Definition

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

+ References

+ Details

INITIAL PUBLIC OFFERING (Details)		1 Months Ended	2 Months Ended
INITIAL PUBLIC OFFERING (Details)	Apr. 30, 2020 $ / shares shares	Apr. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2019 $ / shares	Dec. 31, 2020 $ / shares
Initial Public Offering, Disclosure [Line Items]
Exercise price of warrants (in dollars per share) \| $ / shares				$ 11.50
Social Capital Member
Initial Public Offering, Disclosure [Line Items]
Units issue price (in dollars per share) \| $ / shares			$ 10.00
Social Capital Member \| Initial Public Offering
Initial Public Offering, Disclosure [Line Items]
Issuance of stock (in shares) \| shares	41,400,000	41,400,000
Units issue price (in dollars per share) \| $ / shares	$ 10.00	$ 10.00
Number of public warrants that each unit consists (in shares) \| $		0.33
Social Capital Member \| Initial Public Offering \| Common Class A
Initial Public Offering, Disclosure [Line Items]
Number of common stocks included in each unit \| shares	1	1
Number of shares called for by each public warrant (in shares) \| shares	1	1
Exercise price of warrants (in dollars per share) \| $ / shares	$ 11.50	$ 11.50
Social Capital Member \| Over-Allotment Option
Initial Public Offering, Disclosure [Line Items]
Issuance of stock (in shares) \| shares	5,400,000	5,400,000

PRIVATE PLACEMENT (Details) - USD ($)		1 Months Ended	2 Months Ended	9 Months Ended
PRIVATE PLACEMENT (Details) - USD ($)	Apr. 30, 2020	Apr. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2020
Private Placement, Disclosure [Line Items]
Exercise price of warrants (in dollars per share)					$ 11.50
Social Capital Member
Private Placement, Disclosure [Line Items]
Aggregate purchase price				$ 9,200,000
Social Capital Member \| Private placement \| Common Class A
Private Placement, Disclosure [Line Items]
Number of shares called for by each public warrant (in shares)	1	1	1
Exercise price of warrants (in dollars per share)	$ 11.50	$ 11.50	$ 11.50
Social Capital Member \| Private placement \| Sponsor
Private Placement, Disclosure [Line Items]
Warrants to purchase shares	6,133,333	6,133,333	6,133,333
Issue price of warrants (in dollars per share)	$ 1.50	$ 1.50	$ 1.50
Aggregate purchase price	$ 9,200,000	$ 9,200,000	$ 9,200,000

RELATED PARTY TRANSACTIONS (Details) - USD ($)

1 Months Ended

2 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Apr. 30, 2020

Apr. 27, 2020

Jan. 21, 2020

Apr. 30, 2020

Feb. 29, 2020

Dec. 31, 2019

Sep. 30, 2020

Mar. 31, 2020

Sep. 30, 2020

Dec. 31, 2020

Debt Instrument, Face Amount

$ 449,000,000

Capital contribution by sponsor

889,000

Long-term Line of Credit

$ 1,073,695,000

339,173,000

Aggregate principal amount

$ 2,905,000,000

Social Capital Member

Capital contribution by sponsor

^[1]

$ 25,000

Amount outstanding under promissory note

$ 0

$ 1,138,497

Administrative Support Agreement, total expenses incurred

30,000

50,000

Administrative Support Agreement, accrued expenses

50,000

Aggregate principal amount

4,000,000

$ 4,000,000

Social Capital Member | Related Party Loans [Member]

Price of warrants (in dollars per share)

$ 1.50

Social Capital Member | Related Party Loans [Member] | Maximum

Loans convertible into warrants

$ 1,500,000

Social Capital Member | Sponsor

Amount outstanding under promissory note

1,138,497

Aggregate principal amount

$ 4,000,000

Social Capital Member | Initial Public Offering

Issuance of stock (in shares)

41,400,000

Sale of stock, price per share

$ 10.00

Social Capital Member | Sponsor

Debt Instrument, Face Amount

$ 25,000

Issuance of stock (in shares)

8,625,000

Number of shares issued to sponsor cancelled

Number of shares held by sponsor

10,350,000

Number of shares held by sponsor subject to forfeiture

1,350,000

Percentage of issued and outstanding shares after the Initial Public Offering held by the sponsor

20.00%

Sponsor Monthly Fee Payable

$ 10,000

Social Capital Member | Sponsor | Initial Public Offering

Services Fee

$ 21,631

Service Fee paid

$ 21,631

Social Capital Member | Notes Payable, Other Payables [Member] | Sponsor

Debt Instrument, Face Amount

$ 300,000

Due to Related Parties, Current

$ 300,000

Social Capital Member | Common Class A | Sponsor

Sale of stock, price per share

$ 12.00

Social Capital Member | Common Class B

Capital contribution by sponsor

$ 1

[1]	Included an aggregate of up to 1,350,000 shares that were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full (see Note 7).

COMMITMENTS (Details) - USD ($)		9 Months Ended
COMMITMENTS (Details) - USD ($)	Sep. 15, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Ordinary share, par value			$ 0.0001	$ 0.00001
Social Capital Member
Deferred underwriting fees (in dollars per share)		$ 0.35
Deferred Underwriting Fees		$ 14,490,000
Underwriting Discount, Percentage		10.00%
Refunds From Underwriting Discount		$ 720,000
Refunds from deferred underwriting discount		$ 1,449,000
Social Capital Member \| Common Class A
Ordinary share, par value		$ 0.0001		0.0001
Social Capital Member \| Common Class B
Ordinary share, par value		$ 0.0001		$ 0.0001
Social Capital Member \| Merger Agreement
Base number of shares for determining consideration	5,000,000,000
Share price (per share)	$ 10.00
Social Capital Member \| Merger Agreement \| Warrants
Number of shares issued for each warrant	0.33
Social Capital Member \| Merger Agreement \| Cayman Units
Number of shares issued for each warrant	1
Social Capital Member \| Merger Agreement \| Common Class A
Conversion ratio upon merger	1
Ordinary share, par value	$ 0.0001
Social Capital Member \| Merger Agreement \| Common Class B
Conversion ratio upon merger	1
Ordinary share, par value	$ 0.0001

SHAREHOLDERS' EQUITY (Details)	Dec. 31, 2020 $ / shares shares	Sep. 30, 2020 Vote $ / shares shares	Dec. 31, 2019 Vote $ / shares shares
Preferred Stock, Shares Authorized	100,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001
Common Stock, Shares Authorized	3,000,000,000		485,262,910
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001		$ 0.00001
Common Stock, Shares, Issued	540,714,692		83,748,443
Common Stock, Shares, Outstanding	540,714,692		83,748,443
Social Capital Member
Preferred Stock, Shares Authorized		5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares		$ 0.0001	$ 0.0001
Preferred Stock, Shares Issued		0	0
Preferred Stock, Shares Outstanding		0	0
Common Stock, Shares, Issued			1
Ordinary shares subject to possible redemption (in shares)		38,964,589	0
Social Capital Member \| Common Class A
Common Stock, Shares Authorized		500,000,000	500,000,000
Voting rights of common stock per share \| Vote		1	1
Common Stock, Par or Stated Value Per Share \| $ / shares		$ 0.0001	$ 0.0001
Common Stock, Shares, Issued		2,435,411	0
Common Stock, Shares, Outstanding		2,435,411	0
Ordinary shares subject to possible redemption (in shares)		38,964,589	0
Social Capital Member \| Common Class B
Common Stock, Shares Authorized		50,000,000	50,000,000
Voting rights of common stock per share \| Vote		1	1
Common Stock, Par or Stated Value Per Share \| $ / shares		$ 0.0001	$ 0.0001
Common Stock, Shares, Issued		10,350,000	1
Common Stock, Shares, Outstanding		10,350,000	1

SHAREHOLDERS' EQUITY - Warrants (Details) - $ / shares	2 Months Ended	9 Months Ended
SHAREHOLDERS' EQUITY - Warrants (Details) - $ / shares	Dec. 31, 2019	Sep. 30, 2020
Warrants
Warrants expiration term	4 years
Social Capital Member
Warrants
Warrants exercisable term from the completion of business combination	30 days	30 days
Warrants exercisable term from the closing of the public offering	12 days	12 months
Warrants expiration term	5 years	5 years
Warrants exercisable for cash	0	0
Threshold period for filling registration statement after business combination	15 days	15 days
Threshold period for filling registration statement within number of days of business combination	60 days	60 days
Closing price of share for threshold consecutive trading days	30 days	30 days
Stock price trigger for redemption of public warrants (in dollars per share)	$ 18.00	$ 18.00
Share Price	$ 9.20	$ 9.20
Percentage of gross proceeds on total equity proceeds	60.00%	60.00%
Adjustment of exercise price of warrants based on market value (as a percent)	115.00%	115.00%
Percentage of adjustment of redemption price of stock based on market value.	180.00%	180.00%
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination	30 days	30 days
Social Capital Member \| Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00
Warrants
Redemption price per warrant	$ 0.01	$ 0.01
Minimum threshold written notice period for redemption of public warrants	30 days	30 days
Closing price of share for threshold trading days	20 days	20 days
Share Price	$ 18.00	$ 18.00
Social Capital Member \| Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00
Warrants
Redemption price per warrant	$ 0.10	$ 0.10
Minimum threshold written notice period for redemption of public warrants	30 days	30 days
Stock price trigger for redemption of public warrants (in dollars per share)	$ 10.00	$ 10.00
Share Price	$ 10.00	$ 10.00

FAIR VALUE MEASUREMENTS (Details)	Sep. 30, 2020 USD ($)
Social Capital Member \| Level 1
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Cash and Marketable securities held in Trust Account	$ 414,042,207

BALANCE SHEET - USD ($)	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Oct. 17, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents	$ 1,412,665,000				$ 405,080,000		$ 262,368,000
Total current assets	2,053,111,000				2,087,644,000
TOTAL ASSETS	2,175,582,000				2,231,684,000
Current liabilities
Accounts payable and accrued expenses	25,270,000				32,977,000
Accrued expenses	11,002,000				16,342,000
Total current liabilities	393,389,000				1,126,382,000
Total liabilities	575,575,000				1,583,285,000
Commitments
Class A ordinary shares subject to possible redemption, 38,964,589 and no shares at redemption value at June 30, 2020 and December 31, 2019, respectively					1,381,502,000
Shareholder's Equity (Deficit)
Common Stock, Value, Issued	54,000
Additional paid-in capital	2,677,155,000				57,362,000
Accumulated deficit	(1,077,243,000)				(790,483,000)
TOTAL LIABILITIES, TEMPORARY EQUITY, AND SHAREHOLDERS' EQUITY DEFICIT	$ 2,175,582,000				2,231,684,000
Social Capital Member
Current Assets
Cash and cash equivalents		$ 250,461			0	$ 0
Prepaid expenses		383,761			0
Total current assets		634,222			0
Deferred offering costs		0			52,673
Deferred Offering Cost					52,673
Cash and Marketable securities held in Trust Account		414,042,207			0
TOTAL ASSETS		414,676,429			52,673
Current liabilities
Accrued expenses		4,362,316			0
Accrued offering costs		0			52,673
Advances from related party		0			21,631
Promissory note - related party		1,138,497			0
Total current liabilities		5,500,813			74,304
Deferred underwriting fee payable		14,490,000			0
Total liabilities		19,990,813			74,304
Commitments
Class A ordinary shares subject to possible redemption, 38,964,589 and no shares at redemption value at June 30, 2020 and December 31, 2019, respectively		389,685,614			0
Shareholder's Equity (Deficit)
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding		0			0
Additional paid-in capital		11,341,549			0
Accumulated deficit		(6,342,826)			(21,631)
Total shareholders' equity (deficit)		5,000,002	$ 5,000,007	$ 3,369	(21,631)	0
TOTAL LIABILITIES, TEMPORARY EQUITY, AND SHAREHOLDERS' EQUITY DEFICIT		414,676,429			52,673
Social Capital Member \| Common Class A
Shareholder's Equity (Deficit)
Common Stock, Value, Issued		244			0
Social Capital Member \| Common Class B
Shareholder's Equity (Deficit)
Common Stock, Value, Issued		$ 1,035			$ 0
Total shareholders' equity (deficit)						$ 0

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Preferred Stock, Par or Stated Value Per Share	$ 0.0001
Preferred Stock, Shares Authorized	100,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001		$ 0.00001
Common Stock, Shares Authorized	3,000,000,000		485,262,910
Common Stock, Shares, Issued	540,714,692		83,748,443
Common Stock, Shares, Outstanding	540,714,692		83,748,443
Social Capital Member
Ordinary shares subject to possible redemption (in shares)		38,964,589	0
Preferred Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized		5,000,000	5,000,000
Preferred Stock, Shares Issued		0	0
Preferred Stock, Shares Outstanding		0	0
Common Stock, Shares, Issued			1
Social Capital Member \| Common Class A
Ordinary shares subject to possible redemption (in shares)		38,964,589	0
Common Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Common Stock, Shares Authorized		500,000,000	500,000,000
Common Stock, Shares, Issued		2,435,411	0
Common Stock, Shares, Outstanding		2,435,411	0
Social Capital Member \| Common Class B
Common Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Common Stock, Shares Authorized		50,000,000	50,000,000
Common Stock, Shares, Issued		10,350,000	1
Common Stock, Shares, Outstanding		10,350,000	1
Shares subject to forfeiture		1,350,000

STATEMENTS OF OPERATIONS	2 Months Ended
STATEMENTS OF OPERATIONS	Dec. 31, 2019 USD ($) $ / shares shares
Social Capital Member
Formation costs	$ 21,631
NET LOSS ATTRIBUTABLE TO OPENDOOR TECHNOLOGIES INC.	$ (21,631)
Weighted average shares outstanding, basic and diluted \| shares	1,000
Basic and diluted loss per ordinary share \| $ / shares	$ (21,631)

- Definition

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

+ References

+ Details

STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY (DEFICIT) - USD ($)

Social Capital Member

Common Class A

Common Stock

Social Capital Member

Common Class A

Social Capital Member

Common Class B

Common Stock

Social Capital Member

Common Class B

Social Capital Member

Additional Paid-in Capital

Social Capital Member

Accumulated Deficit

Social Capital Member

Common Stock

Additional Paid-in Capital

Total

BALANCE at the beginning (in shares) at Dec. 31, 2018

77,863,856

Balance at Dec. 31, 2019

$ 0

$ (21,631)

BALANCE at the end (in shares) at Dec. 31, 2019

83,748,443

Balance at Oct. 17, 2019

$ 0

BALANCE at the beginning (in shares) at Oct. 17, 2019

Issuance of stock

$ 1

Net loss

(21,631)

Balance at Dec. 31, 2019

$ 0

(21,631)

BALANCE at the end (in shares) at Dec. 31, 2019

83,748,443

Cancellation of Class B ordinary share

$ 0

Cancellation of Class B ordinary share (in shares)

(1)

Issuance of stock

^[1]

$ 1,035

23,965

25,000

Issuance of new shares

^[1]

10,350,000

Balance at Mar. 31, 2020

$ 1,035

23,965

(21,631)

3,369

BALANCE at the end (in shares) at Mar. 31, 2020

10,350,000

Balance at Dec. 31, 2019

$ 0

(21,631)

BALANCE at the beginning (in shares) at Dec. 31, 2019

83,748,443

Net loss

(6,321,195)

$ (6,321,195)

Balance at Sep. 30, 2020

$ 244

$ 1,035

11,341,549

(6,342,826)

5,000,002

BALANCE at the end (in shares) at Sep. 30, 2020

2,435,411

10,350,000

Balance at Dec. 31, 2019

$ 0

(21,631)

BALANCE at the beginning (in shares) at Dec. 31, 2019

83,748,443

Issuance of stock

$ 889,000

Issuance of new shares

1,389,585

BALANCE at the end (in shares) at Dec. 31, 2020

540,714,692

Balance at Mar. 31, 2020

$ 1,035

23,965

(21,631)

3,369

BALANCE at the beginning (in shares) at Mar. 31, 2020

10,350,000

Sale of 41,400,000 Units, net of underwriting discount and offering expenses

$ 4,140

391,799,302

391,803,442

Sale of 41,400,000 Units, net of underwriting discount and offering expenses (in shares)

41,400,000

Sale of 6,133,333 Private Placement Warrants

9,200,000

Ordinary shares subject to redemption

$ (3,957)

(395,724,945)

(395,728,902)

Ordinary shares subject to redemption (in shares)

(39,570,413)

Net loss

(277,902)

Balance at Jun. 30, 2020

$ 183

$ 1,035

5,298,322

(299,533)

5,000,007

BALANCE at the end (in shares) at Jun. 30, 2020

1,829,587

10,350,000

Change in value of ordinary shares subject to possible redemption

$ 61

6,043,227

6,043,288

Change in value of ordinary shares subject to possible redemption (in shares)

605,824

Net loss

(6,043,293)

Balance at Sep. 30, 2020

$ 244

$ 1,035

$ 11,341,549

$ (6,342,826)

$ 5,000,002

BALANCE at the end (in shares) at Sep. 30, 2020

2,435,411

10,350,000

[1]	Included an aggregate of up to 1,350,000 shares that were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full (see Note 7).

STATEMENT OF CASH FLOWS	2 Months Ended
STATEMENT OF CASH FLOWS	Dec. 31, 2019 USD ($)
Cash Flows from Financing Activities:
Cash - Ending	$ 405,080,000
Social Capital Member
Cash Flows from Operating Activities:
Net loss	(21,631)
Changes in operating assets and liabilities:
Net cash provided by (used in) operating activities	(21,631)
Cash Flows from Financing Activities:
Proceeds from issuance of Class B ordinary shares to Sponsor	0
Advances from related party	21,631
Proceeds from promissory note	0
Net cash provided by financing activities	21,631
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	0
Cash - Beginning	0
Cash - Ending	0
Non-cash investing and financing activities:
Deferred offering costs included in accrued offering costs	$ 52,673

Organization and Plan of Business Operations	2 Months Ended	9 Months Ended
Organization and Plan of Business Operations	Dec. 31, 2019	Sep. 30, 2020
Social Capital Member
Organization and Plan of Business Operations	Note 1 — Organization and Plan of Business Operations Social Capital Hedosophia Holdings Corp. II (the “Company”) is a newly incorporated blank check company incorporated as a Cayman Islands exempted company on October 18, 2019. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus on businesses in the technology industries primarily located in the United States. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2019, the Company had not commenced any operations. All activity for the period from October 18, 2019 (inception) through December 31, 2019 relates to the Company’s formation and the proposed initial public offering (“Proposed Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Proposed Public Offering. The Company’s ability to commence operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 36,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per unit (or 41,400,000 Units if the underwriters’ over-allotment option is exercised in full), which is discussed in Note 3 and the sale of 6,133,333 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to the Company’s sponsor, SCH Sponsor II LLC (f/k/a SCH Sponsor Corp. II), a Cayman Islands limited liability company (the “Sponsor”), that will close simultaneously with the Proposed Public Offering. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The New York Stock Exchange rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (as defined below) (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting discount). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination. Upon the closing of the Proposed Public Offering, management has agreed that $10.00 per Unit sold in the Proposed Public Offering, including proceeds of the sale of the Private Placement Warrants, will be held in a trust account (“Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a‑7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. The Company will provide the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination, either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share) as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. The per-share amount to be distributed to the Public Shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 7). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Class A ordinary shares will be recorded at redemption value and classified as temporary equity upon the completion of the Proposed Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company will proceed with a Business Combination only if the Company has net tangible assets, after payment of the deferred underwriting commission, of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote and a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Company’s Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Proposed Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination or seek to sell any shares to the Company in a tender offer in connection with a Business Combination. Additionally, subject to the immediately succeeding paragraph, each public shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to 15% or more of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination (and not seek to sell its shares to the Company in any tender offer the Company undertakes in connection with its initial business combination) and (b) not to propose an amendment to the Amended and Restated Memorandum of Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within Combination Period or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company will have until 24 months from the closing of the Proposed Public Offering to consummate a Business Combination. However, if the Company has not completed a Business Combination within 24 months of the closing of the Proposed Public Offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding public shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In the event of a liquidation, the Public Shareholders will be entitled to receive a full pro rata interest in the Trust Account (initially anticipated to be approximately $10.00 per share, plus any pro rata interest earned on the Trust Fund not previously released to the Company and less up to $100,000 of interest to pay dissolution expenses). There will be no redemption rights or liquidating distributions with respect to the Founder Shares or the Private Placement Warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party (other than the Company’s independent auditors) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Proposed Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Going Concern Consideration At December 31, 2019, the Company had $0 in cash and a working capital deficit of $74,304. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management plans to address this uncertainty through a Proposed Public Offering as discussed in Note 3. There is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.	NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Social Capital Hedosophia Holdings Corp. II (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on October 18, 2019. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. The Company has one subsidiary, Hestia Merger Sub Inc., a wholly owned subsidiary of the Company incorporated in Delaware on September 9, 2020 (“Merger Sub”). As of September 30, 2020, the Company had not commenced any operations. All activity for the period from October 18, 2019 (inception) through September 30, 2020 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and the search for a Business Combination, including activities in connection with the proposed acquisition of Opendoor Labs Inc., a Delaware corporation (“Opendoor”). The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statements for the Company’s Initial Public Offering became effective on April 27, 2020. On April 30, 2020, the Company consummated the Initial Public Offering of 41,400,000 units (the “Units” and, with respect to the shares of Class A ordinary shares included in the Units sold, the “Public Shares”), which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 5,400,000 Units, at $10.00 per Unit, generating gross proceeds of $414,000,000 which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 6,133,333 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to SCH Sponsor II LLC (the “Sponsor”), generating gross proceeds of $9,200,000, which is described in Note 4. Transaction costs amounted to $22,196,558 consisting of $7,200,000 of underwriting fees, $14,490,000 of deferred underwriting fees and $506,558 of other offering costs. In addition, at September 30, 2020, cash of $250,461 was held outside of the Trust Account (as defined below) and is available for working capital purposes. Following the closing of the Initial Public Offering on April 30, 2020, an amount of $414,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) located in the United States and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. The Company will provide the holders of the Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of the Business Combination, either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account, calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. The per-share amount to be distributed to the Public Shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets, after payment of the deferred underwriting commission, of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote and a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Company’s Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination or seek to sell any shares to the Company in a tender offer in connection with a Business Combination. Additionally, subject to the immediately succeeding paragraph, each public shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) will be restricted from redeeming its shares with respect to more than 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination (and not seek to sell its shares to the Company in any tender offer the Company undertakes in connection with its initial Business Combination) and (b) not to propose an amendment to the Amended and Restated Memorandum of Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company will have until April 30, 2022 (the “Combination Period”) to consummate a Business Combination. However, if the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding public shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In the event of a liquidation, the Public Shareholders will be entitled to receive a full pro rata interest in the Trust Account ($10.00 per share, plus any pro rata interest earned on the Trust Fund not previously released to the Company and less up to $100,000 of interest to pay dissolution expenses). There will be no redemption rights or liquidating distributions with respect to the Founder Shares or the Private Placement Warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party (other than the Company’s independent auditors) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Liquidity and Going Concern As of September 30, 2020, the Company had $250,461 in its operating bank accounts, $414,042,207 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its ordinary shares in connection therewith and working capital deficit of $4,866,591. As of September 30, 2020, approximately $42,000 of the amount on deposit in the Trust Account represented interest income. Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination. On September 30, 2020, the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $4,000,000. At September 30, 2020, there was $1,138,497 outstanding under the Promissory Note (see Note 5). The Company may need to raise additional capital through loans or additional investments from its Sponsor, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to (other than pursuant to the Promissory Note), loan the Company additional funds, from time to time or at any time, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months following the date from when the financial statements are issued. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Significant Accounting Policies

2 Months Ended

9 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Social Capital Member

Significant Accounting Policies

Note 2 — Significant Accounting Policies

Basis of Presentation

Emerging growth company

Use of estimates

Cash and cash equivalents

Deferred offering costs

Income Taxes

Net loss per share

Concentration of credit risk

Fair value of financial instruments

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Principles of Consolidation

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Use of Estimates

Cash and Cash Equivalents

Cash and Marketable Securities Held in Trust Account

At September 30, 2020, the assets held in the Trust Account were invested in U.S. Treasury securities and money market funds.

Class A Ordinary Shares Subject to Possible Redemption

Income Taxes

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2020 and December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

Net Loss per Ordinary Share

Reconciliation of Net Loss Per Ordinary Share


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2020		2020
Net loss	$	(6,043,293)	$	(6,321,195)
Less: Income attributable to ordinary shares subject to possible redemption		(15,332)		(39,725)
Adjusted net loss	$	(6,058,625)	$	(6,360,920)

Weighted average shares outstanding, basic and diluted		12,179,587		10,111,790

Basic and diluted net loss per ordinary share	$	(0.50)	$	(0.63)

Concentration of Credit Risk

Fair Value of Financial Instruments

Recent Accounting Standards

Risks and Uncertainties

Proposed Public Offering	2 Months Ended
Proposed Public Offering	Dec. 31, 2019
Social Capital Member
Proposed Public Offering	Note 3 — Proposed Public Offering Pursuant to the Proposed Public Offering, the Company will offer for sale up to 36,000,000 Units (or 41,400,000 Units if the underwriters’ over-allotment option is exercised in full) at a purchase price of $10.00 per Unit. Each Unit will consist of one Class A ordinary share and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant will entitle the holder to purchase one Class A ordinary share at an exercise price of $11.50 per whole share (see Note 7).

Private Placement	2 Months Ended	9 Months Ended
Private Placement	Dec. 31, 2019	Sep. 30, 2020
Social Capital Member
Private Placement	Note 4 — Private Placement The Sponsor has committed to purchase an aggregate of 6,133,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrant ($9,200,000 in the aggregate ) from the Company in a private placement that will occur simultaneously with the closing of the Proposed Public Offering. The proceeds from the sale of the Private Placement Warrants will be added to the net proceeds from the Proposed Public Offering held in the Trust Account. Each Private Placement Warrant is exercisable for one Class A Share at a price of $11.50 per share, subject to adjustment (see Note 7). If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.	NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 6,133,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, for an aggregate purchase price of $9,200,000. Each Private Placement Warrant is exercisable for one Class A Share at a price of $11.50 per share, subject to adjustment (see Note 7). The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

Related Party Transactions	2 Months Ended	9 Months Ended	12 Months Ended
Related Party Transactions	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2020
RELATED PARTY TRANSACTIONS			17.RELATED PARTIES Prior to the Business Combination, one of the Preferred Stock investors held more than a 10% interest in the Company and had one seat as a member of the board of directors and another seat as an observer of the board of directors. In 2019, an executive early exercised their option to purchase 1,479,459 shares of unvested common stock at a price per share of $1.01 by issuing a promissory note to the Company for a total price of $1.5 million with an interest rate of 2.31% per annum. The Warrant Commitment and the subsequent Series E Warrants were issued to a counterparty that has an equity interest in the Company and a seat on the Company’s board of directors. The board member has significant influence with respect to the counterparty to the Warrant Commitment. The issuance of the Warrant Commitment and Series E Warrants was in exchange for on-going advisory services that the entity provided to the Company. See “Note 15 — Warrants” for further information. During 2019, the Company acquired OSN. See “Note 2 — Business Combination” for further information on the acquisition and the pro forma results of operations, reflecting OSN as if it had been acquired January 1, 2018. Prior to the acquisition, OSN conducted business with the Company as the noncontrolling member of the Company’s Title Companies. The Company paid the member title and due diligence fees in the member’s capacity as a title and escrow agent. Additionally, the Company paid the member management and administrative service fees, rent, and purchases of fixed assets in the member’s capacity as management and administrative service provider and lessor to the subsidiaries of OD Title Holdings and OD Title Sidecar.
Social Capital Member
RELATED PARTY TRANSACTIONS	Note 5 — Related Party Transactions Founder Shares In October 2019, the Company issued one ordinary share to the Sponsor for no consideration. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Class B ordinary shares or Class A ordinary shares received upon conversion thereof (together, “Founder Shares”) until the earlier of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30‑trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Advances — Related Party The Sponsor advanced the Company an aggregate of $21,631 to cover expenses related to the Initial Public Offering. The advances are non-interest bearing and due on demand. At December 31, 2019, advances of $21,631 were outstanding. Administrative Services Agreement The Company will enter into an agreement pursuant to which it will pay an affiliate of the Sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon completion of a Business Combination into warrants at a price of $1.50 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.	NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares In October 2019, the Company issued one ordinary share to the Sponsor for no consideration. On January 21, 2020, the Company cancelled the one share issued in October 2019 and the Sponsor purchased 8,625,000 Founder Shares for an aggregate purchase price of $25,000. On April 27, 2020, the Company effected a share capitalization, resulting in 10,350,000 Founder Shares issued and outstanding as of such date. All share and per-share amounts have been retroactively restated to reflect the share capitalization. The Founder Shares will automatically convert into Class A ordinary shares on the first business day following the completion of a Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to certain adjustments, as described in Note 7. The Founder Shares included an aggregate of up to 1,350,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the number of Founder Shares would collectively represent 20% of the Company’s issued and outstanding shares upon the completion of the Initial Public Offering. As a result of the underwriters’ election to fully exercise their over-allotment option, no Founder Shares are subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Class B ordinary shares or Class A ordinary shares received upon conversion thereof (together, “Founder Shares”) until the earlier of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Advances – Related Party The Sponsor advanced the Company an aggregate of $21,631 to cover expenses related to the Initial Public Offering. The advances were non-interest bearing and due on demand. Advances in the aggregate amount of $21,631 were repaid in February 2020. Promissory Note — Related Party On January 21, 2020, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company borrowed an aggregate principal amount of $300,000. The note was non-interest bearing and payable on the earlier of (i) June 30, 2020 and (ii) the completion of the Initial Public Offering. The borrowings outstanding under the note in the amount of $300,000 were repaid upon the consummation of the Initial Public Offering on April 30, 2020. On September 30, 2020, the Company issued the Promissory Note, pursuant to which the Company may borrow up to an aggregate principal amount of $4,000,000. The Promissory Note is non-interest bearing and payable on the earlier of (i) April 30, 2022 and (ii) the completion of the Business Combination. At September 30, 2020, there was $1,138,497 outstanding under the Promissory Note. Administrative Support Agreement The Company entered into an agreement whereby, commencing on April 27, 2020, the Company will pay an affiliate of the Sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three and nine months ended September 30, 2020, the Company incurred $30,000 and $50,000 of such fees. As of September 30, 2020, $50,000 is included in accrued expenses in the accompanying condensed consolidated balance sheets. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to (other than pursuant to the Promissory Note), loan the Company additional funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon completion of a Business Combination into warrants at a price of $1.50 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

Commitments	2 Months Ended	9 Months Ended	12 Months Ended
Commitments	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2020
COMMITMENTS			19.COMMITMENTS AND CONTINGENCIES Interest Rate Lock Commitments The Company entered into interest rate lock commitments with prospective borrowers whereby the Company commits to lend a certain loan amount under specific terms and interest rate to the borrower. These commitments are treated as derivatives and are carried at fair value. See “Note 5 — Derivative Instruments” for more information. Purchase Commitments As of December 31, 2020, the Company was in contract to purchase 1,742 homes for an aggregate purchase price of $466.4 million. Lease Commitments The Company has entered into various non-cancelable operating lease agreements for certain of its office space. See “Note 10 — 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 December 23, 2020, the Federal Trade Commission (“FTC”) notified the Company that they intend to recommend that the agency pursue an enforcement action against the Company and certain of its officers, if the Company is unable to reach a negotiated settlement acceptable to all parties. This notice is related to an initial FTC civil investigative demand sent to the Company in August 2019 seeking documents and information relating primarily to statements in Opendoor’s advertising and website comparing selling homes to Opendoor with selling homes in a traditional manner using an agent and relating to statements that Opendoor’s offers reflect or are based on market prices. The Company is engaged in settlement negotiations with the FTC and has accrued an immaterial amount for this matter. Any settlement could result in material monetary remedies and/or compliance requirements that could have a materially adverse impact on its financial results. The Company cannot make an estimate of the possible loss or range of loss incremental to the amount accrued, if any, resulting from negotiations with the FTC at this time.
Social Capital Member
COMMITMENTS	Note 6 — Commitments Registration Rights The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued on conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Propose Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Company’s Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company will grant the underwriters a 45‑day option to purchase up to 5,400,000 additional Units to cover over-allotments at the Proposed Public Offering price, less the underwriting discounts and commissions. The underwriters will be entitled to a cash underwriting discount of $7,200,000 in the aggregate, payable upon the closing of the Proposed Public Offering. In addition, the underwriters will be entitled to a deferred fee of $0.35 per Unit, or $12,600,000 in the aggregate (or $14,490,000 in the aggregate if the underwriters’ over-allotment option is exercised in full). The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Financial Advisory Fee The Company intends to engage Connaught (UK) Limited (“Connaught”) to provide financial advisory services in connection with the Proposed Public Offering. The Company will pay Connaught a fee in an amount equal to 10% of the underwriting commission payable to the underwriters. The fee to Connaught will be paid in part at the closing of the Proposed Public Offering and in part at the closing of the Business Combination, in the same proportion as the non-deferred and deferred underwriting commission payable to the underwriters. The underwriters have agreed to reimburse the Company for the fee to Connaught as it becomes payable out of the underwriting commission.	NOTE 6. COMMITMENTS Registration Rights Pursuant to a registration rights agreement entered into on April 27, 2020, the holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Company’s Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, or $14,490,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Financial Advisory Fee The underwriters agreed to reimburse the Company for an amount equal to 10% of the discount paid to the underwriters for financial advisory services provided by Connaught (UK) Limited in connection with the Initial Public Offering, of which $720,000 was paid at the closing of the Initial Public Offering and up to $1,449,000 will be payable at the time of the closing of a Business Combination. Merger Agreement On September 15, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Merger Sub and Opendoor. Pursuant to the transactions contemplated by the terms of the Merger Agreement (the “Closing”), and subject to the satisfaction or waiver of certain conditions set forth therein, Merger Sub will merge with and into Opendoor, with Opendoor surviving the merger in accordance with the Delaware General Corporation Law (the “DGCL”) and as a wholly owned subsidiary of the Company (the “Merger”) (the transactions contemplated by the Merger Agreement and the related ancillary agreements, the “Opendoor Business Combination”). As a result of the Merger, among other things, all outstanding shares of common stock of Opendoor will be cancelled in exchange for the right to receive, or reservation of, in the aggregate, a number of shares of the Company’s Common Stock (as defined below) equal to the quotient obtained by dividing (x) $5,000,000,000 by (y) $10.00. Prior to the Closing, subject to the approval of the Company’s shareholders, and in accordance with the DGCL, Cayman Islands Companies Law (2020 Revision) (the "CICL") and the Company’s Amended and Restated Memorandum and Articles of Association (as may be amended from time to time, the "Cayman Constitutional Documents"), the Company will effect a deregistration under the CICL and a domestication under Section 388 of the DGCL (by means of filing a certificate of domestication (the "Certificate of Domestication") with the Secretary of State of Delaware), pursuant to which the Company’s jurisdiction of incorporation will be changed from the Cayman Islands to the State of Delaware (the "Domestication"). In connection with the Domestication, (i) each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of the Company (the "Class A Ordinary Shares"), will convert automatically, on a one-for-one basis, into a share of common stock, par value $0.0001, per share of the Company (after its Domestication) (the "Common Stock"), (ii) each of the then issued and outstanding Class B ordinary shares, par value $0.0001 per share, of the Company (the "Class B Ordinary Shares"), will convert automatically, on a one-for-one basis, into a share of Common Stock, (iii) each then issued and outstanding warrant of the Company will convert automatically into a warrant to acquire one share of Common Stock ("Domesticated Warrant"), and (iv) each of the then issued and outstanding units of the Company that have not been previously separated into the underlying Class A Ordinary Shares and underlying warrants upon the request of the holder thereof (the "Cayman Units"), will be cancelled and will entitle the holder thereof to one share of Common Stock and one-third of one Domesticated Warrant. The consummation of the Opendoor Business Combination is subject to certain conditions as further described in the Merger Agreement.

Shareholder's Equity

2 Months Ended

9 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Social Capital Member

Shareholder's Equity

Note 7 — Shareholder’s Equity

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

· in whole and not in part;

· at a price of $0.01 per Public Warrant;

· upon not less than 30 days’ prior written notice of redemption to each warrant holder and

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

· in whole and not in part;

NOTE 7. SHAREHOLDERS’ EQUITY

Preferred Shares — The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001. The Company’s board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The board of directors will be able to, without shareholder approval, issue preferred shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. At September 30, 2020 and December 31, 2019, there were no preferred shares issued or outstanding.

Class B Ordinary Shares—The Company is authorized to issue 50,000,000 Class B ordinary shares, with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At September 30, 2020 and December 31, 2019, there were 10,350,000 and one Class B ordinary shares issued and outstanding, respectively.

The Class B Shares will automatically convert into Class A ordinary shares on the first business day following the completion of the Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which Founder Shares will convert into Class A ordinary shares will be adjusted (subject to waiver by holders of a majority of the Class B ordinary shares) so that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the ordinary shares issued and outstanding upon completion of the Initial Public Offering plus the number of Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination (net of redemptions), excluding any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor.

Warrants—Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

in whole and not in part;

at a price of $0.01 per Public Warrant;

upon not less than 30 days’ prior written notice of redemption to each warrant holder and

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

in whole and not in part;

The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.

Subsequent Events	2 Months Ended	9 Months Ended
Subsequent Events	Dec. 31, 2019	Sep. 30, 2020
Social Capital Member
Subsequent Events	Note 8 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to January 31, 2020, the date that the financial statements were available to be issued. Other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. Founder Shares On January 21, 2020, the Company cancelled the one share issued in October 2019 and the Sponsor purchased 8,625,000 Founder Shares for an aggregate purchase price of $25,000. On April 27, 2020, the Company effected a share capitalization, resulting in 10,350,000 Founder Shares issued and outstanding as of such date. The Founder Shares will automatically convert into Class A ordinary shares on the first business day following the completion of a Business Combination on a one-for-one basis, subject to certain adjustments, as described in Note 7. The Founder Shares include an aggregate of up to 1,350,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the number of Founder Shares will collectively represent 20% of the Company’s issued and outstanding shares upon the completion of the Proposed Public Offering. Promissory Note — Related Party On January 21, 2020, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000, of which $300,000 was outstanding under the Promissory Note as of January 21, 2020. The note is non-interest bearing and payable on the earlier of (i) June 30, 2020 and (ii) the completion of the Proposed Public Offering. As a result of the execution of the underwriting agreement on April 27, 2020, the financial statements have been modified to reflect the final terms of the agreement.	NOTE 9. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements.

Significant Accounting Policies (Policies)

2 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2020

Dec. 31, 2020

Use of estimates

Use of Estimates

Cash and cash equivalents

Cash and Cash Equivalents

Income Taxes

Concentration of Credit Risk

Concentrations of Credit Risk

Recent Accounting Pronouncements

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

Marketable Securities, Policy [Policy Text Block]

Marketable Securities

Social Capital Member

Basis of Presentation

Emerging growth company

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Use of estimates

Use of Estimates

Cash and cash equivalents

Cash and Cash Equivalents

Deferred offering costs

Cash and Marketable Securities Held in Trust Account

At September 30, 2020, the assets held in the Trust Account were invested in U.S. Treasury securities and money market funds.

Class A Ordinary Shares Subject to Possible Redemption

Income Taxes

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2020 and December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

Net loss per share

Net Loss per Ordinary Share

Reconciliation of Net Loss Per Ordinary Share


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2020		2020
Net loss	$	(6,043,293)	$	(6,321,195)
Less: Income attributable to ordinary shares subject to possible redemption		(15,332)		(39,725)
Adjusted net loss	$	(6,058,625)	$	(6,360,920)

Weighted average shares outstanding, basic and diluted		12,179,587		10,111,790

Basic and diluted net loss per ordinary share	$	(0.50)	$	(0.63)

Concentration of Credit Risk

Concentration of credit risk

Concentration of Credit Risk

Fair value of financial instruments

Fair Value of Financial Instruments

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Recent Accounting Standards

Organization and Plan of Business Operations (Details) - USD ($)				1 Months Ended	2 Months Ended	3 Months Ended	9 Months Ended
	Feb. 09, 2021	Apr. 30, 2020	Jan. 21, 2020	Apr. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Oct. 17, 2019	Dec. 31, 2018
Ordinary share, par value					$ 0.00001			$ 0.0001
Common Stock, Shares, Issued					83,748,443			540,714,692
Common Stock, Shares, Outstanding					83,748,443			540,714,692
Cash and cash equivalents					$ 405,080,000			$ 1,412,665,000		$ 262,368,000
Over-Allotment Option \| Subsequent Event
Sale of Stock, Number of Shares Issued in Transaction	4,280,533
Social Capital Member
Period to consummate business combination					24 months
Units issue price (in dollars per share)					$ 10.00
Gross proceeds from initial public offering		$ 414,000,000
Proceeds from sale of Private Placement Warrants							$ 9,200,000
Transaction costs		22,196,558
Underwriting fees		7,200,000
Deferred underwriting fees		14,490,000		$ 14,490,000
Other offering costs		$ 506,558
Cash available for working capital purposes							250,461
Cash held in trust account							$ 414,042,207
Maturity term of U.S. government securities		185 days			185 days
Redemption of shares by Public Shareholders, Number of days considered		2
Minimum Net Tangible Assets To Complete Business Combination		$ 5,000,001		$ 5,000,001	$ 5,000,001
Percentage of aggregate common shares that may not be redeemed without prior consent		15.00%
Percentage of public shares required to be redeemed if business combination is not completed within specified period		100.00%			100.00%
Number of business days after which the public shares are to be redeemed if business combination is not completed within specified period		10
Maximum interest earned to be used to pay dissolution expenses		$ 100,000			$ 100,000
Full pro rata interest per share receivable by the Public Shareholders, in the event of liquidation (in dollars per share)		$ 10.00			$ 10.00
Reduction in the amount of funds held in trust account (in dollars per share)		$ 10.00			$ 10.00
Class of Warrant or Right, Numbers Issued						6,133,333
Common Stock, Shares, Issued					1
Share Price					$ 9.20		$ 9.20
Cash and cash equivalents					$ 0		$ 250,461		$ 0
Working capital deficit					$ 74,304		$ 4,866,591
Social Capital Member \| Subsequent Event \| Sponsor
Issuance of stock (in shares)			8,625,000
Social Capital Member \| Initial Public Offering
Sale of Stock, Number of Shares Issued in Transaction					36,000,000
Sale of stock, price per share					$ 10.00
Issuance of stock (in shares)		41,400,000		41,400,000
Units issue price (in dollars per share)		$ 10.00		$ 10.00
Social Capital Member \| Over-Allotment Option
Sale of Stock, Number of Shares Issued in Transaction					41,400,000
Issuance of stock (in shares)		5,400,000		5,400,000
Social Capital Member \| Private placement \| Sponsor
Warrants to purchase shares		6,133,333		6,133,333	6,133,333
Issue price of warrants (in dollars per share)		$ 1.50		$ 1.50	$ 1.50
Proceeds from sale of Private Placement Warrants		$ 9,200,000		$ 9,200,000	$ 9,200,000
Social Capital Member \| Common Class A
Ordinary share, par value					$ 0.0001		$ 0.0001
Common Stock, Shares, Issued					0		2,435,411
Common Stock, Shares, Outstanding					0		2,435,411
Social Capital Member \| Common Class A \| Sponsor
Sale of stock, price per share					$ 12.00
Social Capital Member \| Common Class A \| Initial Public Offering
Number of common stocks included in each unit		1		1
Social Capital Member \| Common Class B
Ordinary share, par value					$ 0.0001		$ 0.0001
Common Stock, Shares, Issued					1		10,350,000
Common Stock, Shares, Outstanding					1		10,350,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	2 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unrecognized tax benefits	$ 5,033,000		$ 6,139,000	$ 5,033,000	$ 2,433,000	$ 862,000
Tax provision			$ 63,000	$ 252,000	$ 377,000
Warrants to purchase ordinary shares excluded from computation of diluted loss per share			92,821,000	381,643,000	333,038,000
Social Capital Member
Unrecognized tax benefits	0	$ 0		$ 0
Unrecognized tax benefits, interest and penalties accrued	0	0		$ 0
Tax provision	$ 0	$ 0
Warrants to purchase ordinary shares excluded from computation of diluted loss per share		19,933,333

- Definition

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

+ References + Details

Proposed Public Offering (Details) - USD ($)	2 Months Ended
Proposed Public Offering (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Exercise price of warrants (in dollars per share)		$ 11.50
Social Capital Member \| Proposed Public Offering
Subsidiary, Sale of Stock [Line Items]
Unit price	$ 10.00
Number of shares in a unit	1
Number of warrants in a unit	0.33
Number of shares called for by each public warrant (in shares)	1
Exercise price of warrants (in dollars per share)	$ 11.50
Social Capital Member \| Proposed Public Offering \| Less than one year
Subsidiary, Sale of Stock [Line Items]
Number of units to be issued	36,000,000
Social Capital Member \| Proposed Public Offering \| More than one year
Subsidiary, Sale of Stock [Line Items]
Number of units to be issued	41,400,000

Private Placement (Details) - USD ($)		1 Months Ended	2 Months Ended	9 Months Ended
Private Placement (Details) - USD ($)	Apr. 30, 2020	Apr. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2020
Private Placement, Disclosure [Line Items]
Exercise price of warrants (in dollars per share)					$ 11.50
Social Capital Member
Private Placement, Disclosure [Line Items]
Aggregate purchase price				$ 9,200,000
Social Capital Member \| Private placement \| Common Class A
Private Placement, Disclosure [Line Items]
Number of shares called for by each public warrant (in shares)	1	1	1
Exercise price of warrants (in dollars per share)	$ 11.50	$ 11.50	$ 11.50
Social Capital Member \| Private placement \| Sponsor
Private Placement, Disclosure [Line Items]
Warrants to purchase shares	6,133,333	6,133,333	6,133,333
Issue price of warrants (in dollars per share)	$ 1.50	$ 1.50	$ 1.50
Aggregate purchase price	$ 9,200,000	$ 9,200,000	$ 9,200,000

Related Party Transactions (Details) - USD ($)

1 Months Ended

2 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Apr. 30, 2020

Jan. 21, 2020

Oct. 31, 2019

Apr. 30, 2020

Dec. 31, 2019

Sep. 30, 2020

Mar. 31, 2020

Sep. 30, 2020

Dec. 31, 2020

Debt Instrument, Face Amount

$ 449,000,000

Capital contribution by sponsor

889,000

Long-term Line of Credit

$ 1,073,695,000

$ 339,173,000

Social Capital Member

Capital contribution by sponsor

^[1]

$ 25,000

Notes Payable, Related Parties, Current

$ 1,138,497

Administrative Support Agreement, total expenses incurred

30,000

50,000

Administrative Support Agreement, accrued expenses

50,000

Advances from related party

21,631

1,438,497

Advances from related party

21,631

$ 0

Social Capital Member | Sponsor

Number of shares issued to sponsor cancelled

Sponsor Monthly Fee Payable

$ 10,000

Social Capital Member | Related Party Loans [Member]

Price of warrants (in dollars per share)

$ 1.50

Social Capital Member | Related Party Loans [Member] | Maximum

Loans convertible into warrants

$ 1,500,000

Social Capital Member | Initial Public Offering

Issuance of stock (in shares)

41,400,000

Sale of stock, price per share

$ 10.00

Social Capital Member | Initial Public Offering | Sponsor

Advances from related party

$ 21,631

Advances from related party

$ 21,631

Social Capital Member | Subsequent Event | Sponsor

Debt Instrument, Face Amount

$ 25,000

Issuance of stock (in shares)

8,625,000

Number of shares held by sponsor

10,350,000

Number of shares held by sponsor subject to forfeiture

1,350,000

Percentage of issued and outstanding shares after the Initial Public Offering held by the sponsor

20.00%

Social Capital Member | Notes Payable, Other Payables [Member] | Subsequent Event | Sponsor

Due to Related Parties, Current

$ 300,000

Social Capital Member | Common Class A | Sponsor

Sale of stock, price per share

$ 12.00

Social Capital Member | Common Class B

Capital contribution by sponsor

$ 1

[1]	Included an aggregate of up to 1,350,000 shares that were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full (see Note 7).

Commitments (Details) - Social Capital Member	2 Months Ended
Commitments (Details) - Social Capital Member	Dec. 31, 2019 USD ($) item $ / shares shares	Sep. 30, 2020 USD ($)
Subsidiary, Sale of Stock [Line Items]
Maximum number of demands for registration of securities \| item	3
Deferred underwriting fee payable		$ 14,490,000
Underwriters deferred fee (in percent)	10.00%
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of units to be issued \| shares	5,400,000
Cash underwriting discount	$ 7,200,000
Deferred fee per unit \| $ / shares	$ 0.35
Over-Allotment Option \| Less than one year
Subsidiary, Sale of Stock [Line Items]
Deferred underwriting fee payable	$ 12,600,000
Over-Allotment Option \| More than one year
Subsidiary, Sale of Stock [Line Items]
Deferred underwriting fee payable	$ 14,490,000

Shareholder's Equity (Details)	Dec. 31, 2020 $ / shares shares	Sep. 30, 2020 Vote $ / shares shares	Dec. 31, 2019 Vote $ / shares shares
Preferred Stock, Shares Authorized	100,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001
Common Stock, Shares Authorized	3,000,000,000		485,262,910
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.0001		$ 0.00001
Common Stock, Shares, Issued	540,714,692		83,748,443
Common Stock, Shares, Outstanding	540,714,692		83,748,443
Social Capital Member
Preferred Stock, Shares Authorized		5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares		$ 0.0001	$ 0.0001
Preferred Stock, Shares Issued		0	0
Preferred Stock, Shares Outstanding		0	0
Common Stock, Shares, Issued			1
Ordinary shares subject to possible redemption (in shares)		38,964,589	0
Social Capital Member \| Common Class A
Common Stock, Shares Authorized		500,000,000	500,000,000
Voting rights of common stock per share \| Vote		1	1
Common Stock, Par or Stated Value Per Share \| $ / shares		$ 0.0001	$ 0.0001
Common Stock, Shares, Issued		2,435,411	0
Common Stock, Shares, Outstanding		2,435,411	0
Ordinary shares subject to possible redemption (in shares)		38,964,589	0
Social Capital Member \| Common Class B
Common Stock, Shares Authorized		50,000,000	50,000,000
Voting rights of common stock per share \| Vote		1	1
Common Stock, Par or Stated Value Per Share \| $ / shares		$ 0.0001	$ 0.0001
Common Stock, Shares, Issued		10,350,000	1
Common Stock, Shares, Outstanding		10,350,000	1

Shareholder's Equity - Warrants (Details) - $ / shares	2 Months Ended	9 Months Ended
Shareholder's Equity - Warrants (Details) - $ / shares	Dec. 31, 2019	Sep. 30, 2020
Warrants
Warrants expiration term	4 years
Social Capital Member
Warrants
Warrants exercisable term from the completion of business combination	30 days	30 days
Warrants exercisable term from the closing of the public offering	12 days	12 months
Warrants expiration term	5 years	5 years
Warrants exercisable for cash	0	0
Threshold period for filling registration statement after business combination	15 days	15 days
Threshold period for filling registration statement within number of days of business combination	60 days	60 days
Closing price of share for threshold consecutive trading days	30 days	30 days
Stock price trigger for redemption of public warrants (in dollars per share)	$ 18.00	$ 18.00
Share Price	$ 9.20	$ 9.20
Percentage of gross proceeds on total equity proceeds	60.00%	60.00%
Adjustment of exercise price of warrants based on market value (as a percent)	115.00%	115.00%
Percentage of adjustment of redemption price of stock based on market value.	180.00%	180.00%
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination	30 days	30 days
Social Capital Member \| Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00
Warrants
Redemption price per warrant	$ 0.01	$ 0.01
Minimum threshold written notice period for redemption of public warrants	30 days	30 days
Closing price of share for threshold trading days	20 days	20 days
Share Price	$ 18.00	$ 18.00
Social Capital Member \| Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00
Warrants
Redemption price per warrant	$ 0.10	$ 0.10
Minimum threshold written notice period for redemption of public warrants	30 days	30 days
Stock price trigger for redemption of public warrants (in dollars per share)	$ 10.00	$ 10.00
Share Price	$ 10.00	$ 10.00

Subsequent Events (Details) - USD ($)	Jan. 21, 2020	Dec. 31, 2020
SUBSEQUENT EVENTS
Debt Instrument, Face Amount		$ 449,000,000
Social Capital Member \| Subsequent Event \| Sponsor
SUBSEQUENT EVENTS
Issuance of stock (in shares)	8,625,000
Debt Instrument, Face Amount	$ 25,000
Number of Class A ordinary shares issued upon conversion of founder shares	1
Number of shares held by sponsor	10,350,000
Social Capital Member \| Subsequent Event \| Sponsor \| Notes Payable, Other Payables [Member]
SUBSEQUENT EVENTS
Maximum borrowing capacity	$ 300,000
Outstanding balance	$ 300,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 1,412,665	$ 405,080
Restricted cash	92,863	279,742
Marketable securities	47,637	43,576
Mortgage loans held for sale pledged under agreements to repurchase	7,529	2,116
Escrow receivable	1,494	13,882
Real estate inventory, net	465,936	1,312,369
Other current assets ($373 and $100 carried at fair value)	24,987	30,879
Total current assets	2,053,111	2,087,644
PROPERTY AND EQUIPMENT- Net	29,228	34,606
RIGHT OF USE ASSETS	49,517	60,681
GOODWILL	30,945	30,945
INTANGIBLES - Net	8,684	12,414
OTHER ASSETS	4,097	5,394
TOTAL ASSETS	2,175,582	2,231,684
CURRENT LIABILITIES:
Accounts payable and other accrued liabilities ($6,440 and $0 carried at fair value)	25,270	32,977
Current portion of credit facilities and other secured borrowings	346,322	1,074,125
Interest payable	1,081	5,808
Lease liabilities, current portion	20,716	13,472
Total current liabilities	393,389	1,126,382
CREDIT FACILITIES - Net of current portion	135,467	221,929
CONVERTIBLE NOTES		140,096
DERIVATIVE AND WARRANT LIABILITIES		46,235
LEASE LIABILITIES - Net of current portion	46,625	48,435
OTHER LIABILITIES	94	208
Total liabilities	575,575	1,583,285
COMMITMENTS AND CONTINGENCIES (See Note 19)
TEMPORARY EQUITY:
Total temporary equity		1,381,502
SHAREHOLDERS' EQUITY (DEFICIT):
Common stock, $0.0001 and $0.00001 par value, respectively; 3,000,000,000 and 485,262,910 shares authorized, respectively; 540,714,692 and 83,748,443 shares issued and outstanding, respectively	54
Additional paid-in capital	2,677,155	57,362
Accumulated deficit	(1,077,243)	(790,483)
Accumulated other comprehensive income	41	18
Total shareholders' equity (deficit)	1,600,007	(733,103)
TOTAL LIABILITIES, TEMPORARY EQUITY, AND SHAREHOLDERS' EQUITY DEFICIT	$ 2,175,582	2,231,684
Series A convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity		9,763
SHAREHOLDERS' EQUITY (DEFICIT):
Total shareholders' equity (deficit)		9,763
Series B convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity		20,049
SHAREHOLDERS' EQUITY (DEFICIT):
Total shareholders' equity (deficit)		20,049
Series C convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity		80,519
SHAREHOLDERS' EQUITY (DEFICIT):
Total shareholders' equity (deficit)		80,519
Series D convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity		257,951
SHAREHOLDERS' EQUITY (DEFICIT):
Total shareholders' equity (deficit)		257,951
Series E convertible preferred stock
TEMPORARY EQUITY:
Total temporary equity		1,013,220
SHAREHOLDERS' EQUITY (DEFICIT):
Total shareholders' equity (deficit)		$ 1,013,220

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.00001
Common stock, Shares Authorized (in shares)	3,000,000,000	485,262,910
Common stock, Shares Issued (in shares)	540,714,692	83,748,443
Common stock, Shares Outstanding (in shares)	540,714,692	83,748,443
Cash and cash equivalents	$ 1,412,665,000	$ 405,080,000
Restricted cash	92,863,000	279,742,000
Real estate inventory, net	465,936,000	1,312,369,000
Escrow receivable	1,494,000	13,882,000
Other	24,987,000	30,879,000
Other current assets carried at fair value	373,000	100,000
Property and equipment	29,228,000	34,606,000
Other assets	4,097,000	5,394,000
Total assets	2,175,582,000	2,231,684,000
Accounts payable and other accrued liabilities ($6,440 and $0 carried at fair value)	25,270,000	32,977,000
Interest payable	1,081,000	5,808,000
Current portion of credit facilities and other secured borrowings	346,322,000	1,074,125,000
Credit facilities, net of current portion	135,467,000	221,929,000
Total liabilities	575,575,000	1,583,285,000
Variable interest entities ("VIEs")
Cash and cash equivalents	15,849,000	86,526,000
Restricted cash	81,408,000	268,368,000
Real estate inventory, net	460,680,000	1,312,194,000
Escrow receivable	1,364,000	13,798,000
Other assets	5,365,000	11,995,000
Total assets	564,666,000	1,692,881,000
Accounts payable and other accrued liabilities ($6,440 and $0 carried at fair value)	2,335,000	9,199,000
Interest payable	1,059,000	5,784,000
Current portion of credit facilities and other secured borrowings	339,173,000	1,042,984,000
Credit facilities, net of current portion	135,467,000	221,929,000
Total liabilities	$ 478,034,000	$ 1,279,896,000
Series A convertible preferred stock
Shares Authorized (in shares)	0	40,089,513
Shares Issued (in shares)	0	40,089,513
Shares Outstanding (in shares)	0	40,089,513
Liquidation preference	$ 0	$ 9,807,000
Series B convertible preferred stock
Shares Authorized (in shares)	0	23,840,816
Shares Issued (in shares)	0	23,840,816
Shares Outstanding (in shares)	0	23,840,816
Liquidation preference	$ 0	$ 20,182,000
Series C convertible preferred stock
Shares Authorized (in shares)	0	29,070,700
Shares Issued (in shares)	0	29,070,700
Shares Outstanding (in shares)	0	29,070,700
Liquidation preference	$ 0	$ 77,160,000
Series D convertible preferred stock
Shares Authorized (in shares)	0	63,956,147
Shares Issued (in shares)	0	63,470,884
Shares Outstanding (in shares)	0	63,470,884
Liquidation preference	$ 0	$ 248,333,000
Series E convertible preferred stock
Shares Authorized (in shares)	0	165,941,619
Shares Issued (in shares)	0	157,952,523
Shares Outstanding (in shares)	0	157,952,523
Liquidation preference	$ 0	$ 1,011,319

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUE:
REVENUE	$ 2,583,121	$ 4,740,583	$ 1,838,066
COST OF REVENUE	2,363,324	4,439,333	1,704,638
GROSS PROFIT	219,797	301,250	133,428
OPERATING EXPENSES:
Sales, marketing and operations	194,721	384,416	196,292
General and administrative	152,769	113,446	72,350
Technology and development	58,172	51,222	28,458
Total operating expenses	405,662	549,084	297,100
LOSS FROM OPERATIONS	(185,865)	(247,834)	(163,672)
DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT	(25,941)	6,243	(18,022)
LOSS ON EXTINGUISHMENT OF DEBT	(11,356)
INTEREST EXPENSE	(67,806)	(109,728)	(60,456)
OTHER INCOME - Net	4,271	12,401	2,598
LOSS BEFORE INCOME TAXES	(286,697)	(338,918)	(239,552)
INCOME TAX EXPENSE	(63)	(252)	(377)
NET LOSS	(286,760)	(339,170)	(239,929)
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		1,847	1,362
NET LOSS ATTRIBUTABLE TO OPENDOOR TECHNOLOGIES INC.	$ (286,760)	$ (341,017)	$ (241,291)
Net loss per share attributable to common shareholders:
Basic	$ (2.62)	$ (4.26)	$ (3.16)
Diluted	$ (2.62)	$ (4.37)	$ (3.16)
Weighted-average shares outstanding:
Basic	109,301	79,977	78,564
Diluted	109,301	79,977	78,564

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
NET LOSS	$ (286,760)	$ (339,170)	$ (239,929)
OTHER COMPREHENSIVE INCOME:
Unrealized gains on marketable securities	23	20	25
COMPREHENSIVE LOSS	(286,737)	(339,150)	(239,904)
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		1,847	1,362
COMPREHENSIVE LOSS ATTRIBUTABLE TO OPENDOOR TECHNOLOGIES INC.	$ (286,737)	$ (340,997)	$ (241,266)

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3000-108585

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT - USD ($) $ in Thousands	Series A convertible preferred stock Accumulated Deficit	Series A convertible preferred stock	Series B convertible preferred stock Accumulated Deficit	Series B convertible preferred stock	Series C convertible preferred stock	Series D convertible preferred stock Common Stock	Series D convertible preferred stock Additional Paid-in Capital	Series D convertible preferred stock Accumulated Deficit	Series D convertible preferred stock	Series E convertible preferred stock Additional Paid-in Capital	Series E convertible preferred stock	Series E-1 convertible preferred stock	Series E-2 convertible preferred stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Non-controlling Interest	Total
Increase (Decrease) in Temporary Equity [Roll Forward]
Retroactive Conversion of shares due to Business Combination (in shares)		15,733,178		9,281,576	11,098,566				20,957,901					27,600,509
Temporary equity, shares outstanding, as converted (in shares)		41,210,234		24,311,422	29,070,700				54,895,457
Total temporary equity		$ 10,037		$ 20,448	$ 80,519				$ 223,072
BALANCE at the beginning at Dec. 31, 2017		$ 10,037		$ 20,448	$ 80,519				$ 223,072
BALANCE at the beginning (in shares) at Dec. 31, 2017		25,477,056		15,029,846	17,972,134				33,937,556					72,294,575
Increase (Decrease) in Temporary Equity [Roll Forward]
Total temporary equity		$ 10,037		$ 20,448	$ 80,519				$ 223,072
Issuance of preferred stock											$ 706,766	$ 23,816
Issuance of preferred stock (in shares)											119,601,567	4,022,117
Repurchase of preferred stock	$ (5,269)	(274)		(399)				$ (26)	(121)
BALANCE at the beginning at Dec. 31, 2017															$ 10,702	$ (161,434)	$ (27)	$ 129	$ (150,630)
BALANCE at the beginning (in shares) at Dec. 31, 2017														44,694,066
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with acquisition															7,922				7,922
Issuance of common stock in connection with acquisition (in shares)														2,666,809
Vesting of restricted stock															2,388				2,388
Vesting of restricted stock (in shares)														4,133,158
Exercise of stock options															5,201				5,201
Exercise of stock options (in shares)														8,366,487
Repurchase of common Stock		$ (5,269)	$ (1,930)	$ (1,930)					$ (26)						(9,986)	(36,106)			(46,092)
Repurchase of common Stock (in shares)		1,120,721		470,606					29,963					(9,597,173)
Stock-based compensation															14,974				14,974
Other comprehensive loss																	25		25
Net loss																(241,291)		1,362	(239,929)
BALANCE at the end at Dec. 31, 2018		$ (9,763)		$ (20,049)	$ (80,519)				$ (222,951)		$ (730,582)				(31,201)	446,056	2	(1,491)	413,366
BALANCE at the end (in shares) at Dec. 31, 2018		40,089,513		23,840,816	29,070,700				54,865,494		123,623,684			77,863,856
Increase (Decrease) in Temporary Equity [Roll Forward]
Total temporary equity		$ 9,763		$ 20,049	$ 80,519				$ 257,951		$ 1,013,220								1,381,502
Issuance of preferred stock							$ 7,241		$ 35,000				$ 282,638
Issuance of preferred stock (in shares)									8,605,390				34,328,839
BALANCE at the end at Dec. 31, 2019		$ 9,763		$ 20,049	$ 80,519				$ 257,951		$ 1,013,220								1,381,502
BALANCE at the end (in shares) at Dec. 31, 2019		40,089,513		23,840,816	29,070,700				63,470,884		157,952,523
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with acquisition															6,650				6,650
Issuance of common stock in connection with acquisition (in shares)														1,550,059
Issuance of stock									$ 7,241
Vesting of restricted stock															1,061				1,061
Vesting of restricted stock (in shares)														2,106,144
Exercise of stock options															3,450				3,450
Exercise of stock options (in shares)														3,037,155
Repurchase of common Stock							(590)	$ (3,410)	(4,000)
Repurchase of common Stock (in shares)						(808,771)
Stock-based compensation															13,196				13,196
Purchase of non- controlling interests															(4,847)			(62)	(4,909)
Other comprehensive loss																	20		20
Capital distribution of non-controlling interests																		(3,276)	(3,276)
Net loss																(341,017)		$ 1,847	(339,170)
BALANCE at the end at Dec. 31, 2019		$ 9,763		$ 20,049	$ 80,519				$ 257,951		$ 1,013,220				57,362	(790,483)	18		(733,103)
BALANCE at the end (in shares) at Dec. 31, 2019		40,089,513		23,840,816	29,070,700				63,470,884		157,952,523			83,748,443
Increase (Decrease) in Temporary Equity [Roll Forward]
Total temporary equity		$ 9,763		$ 20,049	$ 80,519				$ 257,951		$ 1,013,220								1,381,502
BALANCE at the end at Dec. 31, 2019		$ 9,763		$ 20,049	$ 80,519				$ 257,951		$ 1,013,220								1,381,502
BALANCE at the end (in shares) at Dec. 31, 2019		40,089,513		23,840,816	29,070,700				63,470,884		157,952,523
BALANCE at the end at Dec. 31, 2019		$ 9,763		$ 20,049	$ 80,519				$ 257,951		$ 1,013,220				57,362	(790,483)	18		(733,103)
BALANCE at the end (in shares) at Dec. 31, 2019		40,089,513		23,840,816	29,070,700				63,470,884		157,952,523			83,748,443
Increase (Decrease) in Temporary Equity [Roll Forward]
Total temporary equity		$ 9,763		$ 20,049	$ 80,519				$ 257,951		$ 1,013,220								1,381,502
Total temporary equity		9,763		20,049	80,519				257,951		1,013,220								1,381,502
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss																			(62,196)
BALANCE at the beginning at Dec. 31, 2019		$ 9,763		$ 20,049	$ 80,519				$ 257,951		$ 1,013,220								1,381,502
BALANCE at the beginning (in shares) at Dec. 31, 2019		40,089,513		23,840,816	29,070,700				63,470,884		157,952,523
Increase (Decrease) in Temporary Equity [Roll Forward]
Total temporary equity		$ 9,763		$ 20,049	$ 80,519				$ 257,951		$ 1,013,220								1,381,502
Issuance of preferred stock							$ 2,841		$ 1,974	$ 1,460	$ 2,156
Issuance of preferred stock (in shares)									485,262		364,070
BALANCE at the end (in shares) at Dec. 31, 2020		0		0	0				0		0
BALANCE at the beginning at Dec. 31, 2019		$ 9,763		$ 20,049	$ 80,519				$ 257,951		$ 1,013,220				57,362	(790,483)	18		(733,103)
BALANCE at the beginning (in shares) at Dec. 31, 2019		40,089,513		23,840,816	29,070,700				63,470,884		157,952,523			83,748,443
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with acquisition														$ 52	970,243				970,295
Issuance of common stock in connection with acquisition (in shares)														111,742,632
Issuance of issuer stock rights in extinguishment of convertible notes															212,940				$ 212,940
Issuance of common stock in exchange for issuer stock rights (in shares)														21,460,401
Conversion of convertible securities (in shares)		(40,089,513)		(23,840,816)	(29,070,700)				(63,956,146)		(158,316,593)			315,273,768					194,900,000
Conversion of preferred stock to common stock		$ (9,763)		$ (20,049)	$ (80,519)				$ (259,925)		$ (1,015,376)			$ 2	1,385,630				$ 1,385,632
Issuance of stock (in shares)														1,389,585
Issuance of stock									$ 2,841		$ 1,460				889				889
Vesting of restricted stock															133				133
Vesting of restricted stock (in shares)														1,461,844
Exercise of stock options															7,652				7,652
Exercise of stock options (in shares)														5,638,019
Stock-based compensation															38,005				38,005
Other comprehensive loss																	23		23
Net loss																(286,760)			(286,760)
BALANCE at the end at Dec. 31, 2020														$ 54	2,677,155	(1,077,243)	41		1,600,007
BALANCE at the end (in shares) at Dec. 31, 2020														540,714,692
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss																			(55,919)
Net loss																			(80,853)
BALANCE at the end (in shares) at Dec. 31, 2020		0		0	0				0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss																			(87,792)
BALANCE at the end at Dec. 31, 2020														$ 54	$ 2,677,155	$ (1,077,243)	$ 41		$ 1,600,007
BALANCE at the end (in shares) at Dec. 31, 2020														540,714,692

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (286,760)	$ (339,170)	$ (239,929)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities:
Depreciation and amortization - net of accretion	38,604	27,372	12,781
Amortization of right of use assets	23,744	11,940
Stock-based compensation	38,005	12,606	8,422
Warrant fair value adjustment	2,622	(6,243)	18,022
Inventory valuation adjustment	7,596	31,885	20,523
Changes in fair value of derivative instruments	23,043	1,102	2,996
Payment-in-kind interest	3,910	2,052
Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale	(3,390)	(447)
Origination of mortgage loans held for sale	(127,658)	(23,194)
Proceeds from sale and principal collection of mortgage loans held for sale	125,635	21,525
Changes in operating assets and liabilities:
Escrow receivable	12,388	(3,110)	4,474
Real estate inventories	834,143	16,951	(1,015,207)
Other assets	4,315	(7,518)	(11,723)
Accounts payable and other accrued liabilities	(3,995)	(4,331)	16,375
Interest payable	(3,145)	475	3,629
Lease liabilities	(7,146)	(13,945)
Net cash provided by (used in) operating activities	681,911	(272,050)	(1,179,637)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(17,341)	(27,972)	(20,022)
Purchase of marketable securities	(174,530)	(79,319)	(22,926)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities	170,005	45,025	40,373
Acquisitions, net of cash acquired		(32,812)	(4,857)
Net cash used in investing activities	(21,866)	(95,078)	(7,432)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Series preferred stock	82
Proceeds from issuance of convertible notes		178,200	20,000
Proceeds from exercise of stock options	7,557	3,358	6,888
Proceeds from Business Combination and PIPE offering	1,013,926
Capital distributions of non-controlling interest		(3,276)
Proceeds from credit facilities and other secured borrowings	1,433,798	3,664,217	1,994,088
Principal payments on credit facilities and other secured borrowings	(2,250,192)	(3,495,411)	(1,176,541)
Payment of loan origination fees and debt issuance costs	(3,220)	(15,137)	(8,911)
Repurchase of common stock at fair value		(3,410)	(37,777)
Net cash provided by financing activities	160,661	646,179	1,496,494
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	820,706	279,051	309,425
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH - Beginning of year	684,822	405,771	96,346
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH - End of period	1,505,528	684,822	405,771
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Cash paid during the period for interest	56,937	85,910	44,574
DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Conversion of preferred stock to common stock	1,385,632
Issuance of issuer stock rights in extinguishment convertible notes	212,940
Vesting of early exercised stock options	124	1,060	2,388
Conversion of convertible notes to Series E-1 preferred stock			23,816
Noncash financing, issuance of common stock for acquisition		6,650	(6,152)
Common Stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance cost of Series preferred stock	(43,449)
Series A convertible preferred stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Series preferred stock			(5,543)
Series B convertible preferred stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Series preferred stock			(2,329)
Series D convertible preferred stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Series preferred stock	3	35,000
Repurchase of Series preferred stock			(147)
Series E convertible preferred stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Series preferred stock	$ 2,156		708,200
Issuance cost of Series preferred stock			$ (1,434)
Series E-2 convertible preferred stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Series preferred stock		282,875
Issuance cost of Series preferred stock		$ (237)

CONSOLIDATED STATEMENTS OF CASH FLOWS - RECONCILIATION TO CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash and Cash Equivalents	$ 1,412,665	$ 405,080	$ 262,368
Restricted cash	92,863	279,742	143,403
Cash, cash equivalents, and restricted cash	$ 1,505,528	$ 684,822	$ 405,771

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

1.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 digital platform for buying and selling homes. Opendoor streamlines the home selling and buying transaction and creates an end-to-end experience online. As of December 31, 2020, the Company had completed over 80,000 home transactions in 21 markets across the United States. The Company was incorporated in Delaware on December 30, 2013.

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, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 include the accounts of Opendoor, its wholly owned subsidiaries and VIEs where the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements herein. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period's presentation. Certain prior period amounts have been reclassified to conform to the current period's presentation.

As a result of the Business Combination completed on December 18, 2020, prior period share and per share amounts presented in the accompanying consolidated financial statements and these related notes have been retroactively converted. See "Note 2 - Business Combination" for additional information.

Use of Estimates

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 areas could have a significant negative effect on the Company in terms of its future financial position, results of operations or cash flows: public health crises, like the COVID-19 pandemic; its rates of revenue growth; its ability to manage advertising inventory or pricing; 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 and its costs; changes in technology, products, markets or services by the Company or its competitors; the addition or loss of significant customers; 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; 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.

On March 11, 2020, the World Health Organization characterized the outbreak of a novel strain of coronavirus (COVID-19) as a pandemic. Since that time, this outbreak has spread throughout the United States inclusive of all of the states in which the Company operates. In response to the developments of COVID-19, the Company paused making new offers to purchase homes beginning in March and significantly reduced the Company's home inventory balance during the second and third quarters of 2020. The Company relaunched offers to purchase homes in select markets in May 2020 and resumed operations across all of its markets by the end of August 2020. The extent to which COVID-19 will impact our operations will depend on further developments, which are highly uncertain and cannot be predicted at this time. See "Note 20 - Restructuring" for further discussion.

Concentrations of Credit Risk

Reclassifications

In 2020, the Company changed its presentation of Mortgage loans held for sale pledged under agreements to repurchase on its Consolidated Balance Sheets as of December 31, 2019, by reclassifying the $2.1 million balance from Other current assets to Mortgage loans held for sale pledged under agreements to repurchase. These changes had no effect on previously reported total assets and total liabilities, net loss or to the classifications of cash flow activities. The Company has modified its disclosures, including comparative disclosures, for MLHFS and related mortgage activity

Segment Reporting

For the years ended December 31, 2020, 2019, and 2018, the Company was managed as a single operating segment on a consolidated basis. Furthermore, the Company determined that the Co-Founder and Chief Executive Officer is the Chief Operating Decision Maker as he 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

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 restricted cash balance related to the Company's credit facilities are constrained by contract to purchasing real estate inventory and certain related activities. In addition, the Company is required to maintain letters of credit and a time deposit account for certain of the Company's office leases. See “Note 7 — Credit Facilities and Long-Term Debt” for further discussion.

Marketable Securities

Real Estate Inventory

Real estate inventory is carried at the lower of cost or net realizable value. 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 real estate inventory valuation adjustments, if any. Work-in-progress inventory includes homes undergoing updates and finished goods inventory includes homes ready for resale. Real estate inventory is reviewed for impairment at least quarterly and as events or changes in circumstances indicate that the carrying value may not be recoverable. If the carrying amount or basis is not expected to be recovered, a real estate inventory valuation adjustment is recorded to cost of revenue and the related assets are adjusted to their net realizable value.

Mortgage Loans Held for Sale Pledged under Agreements to Repurchase

MLHFS pledged under agreements to repurchase include residential mortgages originated for sale in the secondary markets on a best-effort basis. The Company has elected the fair value option for all MLHFS (see "Note 8 - Fair Value Disclosures"). This option allows for the Company to better offset changes in the fair value of MLHFS with derivatives used to economically hedge them when the Company moves away from selling on a best-effort basis, without applying hedge accounting. MLHFS are recorded at fair value based on sales commitments. MLHFS are transferred from the Company to the counterparty pursuant to a master repurchase agreement, which is treated as a secured borrowing; this treatment requires that the assets transferred remain on the Company's balance sheet and measured as if the transfer did not take place.

Gains and losses on MLHFS, including the change in fair value associated with MLHFS, are recorded in Revenue. Direct loan origination costs and fees including headcount costs related to loan production are recorded in Cost of revenue. Interest income on MLHFS is calculated based upon the note rate of the loan and recorded in Interest income.

Derivative Instruments

The Company's derivative instruments are comprised of interest rate caps, interest rate lock commitments ("IRLCs"), and embedded conversion options related to the convertible notes. The Company's derivative instruments are freestanding in nature and some are utilized as economic hedges. These derivative instruments are recorded at fair value with changes recognized as a gain or loss to operations. See Note 5 — Derivative Instruments for further discussion.

Escrow Receivable

Escrow receivable consists of proceeds from home resale held in escrow prior to such proceeds being remitted to us. The Company reviews the need for an allowance for credit losses quarterly based on historical collections experience, among other factors. As of December 31, 2020 and 2019, the Company did not have any material write-offs and did not record an allowance for credit losses.

No customers accounted for 10% or more of the Company's Escrow Receivable as of December 31, 2020 or 2019, respectively.

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 creditworthiness.

For operating leases, the Company recognizes straight-line rent expense. For finance leases, the Company recognizes interest expense associated with the lease liability and amortization expense associated with the right-of-use asset. For right-of-use assets held under finance leases and leasehold improvements, the estimated useful lives are limited to the shorter of the useful life of the asset or the term of the lease.

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.

Occasionally, as a lessor, the Company enters into contracts accounted for as leases. As a lessor, the Company elected to apply the practical expedient to combine lease and non-lease components for all classes of underlying assets.

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.

Intangible Assets

The Company recorded intangible assets with finite lives, including developed technology, customer relationships, trademarks, and non-competition agreements, as a result of acquisitions as well as internal development. Intangible assets are amortized based on their estimated economic lives, ranging from 2 to 5 years.

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment and definite-lived intangible assets, among other long-term 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. No impairment loss was recognized for the years ended December 31, 2020, 2019, and 2018.

Revenue Recognition

The Company generates revenue through home sales, along with other revenue from ancillary real estate services. 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. The Company generally provides a 90‑day guarantee on home sales, subject to terms and conditions. Returns on home sales have been limited in the Company's experience and it does not estimate for returns in recognizing revenue.

Other revenue consists primarily of title insurance facilitation revenue, closing and escrow services, real estate broker commissions, and gain (loss) on sale of mortgage loans. 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, 2020, 2019 or 2018.

Cost of Revenue

Cost of revenue includes the property purchase price, acquisition costs, direct costs to renovate or repair the home and real estate 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 utilities, property taxes and maintenance, and expenses associated with product marketing, promotions and brand-building. Sales, marketing and operations expense 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, 2020, 2019, and 2018, expenses attributable to advertising totaled $33.1 million, $75.2 million, and $38.9 million, respectively.

Technology and Development

Technology and development expense consists primarily of amortization expense of capitalized software development costs in addition to headcount expenses, including salaries, benefits, and stock-based compensation for employees in the design, development, testing, maintenance and operation of the Company's mobile applications, websites, tools and other applications that support its products.

Stock-Based Compensation

Stock-based compensation awards consist of stock options, restricted stock units (“RSUs”), and shares of restricted stock (“Restricted Shares”).

Stock Options

The Company has granted stock options with a service condition to vest, which is generally four years. The Company records stock-based compensation expense for service-based stock options on a straight-line basis over the requisite service period, which is generally the option’s vesting period. These amounts are reduced by forfeitures as the forfeitures 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 has granted RSUs with a performance condition, based on a liquidity event, as defined by the share agreement, as well as a service condition to vest, which is generally four years. The Company determines the fair value of RSUs based on the valuation of the Company’s common stock as of the grant date. No compensation expense is recognized for performance-based awards until the liquidity event has occurred. Subsequent to the occurrence of a liquidity event, compensation expense is recognized to the extent the requisite service period has been completed Compensation expense is recognized on an accelerated attribution basis over the requisite service period of the awards subject to the achievement of the liquidity event.

Market Condition RSUs

The Company has granted RSUs with a performance condition, based on a liquidity event, as defined by the share agreement, as well as a market condition to vest. Subject to the employee’s continued services to the Company, the market-based conditions are satisfied upon the Company's achievement of share price milestone calculated based on 60-day volume weighted average.

For market-based RSUs, the Company determines the grant-date fair value utilizing Monte Carlo simulations, which incorporates 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 weighted-average historical stock price volatility of comparable publicly-traded companies. 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-based condition is treated as an accounting unit and expense is recognized over the requisite service period with respect to each unit and only if performance-based conditions are considered probable to be satisfied. 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.

Restricted Shares

The fair value of the Restricted Shares is equal to the estimated fair value of the Company’s common stock on the grant date. The Company recognizes compensation expense for the shares on a straight-line basis over the requisite service period of the awards. The fair value of these shares will be recognized into common stock and additional paid-in-capital as the shares vest.

Income Taxes

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

Recently Issued Accounting Standards Not Yet Adopted

BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2020

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS

2.BUSINESS COMBINATIONS

Opendoor Labs Inc. entered into a merger agreement (the “Merger Agreement”) with Social Capital Hedosophia Holdings Corp. II, (“SCH”) on September 15, 2020. Pursuant to the Merger Agreement, Hestia Merger Sub Inc., a newly formed subsidiary of SCH (“Merger Sub”), merged with and into Opendoor Labs Inc. Upon the completion of the transactions contemplated by the terms of the Merger Agreement (the “Closing”) on December 18, 2020, the separate corporate existence of Merger Sub ceased and Opendoor Labs Inc. survived the merger and became a wholly owned subsidiary of SCH. On December 18, 2020, SCH also filed a notice of deregistration with the Cayman Islands Registrar of Companies, together with the necessary accompanying documents, and filed a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State of Delaware, under which SCH was domesticated as a Delaware corporation, changing its name from “Social Capital Hedosophia Holdings Corp. II” to “Opendoor Technologies Inc.” These transactions are collectively referred to as the “Business Combination.”

The Business Combination was accounted for as a reverse recapitalization whereby SCH was determined as the accounting acquiree and Opendoor Labs Inc. as the accounting acquirer. This accounting treatment is equivalent to Opendoor Labs Inc. issuing stock for the net assets of SCH, accompanied by a recapitalization whereby no goodwill or other intangible assets are recorded. Operations prior to the Business Combination are those of Opendoor Labs Inc. At the Closing, the Company received consideration of $376.6 million in cash as a result of the reverse recapitalization.

In connection with the Business Combination, SCH entered into subscription agreements with certain investors, whereby it issued 60,005,000 shares of common stock at $10.00 per share (“PIPE Shares”) for an aggregate purchase price of $600.1 million (“PIPE Investment”), which closed simultaneously with the consummation of the Business Combination. Upon the Closing, the PIPE Shares were automatically converted into shares of the Company's common stock on a one-for-one basis.

Upon the Closing, holders of Opendoor Labs common stock received shares of Opendoor Technologies common stock in an amount determined by application of the exchange ratio of 1.618 (“Exchange Ratio”), which was based on Opendoor Labs Inc.’s implied price per share prior to the Business Combination. For periods prior to the Business Combination, the reported share and per share amounts have been retroactively converted (“Retroactive Conversion”) by applying the Exchange Ratio.

In connection with the Business Combination, the Company incurred approximately $43.6 million of equity issuance costs, consisting of underwriting, legal, and other professional fees, which are recorded to additional paid-in capital as a reduction of proceeds.

OSN acquisition

On September 4, 2019, the Company acquired 100% of the outstanding equity of OS National LLC, including its consolidated subsidiaries (“OSN”). OSN, a company based in Duluth, Georgia, provides settlement, escrow, and title services to consumers, financial institutions, real estate investment trusts, private equity firms, mortgage servicers and institutional investors to facilitate residential and commercial real estate transactions. The Company acquired OSN with the intent of streamlining the home-buying process for its customers by integrating settlement and escrow services into the Company’s existing product offerings. The Company indirectly acquired OSN’s noncontrolling interest in the title companies originally formed as joint ventures between Opendoor and OSN for $4.9 million, which was recorded as an equity transaction. As a result of this business combination, the Company became more vertically integrated with the ability to offer its customers OSN products and create a more seamless home buying experience while reducing its cost structure with respect to real estate transactions.

The acquisition-date fair value of the consideration transferred consisted of the following (in thousands):


Cash consideration	$	34,300
Equity consideration – common stock		6,700
Total consideration transferred	$	41,000

Acquired intangible assets consist of trademarks and customer relationships valued at $5.1 million and $6.5 million, respectively. The Company amortizes these acquired intangible assets over 5 years.

Open Listings acquisition

On September 10, 2018, the Company acquired 100% of the outstanding equity of Open Listings Co. (now known as OD Homes Brokerage Inc.) (“Open Listings”). Open Listings, a Los Angeles based company, is an online platform that connects self-directed buyers with partner buying agents in an effort to reshape the home buying experience and deliver a lower buyer agent commission by refunding a portion of the agent commission to the buyer. The Company acquired Open Listings with the intent of integrating the Open Listings business model into its business of buying and selling homes. The Open Listings service product has been fully integrated to Opendoor’s services offering under Buy with Opendoor.

The acquisition-date fair value of the consideration transferred consisted of the following (in thousands):


Cash consideration	$	9,370
Equity consideration		6,150
Total consideration transferred	$	15,520

Acquired intangible assets consist of trademarks, non-competition agreements, customer relationships, and developed technology valued at $0.3 million, $0.1 million, $0.9 million, and $2.9 million, respectively. The Company amortizes these acquired intangible assets over 2 years.

Pro forma financial information

The results of operations for OSN that have been included in the Company’s consolidated financial statements from the September 4, 2019 acquisition date through December 31, 2019 includes revenue of $12.8 million and net loss of $4.2 million. The results of operations for Open Listings that have been included in the Company’s consolidated financial statements from the September 10, 2018 acquisition date through December 31, 2018 includes revenue of $2.0 million and net loss of $2.3 million.

The following unaudited pro forma results of operations have been prepared as though the OSN acquisition and the Open Listings acquisition were completed on January 1, 2018 (in thousands). Pro forma amounts are based on the purchase price allocation of the acquisition and are not necessarily indicative of results that may be reported in the future. Non-recurring pro forma adjustments including acquisition-related costs directly attributable to the business combination transactions are included within the reported pro forma revenue and net loss.


	Years Ended December 31,
(unaudited)	2019		2018
Revenue	$	4,763,716	$	1,883,129
Net loss		(340,667)		(231,865)

REAL ESTATE INVENTORY

12 Months Ended

Dec. 31, 2020

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY

3.REAL ESTATE INVENTORY

The following table presents the components of inventory, net of applicable real estate inventory valuation adjustments, as of the dates presented (in thousands):


	December 31,		December 31,
	2020		2019
Work-in-process	$	183,004	$	179,419
Finished goods		282,932		1,132,950
Total real estate inventory	$	465,936	$	1,312,369

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2020

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

4.CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of December 31, 2020 and 2019, are as follows (in thousands):


	December 31, 2020
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	709,924	$	—	$	—	$	709,924	$	709,924	$	—
Money market funds		618,197		—		—		618,197		618,197		—
Commercial paper		81,037		1		—		81,038		81,038		—
Corporate debt securities		29,891		26		(2)		29,915		3,506		26,409
Asset-backed securities		12,518		19		(4)		12,533		—		12,533
U.S. agency securities		6,993		2		—		6,995		—		6,995
U.S. Treasury securities		1,700		—		—		1,700		—		1,700
Total	$	1,460,260	$	48	$	(6)	$	1,460,302	$	1,412,665	$	47,637


	December 31, 2019
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	366,358	$	—	$	—	$	366,358	$	366,358	$	—
Money market funds		30,935		—		—		30,935		30,935		—
Commercial paper		19,997		1		(4)		19,994		7,038		12,956
Corporate debt securities		16,417		12		(1)		16,428		—		16,428
Asset-backed securities		12,482		12		(2)		12,492		—		12,492
U.S. agency securities		749		—		—		749		749		—
U.S. Treasury securities		1,000		—		—		1,000		—		1,000
Non-U.S. securities		700		—		—		700		—		700
Total	$	448,638	$	25	$	(7)	$	448,656	$	405,080	$	43,576

A summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss is as follows (in thousands):


	Less than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2020	Value		Losses		Value		Losses		Value		Losses
Commercial paper	$	19,296	$	—	$	—	$	—	$	19,296	$	—
Corporate-debt securities		7,538		(2)		—		—		7,538		(2)
Asset-backed securities		4,611		(4)		—		—		4,611		(4)
Total	$	31,445	$	(6)	$	—	$	—	$	31,445	$	(6)


	Less than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2019	Value		Losses		Value		Losses		Value		Losses
Commercial paper	$	15,059	$	(4)	$	—	$	—	$	15,059	$	(4)
Corporate-debt securities		3,166		(1)		—		—		3,166		(1)
Asset-backed securities		4,258		(2)		—		—		4,258		(2)
Non-U.S. securities		700		—		—		—		700		—
Total	$	23,183	$	(7)	$	—	$	—	$	23,183	$	(7)

The scheduled contractual maturities of debt securities as of December 31, 2019 are as follows (in thousands):


					After
					1 Year
			Within		through
December 31, 2020	Fair Value		1 Year		5 Years
Commercial paper	$	81,038	$	81,038	$	—
Corporate-debt securities		29,915		29,915		—
Asset-backed securities		12,533		12,533		—
U.S. agency securities		6,995		6,995		—
U.S. Treasury securities		1,700		1,700		—
Total	$	132,181	$	132,181	$	—

DERIVATIVE INSTRUMENTS

12 Months Ended

Dec. 31, 2020

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

5.DERIVATIVE INSTRUMENTS

The Company uses certain types of derivative instruments in the normal course of business and the Company’s use of derivatives includes interest rate caps to manage interest rate risk, IRLCs with respect to our MLHFS, and embedded conversion options with respect to the Company’s convertible notes. Derivative transactions can be measured in terms of notional amount, but this amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged, but is used only as the basis on which interest and other payments are determined.

Interest Rate Caps

The Company uses free-standing derivative instruments in the normal course of business as economic hedges to manage interest rate risks with respect to its variable senior revolving credit facilities. The interest rate caps are carried at fair value in Other current assets with changes in fair value included in Other income. The Company’s interest rate cap position expired in November 2020.

Interest Rate Lock Commitments

In originating mortgage loans, the Company enters into IRLCs with prospective borrowers which are freestanding derivative instruments. IRLCs are a commitment that binds the Company, subject to loan underwriting and approval process, to fund the loan at a specified interest rate, regardless of fluctuations in the market interest rates between commitment date and funding date. The interest rate risk associated with the fluctuations in market interest rates between commitment date and funding date with respect to IRLCs is mitigated as the Company operates under the best effort basis whereby at the time of commitment, the Company enters into a sales commitment with a third-party for the same prospective loan. The fair value of interest rate lock commitments is presented in Other current assets. The change in fair value on IRLCs is a component of Other revenue.

Embedded Conversion Options

In connection with the Company’s issuance of convertible notes in 2019 (the “Convertible Notes”), the Company bifurcated the embedded conversion features associated with the Convertible Notes. The Convertible Notes and the related bifurcated embedded conversion options were extinguished in September 2020 as discussed in Note 7 — Credit Facilities and Long-Term Debt. Prior to extinguishment, the embedded conversion options were measured at fair value in accordance with the methodology described in Note 8 — Fair Value Disclosures and were presented in Derivative and warrant liabilities. The change in fair value of the embedded conversion options is a component of Derivative and warrant fair value adjustment.

The following table presents the total notional amounts and fair values for the Company's derivatives (in thousands):



	Notional		Fair Value Derivatives
As of December 31, 2020	Amount		Asset		Liability
Interest rate lock commitments	$	15,130	$	373	$	—



	Notional		Fair Value Derivatives
As of December 31, 2019	Amount		Asset		Liability
Interest rate caps	$	100,000	$	4	$	—
Interest rate lock commitments	$	3,429	$	95	$	—
Embedded conversion options	$	180,252	$	—	$	41,697

The following table presents the net gains and losses recognized on derivatives within the respective line items in the statement of operations for the periods indicated (in thousands):


	Years Ended
	December 31,
	2020		2019		2018
Revenue	$	278	$	95	$	—
Derivative and warrant fair value adjustment	$	(23,317)	$	—	$	—
Other income, net	$	(4)	$	(773)	$	420

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2020

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

6.VARIABLE INTEREST ENTITIES

The Company utilizes VIEs in the normal course of business to support the Company’s financing needs (“Credit Facility Vehicles”) and to conduct the Company’s title business (“Title Companies”). The Company determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with the VIE and reconsider 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.

Credit Facility Vehicles

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 senior revolving credit facility debt and mezzanine term 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 from the Company’s Credit Facility Vehicles as of December 31, 2020 and December 31, 2019 (in thousands):


	December 31,		December 31,
	2020		2019
Assets
Cash and cash equivalents	$	15,849	$	86,526
Restricted cash		81,408		268,368
Real estate inventory		460,680		1,312,194
Other(1)		6,729		25,793
Total assets	$	564,666	$	1,692,881
Liabilities
Credit facilities	$	474,640	$	1,264,913
Other(2)		3,394		14,983
Total liabilities	$	478,034	$	1,279,896

(1)Includes escrow receivable and other current assets.

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, with the exception of limited guarantees provided by an Opendoor subsidiary for credit facilities. See “Note 7 — Credit Facilities and Long-Term Debt” for further discussion of the recourse obligations with respect to the credit facility vehicles.

CREDIT FACILITIES AND LONG-TERM DEBT

12 Months Ended

Dec. 31, 2020

CREDIT FACILITIES AND LONG-TERM DEBT

CREDIT FACILITIES AND LONG-TERM DEBT

7.CREDIT FACILITIES AND LONG-TERM DEBT

Non-Recourse Asset-backed Financing Facilities

The Company utilizes inventory financing facilities consisting of asset-backed senior revolving credit facilities and asset-backed mezzanine term debt facilities to provide financing for the Company’s real estate inventory purchases and renovation. Each SPE is a consolidated subsidiary of Opendoor and a separate legal entity. Neither the assets nor credit of any such SPE are generally available to satisfy the debts and other obligations of any other Opendoor entities, except to the extent other Opendoor entities are also a party to the financing arrangements. The credit facilities are secured by the assets and equity of one or more SPEs. These facilities are non-recourse to Opendoor and, with limited exceptions, non-recourse to other Opendoor subsidiaries. These SPEs are variable interest entities and Opendoor is determined to be the primary beneficiary based on its power to direct the activities that most significantly impact the economic outcomes of the entities through its role in designing the entities and managing the real estate inventory purchased and sold by the entities. The Company has potentially significant variable interest in the entities based upon the equity interest the Company holds in the VIEs.

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 following table summarizes certain details related to the Company’s credit facilities outstanding as of December 31, 2020 and 2019 (in thousands, except interest rates):


					Weighted
					Average		End of	Final
	Borrowing		Outstanding		Interest		Revolving	Maturity
As of December 31, 2019	Capacity		Amount		Rate		Period	Date
Revolving Facility 2018-1	$	250,000	$	—	4.28	%	February 10, 2021	May 10, 2021
Revolving Facility 2018-2		750,000		—	4.36	%	September 23, 2022	December 23, 2022
Revolving Facility 2018-3		100,000		25,385	4.19	%	June 1, 2023	June 1, 2023
Revolving Facility 2019-1		300,000		32,535	3.58	%	March 4, 2022	March 4, 2022
Revolving Facility 2019-2		1,030,000		230,352	3.08	%	July 8, 2021	July 7, 2022
Revolving Facility 2019-3		475,000		50,901	3.60	%	August 22, 2022	August 21, 2023
Total	$	2,905,000	$	339,173


			Weighted
			Average
	Outstanding		Interest
As of December 31, 2019	Amount		Rate
Revolving Facility 2016-1	$	39,346	6.17	%
Revolving Facility 2017-1		25,758	7.00	%
Revolving Facility 2018-1		126,450	5.62	%
Revolving Facility 2018-2		194,293	6.00	%
Revolving Facility 2018-3		111,411	4.65	%
Revolving Facility 2019-1		206,399	3.81	%
Revolving Facility 2019-2		327,226	3.41	%
Revolving Facility 2019-3		42,812	3.02	%
Total	$	1,073,695


			Weighted
			Average
	Outstanding		Interest
As of December 31, 2019	Amount		Rate
Revolving Facility 2019-2		327,226	3.41	%
Revolving Facility 2019-3		42,812	3.02	%
Total	$	1,073,695

As of December 31, 2020, the Company had multiple senior revolving credit facilities with various financial institutions with a total borrowing capacity of $2,905 million. Undrawn borrowing capacity amounts under the senior revolving credit facilities as reflected in the table above are in some cases not fully committed and any borrowings above the fully committed amounts are subject to the applicable lender’s discretion. As of December 31, 2020, the Company had fully committed borrowing capacity with respect to the Company’s senior revolving credit facilities of $1,483 million.

These facilities are typically structured with an initial 12 to 24 month revolving period 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. The Company’s senior revolving credit facilities may also have extensions subject to lender discretion that are not reflected in the table above.

Borrowings accrue interest at a rate based on a LIBOR reference rate plus a margin that varies by facility. The Company may also pay fees on certain unused portions of the committed borrowing capacity as defined in the respective credit agreements. 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 LIBOR breakage costs.

These borrowings are collateralized by cash, equity in the real estate owning SPEs, and the real estate inventory funded by the relevant revolving credit facility. The lenders have legal recourse only to the real estate-owning SPE borrowers, certain SPE guarantors, and the assets securing the debt, and do not have general recourse to the Company.

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 revolving senior credit facility. The borrowing base for a given facility may be reduced as properties age beyond certain thresholds and any borrowing base deficiencies may be satisfied through contributions of additional properties or partial repayment of the facility.

Asset-backed Mezzanine Term Debt Facilities

The Company classifies its mezzanine term debt facilities as long-term liabilities on the Company’s consolidated balance sheets because its borrowings under these facilities are generally not required to be repaid until the applicable final maturity date. These facilities are structurally and contractually subordinated to the related senior revolving credit facilities. The following table summarizes certain details related to the Company’s mezzanine term debt facilities as of December 31, 2020 (in thousands, except interest rates):


								Final
	Borrowing		Outstanding		Interest		End of Draw	Maturity
As of December 31, 2020	Capacity		Amount		Rate		Period	Date

Term Debt Facility 2016-M1	$	149,000	$	40,000	10.00	%	October 31, 2022	April 30, 2024
Term Debt Facility 2020-M1		300,000		100,000	10.00	%	January 23, 2023	January 23, 2026
Total	$	449,000	$	140,000
		Issuance Costs		(4,533)
		Carrying Value	$	135,467

As of December 31, 2020, the Company had $140 million in total principal outstanding under multiple mezzanine term debt facilities with various financial institutions. Undrawn amounts under the mezzanine term debt facilities of $309 million as reflected in the table above are fully committed and generally may be drawn at any time during the draw period; however, any amounts repaid reduce total borrowing capacity as repaid amounts are not available to be reborrowed. The final maturity dates as reflected in the table above are inclusive of any extensions at the sole discretion of the Company. The Company's mezzanine term debt facilities may also have extensions subject to lender discretion that are not reflected in the table above.

Borrowings under a given term debt facility accrue interest at a fixed rate. The Company's mezzanine term debt facility arrangements 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 prepayment penalties.

These borrowings are collateralized by cash and equity in certain holding companies that own the Company’s real estate owning SPEs. The lenders generally have legal recourse only to the applicable borrowers of the debt and their assets securing the debt and do not have recourse to Opendoor and, with limited exceptions, do not have recourse to other Opendoor subsidiaries.

The facilities have aggregated property borrowing bases, which increase or decrease based on the cost and the 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 SPE borrower. The borrowing base for a given facility may be reduced as properties age beyond certain thresholds and any borrowing base deficiencies may be satisfied through contributions of additional properties or 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 facilities and related financing documents require Opendoor to comply with a number of customary financial and other covenants, such as maintaining certain levels of liquidity, tangible net worth or leverage (ratio of debt to equity). As of December 31, 2020, the Company was in compliance with all financial covenants and no event of default had occurred.

Convertible Notes

In July through November 2019, the Company issued Convertible Notes at par for a total of $178.2 million in proceeds, net of $0.5 million in debt issuance costs. The Convertible Notes had an initial maturity date of July 2026, which the Company could have elected to extend by one year if a material financial market disruption (as defined in the notes) were to exist at initial maturity. The Convertible Notes accrued interest at a rate of 3% per annum, which was compounded semi-annually and payable by increasing the principal amounts of the Convertible Notes. The Convertible Notes were a hybrid instrument with several features that could accelerate the settlement of the Convertible Notes in such a way that the holder would receive a substantial premium on accrued principal and interest owed. The Company determined these features should be bifurcated and separately accounted for as a derivative and recorded its initial fair value of $41.7 million as a discount on the Convertible Notes’ face amount. Refer to Note 5 — Derivative Instruments for further information on the embedded conversion options and Note 8 — Fair Value Disclosures for the fair value methodology.

The debt discount is amortized to interest expense at an effective interest rate of 3.8%. The Company amortizes the discount over the period until the initial maturity date of the respective note. The Convertible Notes are carried on the consolidated balance sheets at their original issuance value in addition to paid-in kind interest, net of unamortized debt discount and issuance costs.

On September 14, 2020, the Company entered into a Convertible Notes Exchange Agreement (the “Exchange Agreement”) with the Convertible Note holders. Under the terms of the Exchange Agreement, the Convertible Note holders received rights to 21.5 million shares of the Company’s common stock (“Issuer Stock Rights”) upon the earlier of (i) immediately prior to the consummation of the Business Combination as stipulated in the Merger Agreement and (ii) March 13, 2021. The Issuer Stock Rights were received in full satisfaction of the outstanding principal and accrued interest on the Convertible Notes and such notes were cancelled and of no further force or effect. With the issuance of the Issuer Stock Rights, which the Company has assessed to be an equity classified instrument with a fair value of $212.9 million, the convertible notes, including the unamortized debt discount and debt issuance costs, and the related bifurcated embedded conversion options were extinguished.

Mortgage Financing

The following tables summarize certain details related to the Company’s mortgage financing (in thousands, except interest rates):

Weighted

End of

Final

Borrowing

Outstanding

Average

Revolving

Maturity

As of December 31, 2020

Capacity

Amount

Interest Rate

Period

Date

Repo Facility 2019-R1

50,000

7,149

1.94

April 29, 2021


	Outstanding		Weighted Average
As of December 31, 2019	Amount		Interest Rate
Repo Facility 2019-R1	$	2,021	3.98	%

To provide capital for Opendoor Home Loans, we utilize a master repurchase agreement (the “Repurchase Agreement”) which is classified as a current liability on our balance sheets. In March 2019, we entered into the Repurchase Agreement with a lender to provide short-term funding for mortgage loans originated by Opendoor Home Loans. The facility provides short-term financing between the issuance of a mortgage loan and when Opendoor Home Loans sells the loan to an investor. In accordance with the Repurchase Agreement, the lender agrees to pay Opendoor Home Loans a negotiated purchase price for eligible loans and Opendoor Home Loans simultaneously agrees to repurchase such loans from the lender within a specified timeframe and at an agreed upon price that includes interest. Opendoor Labs Inc. is the guarantor with respect to the Repurchase Agreement and the obligation to repurchase loans previously transferred under the arrangement for the benefit of the lender.

As of December 31, 2020, the Repurchase Agreement has a borrowing capacity of $50.0 million, of which $20.0 million is fully committed. The Repurchase Agreement includes customary representations and warranties, covenants and provisions regarding events of default. As of December 31, 2020, $7.1 million in mortgage loans were financed under the facility, and Opendoor was in compliance with all financial covenants and no event of default had occurred.

Transactions under the Repurchase Agreement bear interest at a rate based on one-month LIBOR plus an applicable margin, as defined in the Repurchase Agreement, and are secured by residential mortgage loans available for sale. The Repurchase Agreement contains margin call provisions that provide the lender with certain rights in the event of a decline in the market value of the assets purchased under the Repurchase Agreement. The Repurchase Agreement is recourse to Opendoor Labs Inc.

FAIR VALUE DISCLOSURES

12 Months Ended

Dec. 31, 2020

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES

8.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.

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

The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company's assets and liabilities.


Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Cash and cash equivalents	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Restricted cash	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Marketable securities	Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable.	Level 2 recurring fair value measurement
Other current assets
Interest rate caps	Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available.	Level 2 recurring fair value measurement
Mortgage loans held for sale pledged under agreements to repurchase	Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments.	Level 2 recurring fair value measurement
Credit facilities and other secured borrowings
Credit facilities	Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Loans sold under agreements to repurchase	Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Convertible notes	Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2
Derivative and warrant liabilities
Warrant liabilities	Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate.	Level 3 recurring fair value measurement
Embedded conversion options	Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes.	Level 3 recurring fair value measurement

Assets and Liabilities Recorded 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 (in thousands).


	Fair Value as of
	December 31, 2020		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	26,409	$	—	$	26,409	$	—
Asset-backed securities		12,533		—		12,533		—
U.S. agency securities		6,995		—		6,995		—
U.S. Treasury securities		1,700		—		1,700		—
Mortgage loans held for sale pledged under agreements to repurchase		7,529		—		7,529		—
Other current assets:
Interest rate lock commitments		373		—		373		—
Total assets	$	55,539	$	—	$	55,539	$	—


	Fair Value as of
	December 31, 2019		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	16,428	$	—	$	16,428	$	—
Asset-backed securities		12,492		—		12,492		—
Commercial paper		12,956		—		12,956		—
Non-U.S. securities		700		—		700		—
U.S. Treasury securities		1,000		—		1,000		—
Mortgage loans held for sale pledged under agreements to repurchase		2,116		—		2,116		—
Other current assets:
Interest rate caps		4		—		4		—
Interest rate lock commitments		95		—		95		—
Total assets	$	45,791	$	—	$	45,791	$	—
Derivative and warrant liabilities:
Warrants	$	4,538	$	—	$	—	$	4,538
Embedded conversion options		41,697		—		—		41,697
Total liabilities	$	46,235	$	—	$	—	$	46,235

Fair Value of Financial Instruments


	As of December 31, 2020
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	1,412,665	$	1,412,665	$	1,412,665	$	—
Restricted cash		92,863		92,863		92,863		—
Liabilities:
Credit facilities and other secured borrowings	$	481,789	$	486,322	$	—	$	486,322


	As of December 31, 2019
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	405,080	$	405,080	$	405,080	$	—
Restricted cash		279,742		279,742		279,742		—
Liabilities:
Credit facilities and other secured borrowings	$	1,296,054	$	1,296,054	$	—	$	1,296,054
Convertible notes		140,096		180,252		—		180,252

The following table shows a reconciliation from the opening balances to the closing balances for Level 3 Fair values (in thousands):


			Embedded
			Conversion
	Warrants		Option
Balance as of December 31, 2018	$	18,022	$	—
Net change in fair value		(7,413)		—
Issuances		1,170		41,697
Exercise of warrants		(7,241)		—
Balance as of December 31, 2019		4,538		41,697
Net change in fair value		2,623		23,317
Issuances		—		—
Settlement of convertible notes		—		(65,014)
Exercise of warrants		(7,161)		—
Balance as of December 31, 2020	$	—	$	—

Warrant Liabilities

Embedded conversion options

- Definition

+ References + Details

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2020

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

9.PROPERTY AND EQUIPMENT

Property and equipment as of December 31, 2020 and 2019, consisted of the following (in thousands):


	2020		2019
Internally developed software	$	47,823	$	33,765
Computers		5,511		7,777
Furniture and fixtures		3,279		2,843
Leasehold improvements		2,456		2,748
Office equipment		2,056		1,794
Software implementation costs		1,680		1,214
Security systems		681		4,927
Total		63,486		55,068
Accumulated depreciation and amortization		(34,258)		(20,462)
Property and equipment – net	$	29,228	$	34,606

Depreciation and amortization expense of $21.7 million, $15.0 million, and $4.6 million was recorded for the years ended December 31, 2020, 2019 and 2018, respectively.

LEASES

12 Months Ended

Dec. 31, 2020

LEASES

LEASES

10.LEASES

The Company leases office space throughout the United States 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.

For the year ended December 31, 2020 operating lease cost was $34.3 million, variable lease cost was $0.4 million, short-term lease cost was $0.9 million, and sublease income was $0.1 million. During the years ended December 31, 2019 and 2018, rent expense related to operating leases was $11.7 million and $7.4 million, respectively.

For the year ended December 31, 2020, cash paid for amounts included in the measurement of operating lease liabilities was $12.7 million. For the year ended December 31, 2020, right-of-use assets obtained in exchange for new or acquired operating lease liabilities was $39.8 million. For the year ended December 31, 2020, terminations of certain operating leases resulted in the reduction of right-of-use assets and lease liabilities of approximately $28.3 million. Of this reduction in operating lease liabilities and right-of-use assets, $28.1 million is attributable to the Company exercising an option to early terminate the Company’s lease in San Francisco. As the Company does not anticipate returning to the San Francisco space, the Company accelerated amortization of the right-of-use asset by $12.5 million for the one year term remaining after exercising the early termination option. In exercising the Company’s early termination option, the Company incurred and paid $5.2 million in early termination fees. See “Note 20 — Restructuring” for further discussion. There were no other material lease modifications for the year ended December 31, 2020.

For the year ended December 31, 2019, cash paid for amounts included in the measurement of operating lease liabilities was $10.8 million. For the year ended December 31, 2019, right-of-use assets obtained in exchange for new or acquired operating lease liabilities was $57.9 million. For the year ended December 31, 2019, terminations of certain operating leases, resulted in the reduction of right-of-use assets and lease liabilities of approximately $2.9 million. There were no other material lease modifications in the year ended December 31, 2019.

As of December 31, 2020 and 2019, for operating leases, the weighted average lease term was 6.5 years and 4.5 years respectively, and the weighted average discount rate was 9.1% and 7.2% respectively.

Maturity of operating lease liabilities as of December 31, 2020 are as follows (in thousands):


2021	$	25,536
2022		9,151
2023		8,504
2024		8,920
2025		7,555
Thereafter		33,864
Total undiscounted future cash flows	$	93,530
Less: Imputed interest		26,189
Total lease liabilities	$	67,341

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

11.GOODWILL AND INTANGIBLE ASSETS

For the year ended December 31, 2019, the carrying amount of goodwill increased by $21.5 million due to the acquisition of OSN (See “Note 2 — Business Combination”). There were no additions to goodwill for the twelve months ended December 31, 2020. No impairment of goodwill was identified for the years ended December 31, 2020 and 2019.

Intangible assets subject to amortization consisted of the follow as of December 31, 2020 and 2019, respectively(in thousands, except years):

As of December 31, 2020


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,921	$	(2,921)	$	—	0
Customer relationships		7,400		(2,622)		4,778	3.7
Trademarks		5,400		(1,652)		3,748	3.7
Non-competition agreements		100		(100)		—	0
Intangible assets – net	$	15,821	$	(7,295)	$	8,526

As of December 31, 2019


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,921	$	(1,879)	$	1,042	0.7
Customer relationships		7,400		(990)		6,410	4.2
Trademarks		5,400		(631)		4,769	4.7
Non-competition agreements		100		(65)		35	0.7
Intangible assets – net	$	15,821	$	(3,565)	$	12,256

The Company also has domain name intangible assets, which are not subject to amortization, with a carrying amount of $0.2 million as of both December 31, 2020 and 2019, respectively.

Amortization expense for intangible assets was $3.7 million, $2.9 million, and $0.6 million for the years ended December 31, 2020, 2019 and 2018, respectively.

As of December 31, 2020, expected amortization of intangible assets is as follows:


Fiscal Years	(In thousands)
2021	$	2,320
2022		2,320
2023		2,320
2024		1,566
Total	$	8,526

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2020

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

12.ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

Accounts payable and accrued liabilities as of December 31, 2020 and 2019, consisted of the following (in thousands):


	2020		2019
Accrued expenses due to vendors	$	11,002	$	16,342
Accrued payroll and other employee related expenses		5,758		3,328
Accounts payable due to vendors		2,756		6,453
Accrued property and franchise taxes		733		5,739
Other		5,021		1,115
Total accounts payable and other accrued liabilities	$	25,270	$	32,977

SHAREHOLDERS' EQUITY	12 Months Ended
SHAREHOLDERS' EQUITY	Dec. 31, 2020
TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT
SHAREHOLDERS' EQUITY	13.SHAREHOLDERS’ EQUITY Common Stock On December 21, 2020, the Company’s common stock and warrants began trading on the Nasdaq Global Select Market under the ticker symbols “OPEN” and “OPENW,” respectively. 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. As of December 31, 2020, the Company had 540,714,692 shares of common stock issued and outstanding. Prior to the Business Combination, the Company had outstanding shares of Series A, Series B, Series C, Series C-1, Series D, Series D-1, Series E, Series E-1, and Series E-2 convertible preferred stock (collectively, “Preferred Stock”). Immediately prior to the Business Combination, all shares of the Company’s outstanding Preferred Stock converted into a total of 194.9 million shares of Opendoor Labs Inc. common stock on a one-for-one basis. Upon the Closing, Opendoor Labs Inc. common stock converted to Opendoor Technologies common stock with the application of the Exchange Ratio as discussed in Note 2 — Business Combinations. 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, 2020, there were no shares of Opendoor Technologies Preferred Stock issued and outstanding. Dividends 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.

SHARE-BASED AWARDS

12 Months Ended

Dec. 31, 2020

SHARE-BASED AWARDS

SHARE-BASED AWARDS

14.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.

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. As of December 31, 2020, no awards have been granted 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”). 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. As of December 31, 2020, no shares have been issued under the ESPP.

Stock options and RSUs

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. Options are exercisable over a maximum term of 10 years from the date of grant and generally vest over a period of four years. Incentive stock options granted to a 10% shareholder are exercisable over a maximum term of five years from the date of grant.

A summary of the stock option activity for the year ended December 31, 2020, is as follows:


				Weighted-
		Weighted-		Average	Aggregate
	Number of	Average		Remaining	Intrinsic
	Options	Exercise		Contractual	Value
	(in thousands)	Price		Term (in years)	(in thousands)
Balance – December 31, 2019	22,633	$	3.00	6.9	$	110,481
Retroactive conversion of shares due to Business Combination	13,976		(1.15)
Balance – December 31, 2019, as converted	36,609	$	1.85	6.9	$	110,481
Granted	—
Exercised	(5,649)		1.33
Forfeited	(5,513)		2.04
Expired	(1,289)		2.22
Balance – December 31, 2020	24,158		1.91	5.4	$	502,767
Exercisable – December 31, 2020	18,961		1.55	4.6	$	401,436

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, 2020 2019 and 2018, was $46.2 million, $9.7 million, and $39.2 million, respectively.

The weighted-average grant date fair value per option granted for the years ended December 31, 2019 and 2018 were $1.50, respectively. There were no options granted during the year ended December 31, 2020.

RSUs typically vest upon both a service-based requirement, generally over a four year period, and a performance condition. For certain awards, the performance condition is met by the completion of a Company liquidity event, which is generally defined as a change of control event or the effective date of a registration statement of the Company filed under the Securities Act for the sale of the Company’s common stock. In February 2021, the Company completed an underwritten public offering, which met the liquidity event vesting condition and triggered the recognition of compensation expense for certain RSUs for which the time-based vesting condition had been satisfied or partially satisfied. For further information on the February 2021 underwritten public offering, see “Note 21 — Subsequent Events” If a participant terminates service, any portion of an RSU unit that has met the service-based requirement will remain outstanding and remain eligible to vest when the performance condition has been satisfied. The vesting requirements of the RSUs typically have a maximum term of seven years from the date of grant.

A summary of the RSU activity for the year ended December 31, 2020, is as follows:


		Weighted-
	Number of	Average
	RSUs	Grant-Date
	(in thousands)	Fair Value
Unvested and outstanding – December 31, 2019	14,070		6.79
Retroactive conversion of shares due to Business Combination	8,689		(2.59)
Unvested and outstanding – December 31, 2019, as converted	22,759	$	4.20
Granted	29,189		15.67
Forfeited	(5,423)		4.33
Unvested and outstanding – December 31, 2020	46,525		10.88
Vested and outstanding – December 31, 2020	—		—

Restricted Shares

We have granted Restricted Shares to certain continuing employees, primarily in connection with acquisitions. The Restricted Shares vest upon satisfaction of a service condition, which generally ranges from three to four years.

A summary of the Restricted Shares activity for the year ended December 31, 2020 is as follows:


	Number of	Average
	Restricted Shares	Grant-Date
	(In thousands)	Fair Value
Unvested – December 31, 2019	2,156	$	5.98
Retroactive conversion of shares due to Business Combination	1,331	$	(2.28)
Unvested – December 31, 2019, as converted	3,487	$	3.70
Granted	—		—
Vested	(1,339)		3.63
Unvested – December 31, 2020	2,148	$	3.74
Vested and outstanding – December 31, 2020	—		—

The total intrinsic value of Restricted Shares vested for the years ended December 31, 2020, 2019, and 2018 was $8.9 million, $1.5 million, and $0.1 million respectively.

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 statements of operations for the years ended December 31, 2020, 2019 and 2018, as follows (in thousands):


	2020		2019		2018
General and administrative	$	33,020	$	6,456	$	8,424
Sales, marketing and operations		1,203		1,767		1,905
Technology and development		3,782		4,973		4,645
Total stock-based compensation expense	$	38,005	$	13,196	$	14,974

During 2020, the Company issued market condition RSUs to certain executives. The grant-date fair value for the awards is $357.4 million, which will be recognized over a requisite service period ranging from 6 months to 3.5 years. The Company recognized $19.9 million of compensation expense in 2020 related to the executive’s awards.

As of December 31, 2020, there was $13.5 million of unamortized stock-based compensation costs related to unvested stock options and Restricted Shares for which vesting is not contingent on a qualifying event. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 1.8 years.

As of December 31, 2020, there was $503.0 million of unrecognized stock-based compensation costs relating to unvested RSUs. Of this amount, $80.2 million relates to awards for which the time-based vesting condition had been satisfied or partially satisfied and will be recognized by completion of the liquidity event performance condition; as of December 31, 2020, there were 9,201,201 RSUs which had fully satisfied the time-based vesting condition.

Valuation of options

The Black-Scholes Model used to value stock options incorporates the following assumptions:

Fair Value of Common Stock

The fair value of the common stock underlying the stock option awards was determined by the board of directors. Given the absence of a public trading market, the board of directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock at each meeting at which awards were approved. These factors included, but were not limited to (i) contemporaneous third-party valuations of common stock; (ii) the rights, preferences and privileges of convertible preferred stock relative to common stock; (iii) the lack of marketability of common stock; (iv) stage and development of the Company’s business; (v) general economic conditions and (vi) the likelihood of achieving a liquidity event, such as an initial public offering or sale, given prevailing market conditions.

Volatility

The expected stock price volatilities are estimated based on the historical and implied volatilities of comparable publicly traded companies as the Company does not have sufficient history of trading its common stock.

Risk-Free Interest Rate

The risk-free interest rates are based on U.S. Treasury yields in effect at the grant date for notes with comparable terms as the awards.

Expected Life

The expected term of options granted to employees is determined using the simplified method, which allows the Company to estimate the expected life as the midpoint between the vesting period and the contractual term, as the Company's historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term.

Dividend Yield

The expected dividend yield assumption is based on the Company’s current expectations about its anticipated dividend policy.

The range of assumptions used in the Black-Scholes Model for employee and non-employee stock options for 2019, and 2018 are as follows:


	2019 Range			2018 Range
Fair value		$4.22 – $4.29			$1.42 – $3.02
Volatility		32% – 45	%		32% – 34	%
Risk-free rate		1.63% – 2.34	%		2.68% – 3.17	%
Expected life (in years)		5 – 7			5 – 7
Expected dividend	$	—		$	—

Valuation of RSU’s and Restricted Stock

Prior to the Business Combination, given the absence of a public trading market, the Company’s board of directors considered numerous objective and subjective factors to determine the fair value of common stock at each meeting at which awards were approved. These factors include, but were not limited to, contemporaneous valuations of common stock performed by an independent valuation specialist; developments in the Company’s business and stage of development; the Company’s operational and financial performance and condition; issuances of preferred stock and the rights and preferences of preferred stock relative to common stock; current condition of capital markets and the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company; and the lack of marketability of the Company’s common stock. For financial reporting purposes, the Company considers the amount of time between the valuation date and the grant date to determine whether to use the latest common stock valuation or a straight-line interpolation between the two valuation dates. The determination includes an evaluation of whether the subsequent valuation indicates that any significant change in valuation had occurred between the previous valuation and the grant date.

WARRANTS	12 Months Ended
WARRANTS	Dec. 31, 2020
WARRANTS
WARRANTS	15.WARRANTS Public and Sponsor Warrants Prior to the Business Combination, SCH issued 6,133,333 private placement warrants (“Sponsor Warrants”) and 13,800,000 public warrants (“Public Warrants” and collectively “Warrants”). Upon Closing, the Company assumed the Warrants. Each whole warrant entitles the holder to purchase one share of the Company’s common stock at a price of $11.50 per share, subject to adjustments. The Warrants are exercisable at any time commencing the later of a) 30 days after the completion of the Business Combination and b) 12 months from the date of the closing of the SCH’s initial public offering on April 30, 2020, and terminating five years after the Business Combination. Once the public warrants become exercisable, the Company may redeem the outstanding warrants, in whole and not in part, upon a minimum of 30 days’ prior written notice of redemption (“Redemption Period”). There are two scenarios in which the Company may redeem the Warrants. For purposes of the redemption scenarios, “Reference Value” shall mean the last reported sales price of the Company’s common stock for any twenty trading days within the thirty trading-day period ending on the third trading day prior to the date on which notice of the redemption is given. The Company may redeem the outstanding Warrants for cash at a price of $0.01 per warrant if the Reference Value equals or exceeds $18.00 per share. The warrant holders have the right to exercise their outstanding warrants prior to the scheduled redemption date during the Redemption Period at $11.50 per share. The Sponsor Warrants are exempt from redemption if the Reference Value is at or above $18.00 and the Sponsor Warrants continue to be held by the original warrant holder (“Sponsor") or a permitted transferee. The Company may redeem the outstanding Warrants at a price of $0.10 per warrant if the Reference Value equals or exceeds $10.00 per share. If the Reference Value is less than $18.00, the Sponsor Warrants must also be concurrently called for redemption with the Public Warrants. The warrant holders have the right to exercise their outstanding warrants prior to the scheduled redemption date during the Redemption Period on a cashless basis. The cashless exercise entitles the warrant holders to receive a set number of shares based on the redemption date and the redemption fair value as defined in the warrant agreement. In connection with the Business Combination, on January 12, 2021, the Company filed a Registration Statement on Form S-1. This Registration Statement relates to the issuance of an aggregate of up to 19,933,333 shares of common stock issuable upon the exercise of its publicly-traded warrants. As of December 31, 2020, there were 19,933,333 warrants outstanding and no warrants have been exercised. Warrants to Purchase Series D Preferred Stock On June 12, 2018, the Company issued warrants to purchase 485,262 shares of Series D Preferred Stock at a price of $0.006 (“Penny Warrants”) . On November 12, 2020, the Penny Warrants were exercised and the Company issued 485,262 shares of Series D Preferred Stock in exchange for proceeds of $3.0 thousand. As of December 31, 2020 there were no Penny Warrants outstanding. Commitment to Issue Warrants In June 2018, the Company entered into a commitment to issue warrants (“Warrant Commitment”). The Warrant Commitment obligates the Company to issue warrants on an annual basis until 2025 (“Issuance Date”). The Warrant Commitment and the Company’s obligation to issue warrants was terminated upon the consummation of the Business Combination through notice provided by the Company and acknowledged by the counterparty. On each Warrant Commitment Issuance date in June 2019 and June 2020, the Company issued warrants to purchase 121,356 shares and 242,713 shares of Series E Preferred Stock at a price of $5.92 per share (“Series E Warrants”). On November 7, 2020 the Series E Warrants were exercised and the Company issued 364,069 shares of Series E in exchange for proceeds of $2.2 million. As of December 31, 2020 there were no Series E Warrants outstanding. The Penny Warrants, the Warrant Commitment, and the Series E Warrants have been determined to be liabilities under ASC 480 as the underlying preferred shares have certain liquidation preferences in the event of a deemed liquidation. As of December 31, 2020, there are no warrants outstanding. The Company recorded an increase to the warrant fair value adjustments of $2.6 million and $6.2 million in 2020 and in 2019, respectively.

INCOME TAXES

12 Months Ended

Dec. 31, 2020

INCOME TAXES

INCOME TAXES

16.INCOME TAXES

Income before income taxes consisted entirely of losses from domestic operations of $286.7 million, $338.9 million and $239.6 million for the years ended December 31, 2020, 2019, and 2018, respectively.

For the years ended December 31, 2020, 2019, and 2018, the Company did not record any federal income tax expense or benefit due to the full valuation allowance. For the years ended December 31, 2020, 2019 and 2018, the Company incurred state income tax expense of $0.1 million, $0.3 million and $0.4 million, respectively.

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


	Year Ended December 31,
	2020		2019		2018
Current income tax expense:
Federal	$	—	$	—	$	—
State		63		252		377
Total current income tax expense		63		252		377
Deferred income tax benefit:
Federal		—		—		—
State		—		—		—
Total deferred income tax benefit		—		—		—
Income Tax Provision	$	63	$	252	$	377

Effective Tax Rate

The following table presents a reconciliation of the U.S. federal statutory income tax rates to the Company’s effective income tax rate for the periods presented:


	Year Ended December 31,
	2020		2019		2018
U.S. Federal tax benefit at statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.0		3.2		2.6
Non-deductible expenses and other	0.3		(0.1)		(0.9)
Non-deductible warrant expenses	—		0.4		(1.6)
Loss on convertible note exchange	(2.0)		—		—
Share-based compensation	0.3		(0.4)		0.4
Deduction limitation on executive compensation	(1.8)		—		—
Change in valuation allowance, net	(21.0)		(25.2)		(22.6)
Research and development credits	0.1		1.0		0.9
Effective tax rate	(0.1)	%	(0.1)	%	(0.2)	%

For the years ended December 31, 2020, 2019 and 2018, 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, loss on convertible note exchange, deduction limitation on executive compensation, and changes in the Company’s valuation allowance.

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, 2020 and 2019, are as follows (in thousands):


	December 31,		December 31,
	2020		2019
Deferred tax assets:
Accrued and reserves	$	4,008	$	4,231
Inventory		10,554		15,181
Tax credits		12,953		10,880
Lease Liabilities		16,262		14,800
Net operating loss		205,995		149,141
Total gross deferred tax assets		249,772		194,233
Depreciation and amortization		(2,746)		(4,749)
Goodwill		(290)		(114)
Right-of-use assets		(11,562)		(14,507)
Valuation allowance		(235,174)		(174,863)
Net deferred tax assets	$	—	$	—

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. Accordingly, the Company established and recorded a full valuation allowance on its net deferred tax assets of $235.2 million as of December 31, 2020 and a full valuation allowance on its net deferred tax assets of $174.9 million as of December 31, 2019. The valuation allowance increased by $60.3 million and $86.2 million for 2020 and 2019, respectively primarily as a result of current year losses.

As of December 31, 2020, the Company had U.S. federal and state net operating loss (“NOL”) carryforwards of $870.2 million and $585.9 million, 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 this would apply to federal NOLs generated in 2020, 2019 and 2018 of $236.1 million, $350.6 million, and $166.9 million, respectively. 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. California NOLs have a carryover period of 20 taxable years following the year of the loss. Additionally, the Company has U.S. federal research tax credit carryforwards of $11.0 million that begin to expire in 2034. The Company also has state research tax credit carryforwards of $9.4 million that have 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.

Unrecognized Tax Benefits

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


	Year Ended December 31,
	2020		2019		2018
Unrecognized tax benefits as of the beginning of the year	$	5,033	$	2,433	$	862
Increases related to prior year tax provisions		182		383		197
Decrease related to prior year tax provisions		(888)		(247)		—
Increase related to current year tax provisions		1,812		2,464		1,374
Unrecognized tax benefits as of the end of the year	$	6,139	$	5,033	$	2,433

Due to the full valuation allowance at December 31, 2020, 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 $5.5 million to the effective tax rate if adjustments are made after the valuation allowance is released. The Company does not anticipate any significant change in its uncertain tax positions within 12 months of this reporting date.

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 any interest and penalties in its consolidated statements of operations, nor has it accrued for or made payments for interest and penalties. The Company is subject to income tax in the U.S. and in various states. 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 but as of December 31, 2020 are not currently under any audits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

RELATED PARTIES	12 Months Ended
RELATED PARTIES	Dec. 31, 2020
RELATED PARTIES
RELATED PARTIES	17.RELATED PARTIES Prior to the Business Combination, one of the Preferred Stock investors held more than a 10% interest in the Company and had one seat as a member of the board of directors and another seat as an observer of the board of directors. In 2019, an executive early exercised their option to purchase 1,479,459 shares of unvested common stock at a price per share of $1.01 by issuing a promissory note to the Company for a total price of $1.5 million with an interest rate of 2.31% per annum. The Warrant Commitment and the subsequent Series E Warrants were issued to a counterparty that has an equity interest in the Company and a seat on the Company’s board of directors. The board member has significant influence with respect to the counterparty to the Warrant Commitment. The issuance of the Warrant Commitment and Series E Warrants was in exchange for on-going advisory services that the entity provided to the Company. See “Note 15 — Warrants” for further information. During 2019, the Company acquired OSN. See “Note 2 — Business Combination” for further information on the acquisition and the pro forma results of operations, reflecting OSN as if it had been acquired January 1, 2018. Prior to the acquisition, OSN conducted business with the Company as the noncontrolling member of the Company’s Title Companies. The Company paid the member title and due diligence fees in the member’s capacity as a title and escrow agent. Additionally, the Company paid the member management and administrative service fees, rent, and purchases of fixed assets in the member’s capacity as management and administrative service provider and lessor to the subsidiaries of OD Title Holdings and OD Title Sidecar.

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2020

NET LOSS PER SHARE

NET LOSS PER SHARE

18.NET LOSS PER SHARE

The Company uses the two-class method to calculate basic net loss per share and apply the more dilutive of the two-class method, treasury stock method or if-converted method to calculate diluted net loss per share. No dividends were declared or paid for the years ended December 31, 2020, 2019 or 2018. Undistributed earnings for each period are allocated to participating securities, including the Preferred Stock for applicable periods, 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 the Preferred Stock 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.


	Year Ended December 31,
	2020		2019		2018
Basic net loss per share:
Numerator:
Net loss	$	(286,760)	$	(339,170)	$	(239,929)
Minus: Deemed dividend		—	$	—		7,224
Minus: Net income attributable to noncontrolling interests	$	—	$	1,847	$	1,362
Net loss attributable to common shareholders – basic	$	(286,760)	$	(341,017)	$	(248,515)
Denominator:
Weighted average shares outstanding – basic and diluted		109,301		79,977		78,564
Basic net loss per share	$	(2.62)	$	(4.26)	$	(3.16)
Diluted net loss per share:
Numerator:
Net loss	$	(286,760)	$	(339,170)	$	(239,929)
Minus: Deemed dividend		—	$	—		7,224
Minus: Net income attributable to noncontrolling interests	$	—	$	1,847	$	1,362
Minus: Gain on liability-classified warrants	$	—		8,132		—
Net loss attributable to common shareholders – diluted	$	(286,760)	$	(349,149)	$	(248,515)
Denominator:
Weighted average shares outstanding – basic and diluted		109,301		79,977		78,564
Diluted net loss per share	$	(2.62)	$	(4.37)	$	(3.16)

There were no preferred dividends declared or accumulated for the period. In determining diluted EPS for the year ended December 31, 2019, the Company adjusted the numerator for fair value adjustments related to its Series D Preferred Warrants; however, the exercise of the warrants results in additional participating securities being issued and the Company assumed such participating securities did not convert into additional common stock as that is the most dilutive settlement assumption.

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,
	2020	2019	2018
Common Stock Warrants	19,933	3,370	3,366
Series D Preferred Stock Warrants	—	485	9,090
Series E Preferred Stock Warrants	—	121	—
RSUs	46,525	22,758	912
Options	24,158	36,609	44,066
Unvested Shares from Early Exercise	57	187	1,120
Restricted Shares	2,148	3,689	2,994
Redeemable convertible preferred stock	—	314,424	271,490
Total anti-dilutive securities	92,821	381,643	333,038

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	19.COMMITMENTS AND CONTINGENCIES Interest Rate Lock Commitments The Company entered into interest rate lock commitments with prospective borrowers whereby the Company commits to lend a certain loan amount under specific terms and interest rate to the borrower. These commitments are treated as derivatives and are carried at fair value. See “Note 5 — Derivative Instruments” for more information. Purchase Commitments As of December 31, 2020, the Company was in contract to purchase 1,742 homes for an aggregate purchase price of $466.4 million. Lease Commitments The Company has entered into various non-cancelable operating lease agreements for certain of its office space. See “Note 10 — 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 December 23, 2020, the Federal Trade Commission (“FTC”) notified the Company that they intend to recommend that the agency pursue an enforcement action against the Company and certain of its officers, if the Company is unable to reach a negotiated settlement acceptable to all parties. This notice is related to an initial FTC civil investigative demand sent to the Company in August 2019 seeking documents and information relating primarily to statements in Opendoor’s advertising and website comparing selling homes to Opendoor with selling homes in a traditional manner using an agent and relating to statements that Opendoor’s offers reflect or are based on market prices. The Company is engaged in settlement negotiations with the FTC and has accrued an immaterial amount for this matter. Any settlement could result in material monetary remedies and/or compliance requirements that could have a materially adverse impact on its financial results. The Company cannot make an estimate of the possible loss or range of loss incremental to the amount accrued, if any, resulting from negotiations with the FTC at this time.

RESTRUCTURING	12 Months Ended
RESTRUCTURING	Dec. 31, 2020
RESTRUCTURING
RESTRUCTURING	20.RESTRUCTURING On April 15, 2020, the Company initiated a reduction in workforce of 600 employees to achieve a more resilient cost structure in response to the uncertainties caused by COVID-19. As a result, for the year ended December 31, 2020, the Company recorded $11.4 million of restructuring charges for employee termination benefits. All employee termination benefits were paid prior to December 31, 2020. Additionally, the Company incurred $18.4 million of costs related to the exiting of certain non-cancelable leases with no future benefits to the Company. This includes the Company’s exercise of the early termination option related to the Company’s San Francisco space as discussed in Note 10 — Leases as well as the termination of other real estate leases. Of the restructuring charges with respect to employee termination benefits and lease modifications, the Company presented $1.9 million in Cost of revenue, $5.2 million in Sales, marketing and operations expense, $2.1 million in Technology and development and $20.6 million in General and administrative in the Company’s consolidated statement of operations.

QUARTERLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2020

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION

22.QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following tables contain selected unaudited financial information for each of the eight quarters ended December 31, 2020. The following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Unaudited quarterly results are as follows (in thousands, except per share data):


Quarter Ended	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Revenue	$	248,886	$	338,613	$	739,827	$	1,255,795
Gross profit	$	38,365	$	35,811	$	54,574	$	91,047
Net loss	$	(87,792)	$	(80,853)	$	(55,919)	$	(62,196)
Net loss per share:
Basic	$	(0.49)	$	(0.91)	$	(0.66)	$	(0.74)
Diluted	$	(0.49)	$	(0.91)	$	(0.66)	$	(0.74)


Quarter Ended	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019
Revenue	$	1,255,654	$	1,210,645	$	1,260,312	$	1,013,972
Gross profit	$	73,961	$	77,160	$	81,547	$	68,582
Net loss	$	(91,722)	$	(89,736)	$	(75,139)	$	(82,573)
Net loss per share:
Basic	$	(1.1)	$	(1.12)	$	(0.96)	$	(1.07)
Diluted	$	(1.11)	$	(1.15)	$	(1.03)	$	(1.08)

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2020

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

Description of Business

Basis of Presentation and Principles of Consolidation

Use of Estimates

Significant Risks and Uncertainties

Concentrations of Credit Risk

Reclassifications

Segment Reporting

Cash and Cash Equivalents

Restricted Cash

Marketable Securities

Real Estate Inventory

Mortgage Loans Held for Sale Pledged under Agreements to Repurchase

Derivative Instruments

Escrow Receivable

No customers accounted for 10% or more of the Company's Escrow Receivable as of December 31, 2020 or 2019, respectively.

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

Internally Developed Software

Goodwill

Intangible Assets

Impairment of Long-Lived Assets

Revenue Recognition

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

No customers generated 10% or more of the Company's total revenue in the years ended December 31, 2020, 2019 or 2018.

Cost of Revenue

Sales, Marketing and Operations Expense

Technology and Development

Stock-Based Compensation

Stock-based compensation awards consist of stock options, restricted stock units (“RSUs”), and shares of restricted stock (“Restricted Shares”).

Stock Options

The Company uses the Black-Scholes-Merton option-pricing model to determine the fair value as of the grant date for stock options.

RSUs

Market Condition RSUs

Restricted Shares

Income Taxes

Consolidation of Variable Interest Entities

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

Summary of estimated useful lives of our property 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

BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2020

Business Acquisition [Line Items]

Schedule of Pro forma Information


	Years Ended December 31,
(unaudited)	2019		2018
Revenue	$	4,763,716	$	1,883,129
Net loss		(340,667)		(231,865)

OS National LLC

Business Acquisition [Line Items]

Schedule of fair value of the consideration transferred

The acquisition-date fair value of the consideration transferred consisted of the following (in thousands):


Cash consideration	$	34,300
Equity consideration – common stock		6,700
Total consideration transferred	$	41,000

Open Listings Co

Business Acquisition [Line Items]

Schedule of fair value of the consideration transferred

The acquisition-date fair value of the consideration transferred consisted of the following (in thousands):


Cash consideration	$	9,370
Equity consideration		6,150
Total consideration transferred	$	15,520

REAL ESTATE INVENTORY (Tables)

12 Months Ended

Dec. 31, 2020

REAL ESTATE INVENTORY

Summary of components of inventory, net of applicable real estate inventory valuation adjustments

The following table presents the components of inventory, net of applicable real estate inventory valuation adjustments, as of the dates presented (in thousands):


	December 31,		December 31,
	2020		2019
Work-in-process	$	183,004	$	179,419
Finished goods		282,932		1,132,950
Total real estate inventory	$	465,936	$	1,312,369

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2020

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

Summary of amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities

The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of December 31, 2020 and 2019, are as follows (in thousands):


	December 31, 2020
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	709,924	$	—	$	—	$	709,924	$	709,924	$	—
Money market funds		618,197		—		—		618,197		618,197		—
Commercial paper		81,037		1		—		81,038		81,038		—
Corporate debt securities		29,891		26		(2)		29,915		3,506		26,409
Asset-backed securities		12,518		19		(4)		12,533		—		12,533
U.S. agency securities		6,993		2		—		6,995		—		6,995
U.S. Treasury securities		1,700		—		—		1,700		—		1,700
Total	$	1,460,260	$	48	$	(6)	$	1,460,302	$	1,412,665	$	47,637


	December 31, 2019
	Cost		Unrealized		Unrealized				Cash and Cash		Marketable
	Basis		Gains		Losses		Fair Value		Equivalents		Securities
Cash	$	366,358	$	—	$	—	$	366,358	$	366,358	$	—
Money market funds		30,935		—		—		30,935		30,935		—
Commercial paper		19,997		1		(4)		19,994		7,038		12,956
Corporate debt securities		16,417		12		(1)		16,428		—		16,428
Asset-backed securities		12,482		12		(2)		12,492		—		12,492
U.S. agency securities		749		—		—		749		749		—
U.S. Treasury securities		1,000		—		—		1,000		—		1,000
Non-U.S. securities		700		—		—		700		—		700
Total	$	448,638	$	25	$	(7)	$	448,656	$	405,080	$	43,576

Summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss

A summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss is as follows (in thousands):


	Less than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2020	Value		Losses		Value		Losses		Value		Losses
Commercial paper	$	19,296	$	—	$	—	$	—	$	19,296	$	—
Corporate-debt securities		7,538		(2)		—		—		7,538		(2)
Asset-backed securities		4,611		(4)		—		—		4,611		(4)
Total	$	31,445	$	(6)	$	—	$	—	$	31,445	$	(6)


	Less than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2019	Value		Losses		Value		Losses		Value		Losses
Commercial paper	$	15,059	$	(4)	$	—	$	—	$	15,059	$	(4)
Corporate-debt securities		3,166		(1)		—		—		3,166		(1)
Asset-backed securities		4,258		(2)		—		—		4,258		(2)
Non-U.S. securities		700		—		—		—		700		—
Total	$	23,183	$	(7)	$	—	$	—	$	23,183	$	(7)

Summary of contractual maturities of debt securities

The scheduled contractual maturities of debt securities as of December 31, 2019 are as follows (in thousands):


					After
					1 Year
			Within		through
December 31, 2020	Fair Value		1 Year		5 Years
Commercial paper	$	81,038	$	81,038	$	—
Corporate-debt securities		29,915		29,915		—
Asset-backed securities		12,533		12,533		—
U.S. agency securities		6,995		6,995		—
U.S. Treasury securities		1,700		1,700		—
Total	$	132,181	$	132,181	$	—

DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

DERIVATIVE INSTRUMENTS

Summary of total notional amounts and fair values for derivatives

The following table presents the total notional amounts and fair values for the Company's derivatives (in thousands):



	Notional		Fair Value Derivatives
As of December 31, 2020	Amount		Asset		Liability
Interest rate lock commitments	$	15,130	$	373	$	—



	Notional		Fair Value Derivatives
As of December 31, 2019	Amount		Asset		Liability
Interest rate caps	$	100,000	$	4	$	—
Interest rate lock commitments	$	3,429	$	95	$	—
Embedded conversion options	$	180,252	$	—	$	41,697

Summary of net gains and losses recognized on derivatives within the respective line items in the statement of operations

The following table presents the net gains and losses recognized on derivatives within the respective line items in the statement of operations for the periods indicated (in thousands):


	Years Ended
	December 31,
	2020		2019		2018
Revenue	$	278	$	95	$	—
Derivative and warrant fair value adjustment	$	(23,317)	$	—	$	—
Other income, net	$	(4)	$	(773)	$	420

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2020

VARIABLE INTEREST ENTITIES

Summarizes the assets and liabilities related to the VIEs


	December 31,		December 31,
	2020		2019
Assets
Cash and cash equivalents	$	15,849	$	86,526
Restricted cash		81,408		268,368
Real estate inventory		460,680		1,312,194
Other(1)		6,729		25,793
Total assets	$	564,666	$	1,692,881
Liabilities
Credit facilities	$	474,640	$	1,264,913
Other(2)		3,394		14,983
Total liabilities	$	478,034	$	1,279,896

(1)Includes escrow receivable and other current assets.

- 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

CREDIT FACILITIES AND LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2020

CREDIT FACILITIES AND LONG-TERM DEBT

Schedule of credit facilities outstanding


					Weighted
					Average		End of	Final
	Borrowing		Outstanding		Interest		Revolving	Maturity
As of December 31, 2019	Capacity		Amount		Rate		Period	Date
Revolving Facility 2018-1	$	250,000	$	—	4.28	%	February 10, 2021	May 10, 2021
Revolving Facility 2018-2		750,000		—	4.36	%	September 23, 2022	December 23, 2022
Revolving Facility 2018-3		100,000		25,385	4.19	%	June 1, 2023	June 1, 2023
Revolving Facility 2019-1		300,000		32,535	3.58	%	March 4, 2022	March 4, 2022
Revolving Facility 2019-2		1,030,000		230,352	3.08	%	July 8, 2021	July 7, 2022
Revolving Facility 2019-3		475,000		50,901	3.60	%	August 22, 2022	August 21, 2023
Total	$	2,905,000	$	339,173


			Weighted
			Average
	Outstanding		Interest
As of December 31, 2019	Amount		Rate
Revolving Facility 2016-1	$	39,346	6.17	%
Revolving Facility 2017-1		25,758	7.00	%
Revolving Facility 2018-1		126,450	5.62	%
Revolving Facility 2018-2		194,293	6.00	%
Revolving Facility 2018-3		111,411	4.65	%
Revolving Facility 2019-1		206,399	3.81	%
Revolving Facility 2019-2		327,226	3.41	%
Revolving Facility 2019-3		42,812	3.02	%
Total	$	1,073,695

Summary of details related to our credit facilities and mezzanine term debt facilities outstanding


								Final
	Borrowing		Outstanding		Interest		End of Draw	Maturity
As of December 31, 2020	Capacity		Amount		Rate		Period	Date

Term Debt Facility 2016-M1	$	149,000	$	40,000	10.00	%	October 31, 2022	April 30, 2024
Term Debt Facility 2020-M1		300,000		100,000	10.00	%	January 23, 2023	January 23, 2026
Total	$	449,000	$	140,000
		Issuance Costs		(4,533)
		Carrying Value	$	135,467

Schedule of mortgage financing

The following tables summarize certain details related to the Company’s mortgage financing (in thousands, except interest rates):

Weighted

End of

Final

Borrowing

Outstanding

Average

Revolving

Maturity

As of December 31, 2020

Capacity

Amount

Interest Rate

Period

Date

Repo Facility 2019-R1

50,000

7,149

1.94

April 29, 2021


	Outstanding		Weighted Average
As of December 31, 2019	Amount		Interest Rate
Repo Facility 2019-R1	$	2,021	3.98	%

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2020

FAIR VALUE DISCLOSURES

Summary of fair value measurement methodologies, including significant inputs and assumptions, and classification of our assets and liabilities

The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company's assets and liabilities.


Asset/Liability Class	Valuation Methodology, Inputs and Assumptions	Classification
Cash and cash equivalents	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Restricted cash	Carrying value is a reasonable estimate of fair value based on short-term nature of the instruments.	Estimated fair value classified as Level 1
Marketable securities	Prices obtained from third-party vendors that compile prices from various sources and often apply matrix pricing for similar securities when no price is observable.	Level 2 recurring fair value measurement
Other current assets
Interest rate caps	Prices obtained from derivative broker that compiles prices for identical or similar instruments, when available.	Level 2 recurring fair value measurement
Mortgage loans held for sale pledged under agreements to repurchase	Fair value is estimated based on observable market data including quoted market prices, deal price quotes, and sale commitments.	Level 2 recurring fair value measurement
Credit facilities and other secured borrowings
Credit facilities	Fair value is estimated using discounted cash flows based on current lending rates for similar credit facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Loans sold under agreements to repurchase	Fair value is estimated using discounted cash flows based on current lending rates for similar asset-backed financing facilities with similar terms and remaining time to maturity.	Carried at amortized cost.
Estimated fair value classified as Level 2.
Convertible notes	Fair value is estimated using discounted cash flows based on current lending rates for term notes with similar remaining time to maturity.	Carried at amortized cost. Estimated fair value classified as Level 2
Derivative and warrant liabilities
Warrant liabilities	Fair value is estimated using the Black-Scholes-Merton option pricing model with inputs and assumptions including the Company’s equity valuation, expected volatility, expected duration of the warrants, and associated risk-free rate.	Level 3 recurring fair value measurement
Embedded conversion options	Fair value is estimated using a lattice model incorporating the probabilities of various conversion scenarios with respect to timing and conversion features under the terms of the convertible notes.	Level 3 recurring fair value measurement

Summary of levels of the fair value hierarchy for our assets and 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 (in thousands).


	Fair Value as of
	December 31, 2020		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	26,409	$	—	$	26,409	$	—
Asset-backed securities		12,533		—		12,533		—
U.S. agency securities		6,995		—		6,995		—
U.S. Treasury securities		1,700		—		1,700		—
Mortgage loans held for sale pledged under agreements to repurchase		7,529		—		7,529		—
Other current assets:
Interest rate lock commitments		373		—		373		—
Total assets	$	55,539	$	—	$	55,539	$	—


	Fair Value as of
	December 31, 2019		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	16,428	$	—	$	16,428	$	—
Asset-backed securities		12,492		—		12,492		—
Commercial paper		12,956		—		12,956		—
Non-U.S. securities		700		—		700		—
U.S. Treasury securities		1,000		—		1,000		—
Mortgage loans held for sale pledged under agreements to repurchase		2,116		—		2,116		—
Other current assets:
Interest rate caps		4		—		4		—
Interest rate lock commitments		95		—		95		—
Total assets	$	45,791	$	—	$	45,791	$	—
Derivative and warrant liabilities:
Warrants	$	4,538	$	—	$	—	$	4,538
Embedded conversion options		41,697		—		—		41,697
Total liabilities	$	46,235	$	—	$	—	$	46,235

Summary of carrying value, estimated fair value and the levels of the fair value hierarchy for our financial instruments other than assets and liabilities measured at fair value on a recurring basis


	As of December 31, 2020
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	1,412,665	$	1,412,665	$	1,412,665	$	—
Restricted cash		92,863		92,863		92,863		—
Liabilities:
Credit facilities and other secured borrowings	$	481,789	$	486,322	$	—	$	486,322


	As of December 31, 2019
	Carrying
	Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	405,080	$	405,080	$	405,080	$	—
Restricted cash		279,742		279,742		279,742		—
Liabilities:
Credit facilities and other secured borrowings	$	1,296,054	$	1,296,054	$	—	$	1,296,054
Convertible notes		140,096		180,252		—		180,252

Summary of reconciliation from the opening balances to the closing balances for Level 3 Fair values

The following table shows a reconciliation from the opening balances to the closing balances for Level 3 Fair values (in thousands):


			Embedded
			Conversion
	Warrants		Option
Balance as of December 31, 2018	$	18,022	$	—
Net change in fair value		(7,413)		—
Issuances		1,170		41,697
Exercise of warrants		(7,241)		—
Balance as of December 31, 2019		4,538		41,697
Net change in fair value		2,623		23,317
Issuances		—		—
Settlement of convertible notes		—		(65,014)
Exercise of warrants		(7,161)		—
Balance as of December 31, 2020	$	—	$	—

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2020

PROPERTY AND EQUIPMENT

Schedule of property and equipment

Property and equipment as of December 31, 2020 and 2019, consisted of the following (in thousands):


	2020		2019
Internally developed software	$	47,823	$	33,765
Computers		5,511		7,777
Furniture and fixtures		3,279		2,843
Leasehold improvements		2,456		2,748
Office equipment		2,056		1,794
Software implementation costs		1,680		1,214
Security systems		681		4,927
Total		63,486		55,068
Accumulated depreciation and amortization		(34,258)		(20,462)
Property and equipment – net	$	29,228	$	34,606

LEASES (Tables)

12 Months Ended

Dec. 31, 2020

LEASES

Schedule of maturity of operating lease liabilities

Maturity of operating lease liabilities as of December 31, 2020 are as follows (in thousands):


2021	$	25,536
2022		9,151
2023		8,504
2024		8,920
2025		7,555
Thereafter		33,864
Total undiscounted future cash flows	$	93,530
Less: Imputed interest		26,189
Total lease liabilities	$	67,341

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

GOODWILL AND INTANGIBLE ASSETS

Schedule of Intangible assets subject to amortization

Intangible assets subject to amortization consisted of the follow as of December 31, 2020 and 2019, respectively(in thousands, except years):

As of December 31, 2020


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,921	$	(2,921)	$	—	0
Customer relationships		7,400		(2,622)		4,778	3.7
Trademarks		5,400		(1,652)		3,748	3.7
Non-competition agreements		100		(100)		—	0
Intangible assets – net	$	15,821	$	(7,295)	$	8,526

As of December 31, 2019


	Gross				Net		Weighted Average
	Carrying		Accumulated		Carrying		Useful Life
	Amount		Amortization		Amount		(Years)
Developed technology	$	2,921	$	(1,879)	$	1,042	0.7
Customer relationships		7,400		(990)		6,410	4.2
Trademarks		5,400		(631)		4,769	4.7
Non-competition agreements		100		(65)		35	0.7
Intangible assets – net	$	15,821	$	(3,565)	$	12,256

Schedule of expected amortization of intangible assets


Fiscal Years	(In thousands)
2021	$	2,320
2022		2,320
2023		2,320
2024		1,566
Total	$	8,526

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES

Schedule of Accounts payable and accrued liabilities

Accounts payable and accrued liabilities as of December 31, 2020 and 2019, consisted of the following (in thousands):


	2020		2019
Accrued expenses due to vendors	$	11,002	$	16,342
Accrued payroll and other employee related expenses		5,758		3,328
Accounts payable due to vendors		2,756		6,453
Accrued property and franchise taxes		733		5,739
Other		5,021		1,115
Total accounts payable and other accrued liabilities	$	25,270	$	32,977

SHARE-BASED AWARDS (Tables)

12 Months Ended

Dec. 31, 2020

SHARE-BASED AWARDS

Summary of the stock option activity

A summary of the stock option activity for the year ended December 31, 2020, is as follows:


				Weighted-
		Weighted-		Average	Aggregate
	Number of	Average		Remaining	Intrinsic
	Options	Exercise		Contractual	Value
	(in thousands)	Price		Term (in years)	(in thousands)
Balance – December 31, 2019	22,633	$	3.00	6.9	$	110,481
Retroactive conversion of shares due to Business Combination	13,976		(1.15)
Balance – December 31, 2019, as converted	36,609	$	1.85	6.9	$	110,481
Granted	—
Exercised	(5,649)		1.33
Forfeited	(5,513)		2.04
Expired	(1,289)		2.22
Balance – December 31, 2020	24,158		1.91	5.4	$	502,767
Exercisable – December 31, 2020	18,961		1.55	4.6	$	401,436

Summary of the RSU activity

A summary of the RSU activity for the year ended December 31, 2020, is as follows:


		Weighted-
	Number of	Average
	RSUs	Grant-Date
	(in thousands)	Fair Value
Unvested and outstanding – December 31, 2019	14,070		6.79
Retroactive conversion of shares due to Business Combination	8,689		(2.59)
Unvested and outstanding – December 31, 2019, as converted	22,759	$	4.20
Granted	29,189		15.67
Forfeited	(5,423)		4.33
Unvested and outstanding – December 31, 2020	46,525		10.88
Vested and outstanding – December 31, 2020	—		—

Summary of the Restricted Shares activity

A summary of the Restricted Shares activity for the year ended December 31, 2020 is as follows:


	Number of	Average
	Restricted Shares	Grant-Date
	(In thousands)	Fair Value
Unvested – December 31, 2019	2,156	$	5.98
Retroactive conversion of shares due to Business Combination	1,331	$	(2.28)
Unvested – December 31, 2019, as converted	3,487	$	3.70
Granted	—		—
Vested	(1,339)		3.63
Unvested – December 31, 2020	2,148	$	3.74
Vested and outstanding – December 31, 2020	—		—

Summary of stock-based compensation expense in the statements of operations


	2020		2019		2018
General and administrative	$	33,020	$	6,456	$	8,424
Sales, marketing and operations		1,203		1,767		1,905
Technology and development		3,782		4,973		4,645
Total stock-based compensation expense	$	38,005	$	13,196	$	14,974

Summary of assumptions used in the Black-Scholes Model for employee and non-employee stock options

The range of assumptions used in the Black-Scholes Model for employee and non-employee stock options for 2019, and 2018 are as follows:


	2019 Range			2018 Range
Fair value		$4.22 – $4.29			$1.42 – $3.02
Volatility		32% – 45	%		32% – 34	%
Risk-free rate		1.63% – 2.34	%		2.68% – 3.17	%
Expected life (in years)		5 – 7			5 – 7
Expected dividend	$	—		$	—

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

INCOME TAXES

Schedule of components of our income tax benefit for the periods


	Year Ended December 31,
	2020		2019		2018
Current income tax expense:
Federal	$	—	$	—	$	—
State		63		252		377
Total current income tax expense		63		252		377
Deferred income tax benefit:
Federal		—		—		—
State		—		—		—
Total deferred income tax benefit		—		—		—
Income Tax Provision	$	63	$	252	$	377

Schedule of a reconciliation of the federal statutory rates to our effective tax rates


	Year Ended December 31,
	2020		2019		2018
U.S. Federal tax benefit at statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.0		3.2		2.6
Non-deductible expenses and other	0.3		(0.1)		(0.9)
Non-deductible warrant expenses	—		0.4		(1.6)
Loss on convertible note exchange	(2.0)		—		—
Share-based compensation	0.3		(0.4)		0.4
Deduction limitation on executive compensation	(1.8)		—		—
Change in valuation allowance, net	(21.0)		(25.2)		(22.6)
Research and development credits	0.1		1.0		0.9
Effective tax rate	(0.1)	%	(0.1)	%	(0.2)	%

Schedule of components of our deferred tax assets and liabilities


	December 31,		December 31,
	2020		2019
Deferred tax assets:
Accrued and reserves	$	4,008	$	4,231
Inventory		10,554		15,181
Tax credits		12,953		10,880
Lease Liabilities		16,262		14,800
Net operating loss		205,995		149,141
Total gross deferred tax assets		249,772		194,233
Depreciation and amortization		(2,746)		(4,749)
Goodwill		(290)		(114)
Right-of-use assets		(11,562)		(14,507)
Valuation allowance		(235,174)		(174,863)
Net deferred tax assets	$	—	$	—

Schedule of tabular reconciliation of the total amounts of unrecognized tax benefits.


	Year Ended December 31,
	2020		2019		2018
Unrecognized tax benefits as of the beginning of the year	$	5,033	$	2,433	$	862
Increases related to prior year tax provisions		182		383		197
Decrease related to prior year tax provisions		(888)		(247)		—
Increase related to current year tax provisions		1,812		2,464		1,374
Unrecognized tax benefits as of the end of the year	$	6,139	$	5,033	$	2,433

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2020

NET LOSS PER SHARE

Schedule of computation of our basic and diluted net loss per share attributable to common shareholders


	Year Ended December 31,
	2020		2019		2018
Basic net loss per share:
Numerator:
Net loss	$	(286,760)	$	(339,170)	$	(239,929)
Minus: Deemed dividend		—	$	—		7,224
Minus: Net income attributable to noncontrolling interests	$	—	$	1,847	$	1,362
Net loss attributable to common shareholders – basic	$	(286,760)	$	(341,017)	$	(248,515)
Denominator:
Weighted average shares outstanding – basic and diluted		109,301		79,977		78,564
Basic net loss per share	$	(2.62)	$	(4.26)	$	(3.16)
Diluted net loss per share:
Numerator:
Net loss	$	(286,760)	$	(339,170)	$	(239,929)
Minus: Deemed dividend		—	$	—		7,224
Minus: Net income attributable to noncontrolling interests	$	—	$	1,847	$	1,362
Minus: Gain on liability-classified warrants	$	—		8,132		—
Net loss attributable to common shareholders – diluted	$	(286,760)	$	(349,149)	$	(248,515)
Denominator:
Weighted average shares outstanding – basic and diluted		109,301		79,977		78,564
Diluted net loss per share	$	(2.62)	$	(4.37)	$	(3.16)

Schedule of anti-dilutive securities were not included in the computation of diluted shares outstanding


	Year Ended December 31,
	2020	2019	2018
Common Stock Warrants	19,933	3,370	3,366
Series D Preferred Stock Warrants	—	485	9,090
Series E Preferred Stock Warrants	—	121	—
RSUs	46,525	22,758	912
Options	24,158	36,609	44,066
Unvested Shares from Early Exercise	57	187	1,120
Restricted Shares	2,148	3,689	2,994
Redeemable convertible preferred stock	—	314,424	271,490
Total anti-dilutive securities	92,821	381,643	333,038

QUARTERLY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2020

QUARTERLY FINANCIAL INFORMATION

Quarterly Financial Information

The operating results for any quarter are not necessarily indicative of results for any future period. Unaudited quarterly results are as follows (in thousands, except per share data):


Quarter Ended	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Revenue	$	248,886	$	338,613	$	739,827	$	1,255,795
Gross profit	$	38,365	$	35,811	$	54,574	$	91,047
Net loss	$	(87,792)	$	(80,853)	$	(55,919)	$	(62,196)
Net loss per share:
Basic	$	(0.49)	$	(0.91)	$	(0.66)	$	(0.74)
Diluted	$	(0.49)	$	(0.91)	$	(0.66)	$	(0.74)


Quarter Ended	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019
Revenue	$	1,255,654	$	1,210,645	$	1,260,312	$	1,013,972
Gross profit	$	73,961	$	77,160	$	81,547	$	68,582
Net loss	$	(91,722)	$	(89,736)	$	(75,139)	$	(82,573)
Net loss per share:
Basic	$	(1.1)	$	(1.12)	$	(0.96)	$	(1.07)
Diluted	$	(1.11)	$	(1.15)	$	(1.03)	$	(1.08)

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Description of Business
Number of home transactions completed	80,000
Number of currently operated markets	21
Reclassification
Mortgage loans held for sale pledged under agreements to repurchase	$ 7,529,000	$ 2,116,000
Marketable Securities
Impairment of investments in marketable securities	$ 0	$ 0	$ 0

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
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 - Leases and Intangible Assetst (Details)	12 Months Ended
	Dec. 31, 2020
Leases
Lease, Practical Expedients, Package [true false]	true
Minimum
Intangible Assets
Remaining Weighted Average Useful Life (Years)	2 years
Maximum
Intangible Assets
Remaining Weighted Average Useful Life (Years)	5 years

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Impairment of Long-Lived Assets and Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Impairment of Long-Lived Assets
Impairment loss	$ 0	$ 0	$ 0
Revenue Recognition
Number of days of guarantee on home sales	90 days

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Sales, Marketing and Operations Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES
Advertising costs	$ 33.1	$ 75.2	$ 38.9

BUSINESS COMBINATIONS - Acquisitions (Details) - USD ($) $ in Thousands	Sep. 04, 2019	Sep. 10, 2018
OS National LLC
Business Acquisition [Line Items]
Cash consideration	$ 34,300
Equity consideration - common stock	6,700
Total consideration transferred	$ 41,000
Open Listings Co
Business Acquisition [Line Items]
Cash consideration		$ 9,370
Equity consideration - common stock		6,150
Total consideration transferred		$ 15,520

BUSINESS COMBINATIONS - Pro forma financial information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
BUSINESS COMBINATIONS
Revenue	$ 4,763,716	$ 1,883,129
Net loss	$ (340,667)	$ (231,865)

BUSINESS COMBINATIONS - Additional information (Details) $ / shares in Units, $ in Thousands				4 Months Ended		12 Months Ended
	Dec. 18, 2020 USD ($) item $ / shares shares	Sep. 04, 2019 USD ($)	Sep. 10, 2018 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($)
Common Stock
Business Acquisition [Line Items]
Issuance costs						$ 43,449
Transaction with Social Capital Hedosophia Holdings Corp. II I Common Stock
Business Acquisition [Line Items]
Consideration received due to reverse recapitalization	$ 376,600
PIPE shares issued by Social Capital Hedosophia Holdings Corp. II \| shares	60,005,000
Common stock price per PIPE Shares (in usd per share) \| $ / shares	$ 10.00
Total PIPE shares investment	$ 600,100
Exchange ratio upon Business Combination with Social Capital Hedosophia Holdings Corp. II \| item	1.618
OS National LLC
Business Acquisition [Line Items]
Total PIPE shares investment		$ 41,000
Percentage of equity interests acquired		100.00%
Non controlling interest acquired		$ 4,900
Amortization period		5 years
Revenue				$ 12,800
Net loss				$ 4,200
OS National LLC \| Trademarks
Business Acquisition [Line Items]
Intangible assets		$ 5,100
OS National LLC \| Customer relationships
Business Acquisition [Line Items]
Intangible assets		$ 6,500
Open Listings Co
Business Acquisition [Line Items]
Total PIPE shares investment			$ 15,520
Percentage of equity interests acquired			100.00%
Amortization period			2 years
Revenue					$ 2,000
Net loss					$ 2,300
Open Listings Co \| Trademarks
Business Acquisition [Line Items]
Intangible assets			$ 300
Open Listings Co \| Non-competition agreements
Business Acquisition [Line Items]
Intangible assets			100
Open Listings Co \| Developed technology
Business Acquisition [Line Items]
Intangible assets			2,900
Open Listings Co \| Customer relationships
Business Acquisition [Line Items]
Intangible assets			$ 900
Opendoor Technologies Inc. Common Stock \| Common Stock
Business Acquisition [Line Items]
Issuance costs	$ 43,600

REAL ESTATE INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
REAL ESTATE INVENTORY
Work-in-process	$ 183,004	$ 179,419
Finished goods	282,932	1,132,950
Total real estate inventory	$ 465,936	$ 1,312,369

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	$ 1,460,260	$ 448,638
Unrealized Gains	48	25
Unrealized Losses	(6)	(7)
Fair Value	1,460,302	448,656
Cash and Cash Equivalents	1,412,665	405,080	$ 262,368
Marketable Securities	47,637	43,576
Cash
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	709,924	366,358
Fair Value	709,924	366,358
Cash and Cash Equivalents	709,924	366,358
Money market funds
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	618,197	30,935
Fair Value	618,197	30,935
Cash and Cash Equivalents	618,197	30,935
Commercial paper
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	81,037	19,997
Unrealized Gains	1	1
Unrealized Losses		(4)
Fair Value	81,038	19,994
Cash and Cash Equivalents	81,038	7,038
Marketable Securities		12,956
Corporate debt
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	29,891	16,417
Unrealized Gains	26	12
Unrealized Losses	(2)	(1)
Fair Value	29,915	16,428
Cash and Cash Equivalents	3,506
Marketable Securities	26,409	16,428
Asset-backed
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	12,518	12,482
Unrealized Gains	19	12
Unrealized Losses	(4)	(2)
Fair Value	12,533	12,492
Marketable Securities	12,533	12,492
U.S. agency securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	6,993	749
Unrealized Gains	2
Fair Value	6,995	749
Cash and Cash Equivalents		749
Marketable Securities	6,995
U.S. Treasury
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis	1,700	1,000
Fair Value	1,700	1,000
Marketable Securities	$ 1,700	1,000
Non-U.S. securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Cost Basis		700
Fair Value		700
Marketable Securities		$ 700

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES - Summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table]
Less than 12 Months	$ (6)	$ (7)
Total	(6)	(7)
Fair value
Less than 12 Months	31,445	23,183
Total	31,445	23,183
Commercial paper
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table]
Less than 12 Months		(4)
Total		(4)
Fair value
Less than 12 Months	19,296	15,059
Total	19,296	15,059
Corporate debt
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table]
Less than 12 Months	(2)	(1)
Total	(2)	(1)
Fair value
Less than 12 Months	7,538	3,166
Total	7,538	3,166
Asset-backed
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table]
Less than 12 Months	(4)	(2)
Total	(4)	(2)
Fair value
Less than 12 Months	4,611	4,258
Total	$ 4,611	4,258
Non-U.S. securities
Fair value
Less than 12 Months		700
Total		$ 700

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES - Scheduled contractual maturities of debt securities (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	$ 132,181
Within 1 Year	132,181
Commercial paper
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	81,038
Within 1 Year	81,038
Corporate debt
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	29,915
Within 1 Year	29,915
Asset-backed
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	12,533
Within 1 Year	12,533
U.S. agency securities
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	6,995
Within 1 Year	6,995
U.S. Treasury
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	1,700
Within 1 Year	$ 1,700

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Interest rate caps
Derivatives, Fair Value [Line Items]
Notional Amount		$ 100,000
Fair Value Derivatives, Asset		4
Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Notional Amount	$ 15,130	3,429
Fair Value Derivatives, Asset	$ 373	95
Embedded conversion options
Derivatives, Fair Value [Line Items]
Notional Amount		180,252
Fair Value Derivatives, Liability		$ 41,697

DERIVATIVE INSTRUMENTS - Net gains and losses recognized on derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gains (losses) recognized on economic hedges	$ 278	$ 95
Derivative and warrant fair value adjustment
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gains (losses) recognized on economic hedges	(23,317)
Other income, net
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gains (losses) recognized on economic hedges	$ (4)	$ (773)	$ 420

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 1,412,665	$ 405,080	$ 262,368
Restricted cash	92,863	279,742
Real estate inventory, net	465,936	1,312,369
TOTAL ASSETS	2,175,582	2,231,684
Liabilities
Total liabilities	575,575	1,583,285
Variable interest entities ("VIEs")
Assets
Cash and cash equivalents	15,849	86,526
Restricted cash	81,408	268,368
Real estate inventory, net	460,680	1,312,194
Other	6,729	11,995
TOTAL ASSETS	564,666	1,692,881
Liabilities
Credit facilities	474,640	221,929
Other	3,394	14,983
Total liabilities	$ 478,034	$ 1,279,896

CREDIT FACILITIES AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 2,905,000
Outstanding Amount	339,173	$ 1,073,695
Fully committed borrowing capacity	1,483,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Borrowing Capacity	2,905,000
Long-term Debt [Member]
Line of Credit Facility [Line Items]
Outstanding Amount	140,000
Revolving Facility 2016-1
Line of Credit Facility [Line Items]
Outstanding Amount		$ 39,346
Weighted Average Interest Rate		6.17%
Revolving Facility 2017-1
Line of Credit Facility [Line Items]
Outstanding Amount		$ 25,758
Weighted Average Interest Rate		7.00%
Revolving Facility 2018-1
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 250,000
Outstanding Amount		$ 126,450
Weighted Average Interest Rate	4.28%	5.62%
Revolving Facility 2018-2
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 750,000
Outstanding Amount		$ 194,293
Weighted Average Interest Rate	4.36%	6.00%
Revolving Facility 2018-3
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 100,000
Outstanding Amount	$ 25,385	$ 111,411
Weighted Average Interest Rate	4.19%	4.65%
Revolving Facility 2019-1
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 300,000
Outstanding Amount	$ 32,535	$ 206,399
Weighted Average Interest Rate	3.58%	3.81%
Revolving Facility 2019-2
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 1,030,000
Outstanding Amount	$ 230,352	$ 327,226
Weighted Average Interest Rate	3.08%	3.41%
Revolving Facility 2019-3
Line of Credit Facility [Line Items]
Borrowing Capacity	$ 475,000
Outstanding Amount	$ 50,901	$ 42,812
Weighted Average Interest Rate	3.60%	3.02%
Minimum
Line of Credit Facility [Line Items]
Revolving period	12 months
Maximum
Line of Credit Facility [Line Items]
Revolving period	24 months

CREDIT FACILITIES AND LONG-TERM DEBT - Mezzanine term debt facilities (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Borrowing Capacity	$ 449,000
Outstanding Amount	140,000
Issuance Costs	(4,533)
Carrying Value	135,467
Undrawn amounts	309
Term Debt Facility 2016-M1
Debt Instrument [Line Items]
Borrowing Capacity	149,000
Outstanding Amount	$ 40,000
Interest Rate	10.00%
Term Debt Facility 2019-M1
Debt Instrument [Line Items]
Borrowing Capacity	$ 300,000
Outstanding Amount	$ 100,000
Interest Rate	10.00%

CREDIT FACILITIES AND LONG-TERM DEBT - Convertible Notes (Details) - USD ($) $ in Thousands, shares in Millions		1 Months Ended	5 Months Ended	12 Months Ended
	Sep. 14, 2020	Jul. 31, 2019	Nov. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Proceeds from issuance of convertible notes				$ 178,200	$ 20,000
Convertible Notes
Debt Instrument [Line Items]
Proceeds from issuance of convertible notes			$ 178,200
Debt issuance costs			$ 500
Extension term of notes		1 year
Interest rate			3.00%
Initial fair value of derivative recorded as discount on Convertible Notes' face amount			$ 41,700
Effective interest rate			3.80%
Right to receive shares of common stock on exchange of convertible notes	21.5
Equity classified debt instrument	$ 212,900

CREDIT FACILITIES AND LONG-TERM DEBT - Mortgage Financing (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Borrowing Capacity	$ 449,000
Outstanding Amount	140,000
Undrawn amounts fully committed	309
Amount of loans financed		$ 7,100
Secured Debt [Member]
Debt Instrument [Line Items]
Borrowing Capacity	50,000
Undrawn amounts fully committed	20,000
Repo Facility 2019-R1
Debt Instrument [Line Items]
Borrowing Capacity	50,000
Outstanding Amount	$ 7,149	$ 2,021
Weighted average interest rate	1.94%	3.98%

FAIR VALUE DISCLOSURES (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Net Asset (Liability) [Abstract]
Total assets	$ 55,539
Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	55,539
Other current assets
Fair Value, Net Asset (Liability) [Abstract]
Total assets		$ 45,791
Other current assets \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		45,791
Derivative and warrant Liabilities
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		46,235
Derivative and warrant Liabilities \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		46,235
Corporate debt \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	26,409	16,428
Corporate debt \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	26,409	16,428
Asset-backed \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	12,533	12,492
Asset-backed \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	12,533	12,492
Commercial paper \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets		12,956
Commercial paper \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		12,956
Non-U.S. securities \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	6,995	700
Non-U.S. securities \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	6,995	700
U.S. Treasury \| Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	1,700	1,000
U.S. Treasury \| Marketable securities \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	1,700	1,000
Interest rate caps \| Other current assets
Fair Value, Net Asset (Liability) [Abstract]
Total assets	373	4
Interest rate caps \| Other current assets \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	373	4
Mortgage loans held for sale pledged under agreements to repurchase
Fair Value, Net Asset (Liability) [Abstract]
Total assets		2,116
Mortgage loans held for sale pledged under agreements to repurchase \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		2,116
Mortgage loans held for sale pledged under agreements to repurchase \| Other current assets
Fair Value, Net Asset (Liability) [Abstract]
Total assets	7,529
Mortgage loans held for sale pledged under agreements to repurchase \| Other current assets \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	$ 7,529
Interest rate lock commitments \| Other current assets
Fair Value, Net Asset (Liability) [Abstract]
Total assets		95
Interest rate lock commitments \| Other current assets \| Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets		95
Warrants \| Derivative and warrant Liabilities
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		4,538
Warrants \| Derivative and warrant Liabilities \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		4,538
Embedded conversion options \| Derivative and warrant Liabilities
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		41,697
Embedded conversion options \| Derivative and warrant Liabilities \| Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total liabilities		$ 41,697

FAIR VALUE DISCLOSURES - Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	$ 1,412,665	$ 405,080
Restricted cash	92,863	279,742
Level 2
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Credit facilities and other secured borrowings	486,322	1,296,054
Convertible notes		180,252
Carrying Value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	1,412,665	405,080
Restricted cash	92,863	279,742
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Credit facilities and other secured borrowings	481,789	1,296,054
Convertible notes		140,096
Fair Value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	1,412,665	405,080
Restricted cash	92,863	279,742
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Credit facilities and other secured borrowings	$ 486,322	1,296,054
Convertible notes		$ 180,252

FAIR VALUE DISCLOSURES - Reconciliation of Level 3 Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning	$ 4,538	$ 18,022
Net change in fair value	2,623	(7,413)
Issuances		1,170
Exercise of warrants	(7,161)	(7,241)
Balance at the end		4,538
Embedded conversion options
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning	41,697
Net change in fair value	23,317
Issuances		41,697
Settlement of convertible notes	$ (65,014)
Balance at the end		$ 41,697

FAIR VALUE DISCLOSURES - Warrant Liabilities (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Exercise price of warrants	$ 11.50
Warrants term		4 years
Series D preferred warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants	$ 0.01	$ 6.58
Outstanding warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants		$ 6.58

FAIR VALUE DISCLOSURES - Embedded Conversion Options (Details)	12 Months Ended
	Dec. 31, 2020
Embedded Derivative [Line Items]
Payment-in-kind interest (as a percent)	3.00%
Note term	7 years
Minimum
Embedded Derivative [Line Items]
Accretion of redemption value of the convertible notes (as a percent)	5.90%
Maximum
Embedded Derivative [Line Items]
Accretion of redemption value of the convertible notes (as a percent)	79.60%

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total	$ 63,486	$ 55,068
Accumulated depreciation and amortization	(34,258)	(20,462)
Property and equipment - net	29,228	34,606
Depreciation, Depletion and Amortization	21,700	15,000	$ 4,600
Internally developed software
Property, Plant and Equipment [Line Items]
Total	47,823	33,765
Software implementation costs
Property, Plant and Equipment [Line Items]
Total	1,680	1,214
Computers
Property, Plant and Equipment [Line Items]
Total	5,511	7,777
Security systems
Property, Plant and Equipment [Line Items]
Total	681	4,927
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	3,279	2,843
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	2,456	2,748
Office equipment
Property, Plant and Equipment [Line Items]
Total	$ 2,056	$ 1,794

LEASES - Maturity of operating lease liabilities (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Maturity of operating lease liabilities
2021	$ 25,536
2022	9,151
2023	8,504
2024	8,920
2025	7,555
Thereafter	33,864
Total undiscounted future cash flows	93,530
Less: Imputed interest	26,189
Total lease liabilities	$ 67,341

LEASES - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
LEASES
Lessee, Operating Lease, Existence of Option to Extend	true
Lessee, Operating Lease, Existence of Option to Terminate	true
Operating lease cost	$ 34,300
Variable lease cost	400
Short-term lease cost	900
Sublease income	100
Rent expense related to operating leases		$ 11,700	$ 7,400
Cash paid for amounts included in the measurement of operating lease liabilities	12,700	10,800
Right-of-use assets obtained in exchange for new or acquired operating lease liabilities	39,800	57,900
Reduction in right-of-use assets and lease liabilities	28,300	2,900
Operating Lease, Right-of-Use Asset, Amortization Expense	$ 23,744	$ 11,940
Weighted average lease term	6 years 6 months	4 years 6 months
Weighted average discount rate	9.10%	7.20%
San Francisco Office [Member]
LEASES
Reduction in right-of-use assets and lease liabilities	$ 28,100
Operating Lease, Right-of-Use Asset, Amortization Expense	12,500
Early termination fees	$ 5,200
Remaining lease term	1 year
Maximum
LEASES
Lease agreement term (in years)	11 years

GOODWILL AND INTANGIBLE ASSETS- NARRATIVE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
GOODWILL AND INTANGIBLE ASSETS
Goodwill, Acquired During Period		$ 21,500
Impairment of goodwill	$ 0	0
Domain name intangible assets, not subject to amortization	200	200
Amortization expense for intangible assets	$ 3,700	$ 2,900	$ 600

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Impairment of goodwill	$ 0	$ 0
Gross Carrying Amount	15,821	15,821
Accumulated Amortization	(7,295)	(3,565)
Net Carrying Amount	8,526	12,256
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,921	2,921
Accumulated Amortization	$ (2,921)	(1,879)
Net Carrying Amount		$ 1,042
Weighted Average Useful Life (Years)	0 years	8 months 12 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 7,400	$ 7,400
Accumulated Amortization	(2,622)	(990)
Net Carrying Amount	$ 4,778	$ 6,410
Weighted Average Useful Life (Years)	3 years 8 months 12 days	4 years 2 months 12 days
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,400	$ 5,400
Accumulated Amortization	(1,652)	(631)
Net Carrying Amount	$ 3,748	$ 4,769
Weighted Average Useful Life (Years)	3 years 8 months 12 days	4 years 8 months 12 days
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 100	$ 100
Accumulated Amortization	$ (100)	(65)
Net Carrying Amount		$ 35
Weighted Average Useful Life (Years)	0 years	8 months 12 days

GOODWILL AND INTANGIBLE ASSETS - Expected amortization of intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Expected amortization of intangible assets
2021	$ 2,320
2022	2,320
2023	2,320
2024	1,566
Total	$ 8,526	$ 12,256

ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES
Accrued expenses due to vendors	$ 11,002	$ 16,342
Accounts payable due to vendors	2,756	6,453
Accrued property and franchise taxes	733	5,739
Accrued payroll and other employee related expenses	5,758	3,328
Other	5,021	1,115
Total accounts payable and other accrued liabilities	$ 25,270	$ 32,977

SHAREHOLDERS' EQUITY - (Details) - $ / shares	12 Months Ended
SHAREHOLDERS' EQUITY - (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
TEMPORARY EQUITY AND SHAREHOLDERS' DEFICIT
Common Stock, Shares Authorized	3,000,000,000	485,262,910
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.00001
Common Stock, Shares, Outstanding	540,714,692	83,748,443
Common Stock, Shares, Issued	540,714,692	83,748,443
Conversion of convertible securities (in shares)	194,900,000
Convertible Preferred Stock, Shares Issued upon Conversion	1
Preferred Stock, Shares Authorized	100,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.0001

SHARE-BASED AWARDS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 18, 2020	Feb. 06, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised, aggregate intrinsic value		$ 46,200	$ 9,700	$ 39,200
Options granted		$ 0.00	$ 1.50	$ 1.50
Stock-based compensation expense		$ 38,005	$ 13,196	$ 14,974
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized						106,320,623
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	43,508,048	43,508,048
Total number of shares of common stock outstanding on December 31 of the immediately preceding calendar year	5.00%	5.00%
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		10 years
Vesting period		4 years
Incentive stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		5 years
Employee Stock Purchase Plan \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized					54,385,060
Common stock reserved for issuance					5,438,506
Total number of shares of common stock outstanding on December 31 of the immediately preceding calendar year	1.00%	1.00%
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		7 years
Vesting period		4 years
Unamortized stock-based compensation costs	$ 503,000	$ 503,000
RSU \| Time-based vesting condition \| Public Offering And Over-Allotment Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation costs	80,200	$ 80,200
Options that have fully satisfied the time-based vesting condition (in shares)		9,201,201
Vesting of restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested options, aggregate intrinsic value		$ 8,900	$ 1,500	$ 100
Options that have fully satisfied the time-based vesting condition (in shares)		1,339,000
Vesting of restricted shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Vesting of restricted shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Market Condition Award \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value for awards	$ 357,400	$ 357,400
Stock-based compensation expense		$ 19,900
Market Condition Award \| Executive Officer \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	6 months
Market Condition Award \| Executive Officer \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period		3 years 6 months
Unvested stock options and Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation costs	$ 13,500	$ 13,500
Unamortized stock-based compensation period (in years)		1 year 9 months 18 days

SHARE-BASED AWARDS - Stock option activity (Details) - Stock option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of Options
Temporary equity, shares outstanding (in shares)		22,633
Retroactive conversion of shares due to Business Combination (in shares)		13,976
Balance at the beginning	36,609
Exercised	(5,649)
Forfeited	(5,513)
Expired	(1,289)
Balance at the end	24,158	36,609
Exercisable at the end	18,961
Weighted-Average Exercise Price
Weighted-Average Exercise Price (in dollars per share)		$ 3.00
Retroactive conversion of shares due to Business Combination (in dollars per share)		(1.15)
Balance at the beginning (in dollars per share)	$ 1.85
Exercised (in dollars per share)	1.33
Forfeited (in dollars per share)	2.04
Expired (in dollars per share)	2.22
Balance at the end (in dollars per share)	1.91	$ 1.85
Exercisable at the end (in dollars per share)	$ 1.55
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Balance (in years)	5 years 4 months 24 days	6 years 10 months 24 days
Exercisable at the end (in years)	4 years 7 months 6 days	6 years 10 months 24 days
Balance (in dollars)	$ 502,767	$ 110,481
Exercisable at the end (in dollars)	$ 401,436

SHARE-BASED AWARDS - Summary of RSU activity (Details) - RSU - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of RSUs
Unvested and Outstanding (in shares)		14,070
Retroactive conversion of shares due to Business Combination (in shares)		8,689
Beginning balance (in shares)	22,759
Granted	29,189
Forfeited	(5,423)
Unvested at the end	46,525
Weighted-Average Grant-Date Fair Value
Weighted-Average Grant Date Fair Value (in dollars per share)		$ 6.79
Retroactive conversion of shares due to Business Combination (in dollars per share)		$ (2.59)
Beginning balance	$ 4.20
Granted (in dollars per share)	15.67
Forfeited (in dollars per share)	4.33
Unvested at the end (in dollars per share)	$ 10.88

SHARE-BASED AWARDS - Restricted shares activity (Details) - Vesting of restricted shares - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of Restricted Shares
Unvested and Outstanding (in shares)		2,156
Retroactive conversion of shares due to Business Combination (in shares)		1,331
Beginning balance (in shares)	3,487
Vested	(1,339)
Unvested at the end	2,148
Average Grant-Date Fair Value
Weighted-Average Grant Date Fair Value (in dollars per share)		$ 5.98
Retroactive conversion of shares due to Business Combination (in dollars per share)		$ (2.28)
Beginning balance	$ 3.70
Vested (in dollars per share)	3.63
Unvested at the end (in dollars per share)	$ 3.74

SHARE-BASED AWARDS - Stock-basd compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 38,005	$ 13,196	$ 14,974
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	33,020	6,456	8,424
Sales, marketing and operations expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,203	1,767	1,905
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,782	$ 4,973	$ 4,645

SHARE-BASED AWARDS - Black-scholes model (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Volatility, minimum	32.00%	32.00%
Volatility, maximum	45.00%	34.00%
Risk-free rate, minimum	1.63%	2.68%
Risk-free rate, maximum	2.34%	3.17%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value	$ 4.22	$ 1.42
Expected life (in years)	5 years	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value	$ 4.29	$ 3.02
Expected life (in years)	7 years	7 years

WARRANTS - Public and Sponsor Warrants (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Sep. 14, 2020
ClassOfWarrantOrRightLineItems
Exercise price of warrants	$ 11.50
Exercise price of warrants	0.01
Reference value	$ 18.00
Warrants and rights outstanding value	$ 19,933,333
Sponsor Warrants
ClassOfWarrantOrRightLineItems
Warrants to purchase shares		6,133,333
Exercise price of warrants		$ 11.50
Reference value	$ 18.00
Public Warrants
ClassOfWarrantOrRightLineItems
Warrants to purchase shares		13,800,000
Exercise price of warrants	0.10
Public Warrants \| Minimum
ClassOfWarrantOrRightLineItems
Reference value	10.00
Public Warrants \| Maximum
ClassOfWarrantOrRightLineItems
Reference value	$ 18.00

WARRANTS - Warrants to Purchase Series D Preferred Stock (Details) - USD ($)	Nov. 12, 2020	Jun. 12, 2018	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Exercise price of warrants			$ 11.50
Series D, Penny warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants	$ 485,262.00	$ 0.006
Shares exercised and issued		485,262
Proceeds from exercises	$ 3.000

WARRANTS - Commitment to Issue Warrants (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2020	Jun. 30, 2019
ClassOfWarrantOrRightLineItems
Increase to the warrant fair value adjustments	$ 2,622,000	$ (6,243,000)	$ 18,022,000
Series E Warrants
ClassOfWarrantOrRightLineItems
Original issuance price				$ 5.92
Warrants to purchase shares				242,713	121,356
Shares exercised and issued	364,069
Proceeds from exercises	$ 2,200

INCOME TAXES - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Income before income taxes	$ (286,697)	$ (338,918)	$ (239,552)
State income tax expense	$ 63	$ 252	$ 377
Federal statutory rates	21.00%	21.00%	21.00%
Valuation allowance	$ 235,174	$ 174,863
Increase in valuation allowance	60,300	86,200
Federal net operating loss ("NOL") carryforwards	870,200
State net operating loss ("NOL") carryforwards	$ 585,900
Percentage of taxable income utilize	80.00%
Federal NOLs generated	$ 166,900	$ 236,100
NOL Carry over period	20 years
Federal research tax credit carryforwards	$ 11,000
State research tax credit carryforwards	9,400
Impact on effective tax rate	$ 5,500

INCOME TAXES - Components of our income tax benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current income tax expense:
State	$ 63	$ 252	$ 377
Total current income tax expense	63	252	377
Deferred income tax benefit:
Income Tax Provision	$ 63	$ 252	$ 377

- Definition

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

+ References + Details

INCOME TAXES - Reconcilitation of the federal statutory rates (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. Federal tax benefit at statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	3.00%	3.20%	2.60%
Non-deductible expenses and other	0.30%	(0.10%)	(0.90%)
Non-deductible warrant expenses		0.40%	(1.60%)
Loss on convertible note exchange	(2.00%)
Share-based compensation	0.30%	(0.40%)	0.40%
Deduction limitation on executive compensation	(1.80%)
Change in valuation allowance, net	(21.00%)	(25.20%)	(22.60%)
Research and development credits	0.10%	1.00%	0.90%
Effective tax rate	(0.10%)	(0.10%)	(0.20%)

INCOME TAXES - Components of our deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Accrued and reserves	$ 4,008	$ 4,231
Inventory	10,554	15,181
Tax credits	12,953	10,880
Lease Liability	16,262	14,800
Net operating loss	205,995	149,141
Total gross deferred tax assets	249,772	194,233
Depreciation and amortization	(2,746)	(4,749)
Goodwill	(290)	(114)
Lease ROU Asset	(11,562)	(14,507)
Valuation allowance	$ (235,174)	$ (174,863)

INCOME TAXES - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits as of the beginning of the year	$ 5,033	$ 2,433	$ 862
Increases related to prior year tax provisions	182	383	197
Decrease related to prior year tax provisions	(888)	(247)
Increase related to current year tax provisions	1,812	2,464	1,374
Unrecognized tax benefits as of the end of the year	$ 6,139	$ 5,033	$ 2,433

RELATED PARTIES (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 item	Dec. 31, 2019 USD ($) $ / shares shares
Director
Related Party Transaction [Line Items]
Number of seats held in company \| item	1
Director \| Customer Concentration Risk
Related Party Transaction [Line Items]
Percentage of interest in the Company	10.00%
Executive Officer
Related Party Transaction [Line Items]
Number of shares of unvested common stock purchased \| shares		1,479,459
Price per share \| $ / shares		$ 1.01
Total price \| $		$ 1.5
Interest Rate		2.31%

NET LOSS PER SHARE - Basic and diluted net loss per share attributable to common shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic net loss per share:
Net loss	$ (87,792)	$ (80,853)	$ (55,919)	$ (62,196)	$ (91,722)	$ (89,736)	$ (75,139)	$ (82,573)	$ (286,760)	$ (339,170)	$ (239,929)
Minus: Deemed dividend											7,224
Minus: Net income attributable to noncontrolling interests										1,847	1,362
Minus: Gain on liability-classified warrants										8,132
Net loss attributable to common shareholders - diluted									(286,760)	(349,149)	(248,515)
Net loss attributable to common shareholders - basic									$ (286,760)	$ (341,017)	$ (248,515)
Denominator:
Weighted average shares outstanding - basic and diluted									109,301	79,977	78,564
Basic net loss per share	$ (0.49)	$ (0.91)	$ (0.66)	$ (0.74)	$ (1.1)	$ (1.12)	$ (0.96)	$ (1.07)	$ (2.62)	$ (4.26)	$ (3.16)
Denominator:
Weighted average shares outstanding - basic and diluted									109,301	79,977	78,564
Diluted net loss per share	$ (0.49)	$ (0.91)	$ (0.66)	$ (0.74)	$ (1.11)	$ (1.15)	$ (1.03)	$ (1.08)	$ (2.62)	$ (4.37)	$ (3.16)

NET LOSS PER SHARE - Anti-dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	92,821	381,643	333,038
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	19,933	3,370	3,366
Series D Preferred Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities		485	9,090
Series E Preferred Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities		121
RSU
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	46,525	22,758	912
Stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	24,158	36,609	44,066
Unvested Shares from Early Exercise
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	57	187	1,120
Vesting of restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	2,148	3,689	2,994
Redeemable convertible preferred stock outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities		314,424	271,490

NET LOSS PER SHARE - Additional Information (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Nov. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dividends declared		$ 0	$ 0	$ 0
Dividends paid		0	0	0
Preferred dividends declared or accumulated		$ 0
Proceeds from issuance of convertible notes			$ 178,200	$ 20,000
Convertible Notes
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Proceeds from issuance of convertible notes	$ 178,200

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2020 USD ($)
COMMITMENTS AND CONTINGENCIES
Number of homes agreed to purchase	1,742
Aggregate purchase price	$ 466.4

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
Right of use assets obtained in exchange for new operating lease liabilities	$ 39,800	$ 57,900
Obligation to pay rent through the remaining amended lease term	93,530
Amortization expense	$ 23,744	$ 11,940

RESTRUCTURING (Details) - 2020 Restructuring Activities $ in Millions		12 Months Ended
	Apr. 15, 2020 USD ($) employee	Dec. 31, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Reduction in workforce \| employee	600
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 11.4
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 18.4
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1.9
Sales, marketing and operations expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5.2
Technology and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2.1
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 20.6

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 09, 2021	Feb. 11, 2021	Dec. 31, 2020
RSU
Subsequent Event [Line Items]
Unamortized stock-based compensation			$ 503.0
Public Offering And Over-Allotment Option \| Subsequent Event
Subsequent Event [Line Items]
Shares sold	32,817,421
Common stock price per PIPE Shares (in usd per share)	$ 27.00
Net proceeds from offering	$ 859.5
Public Offering And Over-Allotment Option \| RSU \| Time-based vesting condition
Subsequent Event [Line Items]
Unamortized stock-based compensation			$ 80.2
Public Offering And Over-Allotment Option \| RSU \| Time-based vesting condition \| Subsequent Event
Subsequent Event [Line Items]
Unamortized stock-based compensation		$ 80.2
Over-Allotment Option \| Subsequent Event
Subsequent Event [Line Items]
Shares sold	4,280,533

QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
QUARTERLY FINANCIAL INFORMATION
Revenues	$ 248,886	$ 338,613	$ 739,827	$ 1,255,795	$ 1,255,654	$ 1,210,645	$ 1,260,312	$ 1,013,972	$ 2,583,121	$ 4,740,583	$ 1,838,066
Gross profit	38,365	35,811	54,574	91,047	73,961	77,160	81,547	68,582	219,797	301,250	133,428
Net loss	$ (87,792)	$ (80,853)	$ (55,919)	$ (62,196)	$ (91,722)	$ (89,736)	$ (75,139)	$ (82,573)	$ (286,760)	$ (339,170)	$ (239,929)
Net loss per share
Basic	$ (0.49)	$ (0.91)	$ (0.66)	$ (0.74)	$ (1.1)	$ (1.12)	$ (0.96)	$ (1.07)	$ (2.62)	$ (4.26)	$ (3.16)
Diluted	$ (0.49)	$ (0.91)	$ (0.66)	$ (0.74)	$ (1.11)	$ (1.15)	$ (1.03)	$ (1.08)	$ (2.62)	$ (4.37)	$ (3.16)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e3842-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1252-109256

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1,2)
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details