0001801169-21-000101 | 10-Q | XBRL Viewer | Opendoor Technologies INC

$ 1,557,815

$ 1,412,665

Mortgage loans held for sale pledged under agreements to repurchase

131,652

92,863

Marketable securities

200,143

47,637

25,368

7,529

Escrow receivable

32,848

1,494

Real estate inventory, net

2,723,648

465,936

Other current assets ($811 and $373 carried at fair value)

67,149

24,987

Total current assets

4,738,623

2,053,111

PROPERTY AND EQUIPMENT – Net

33,962

29,228

RIGHT OF USE ASSETS

45,581

49,517

GOODWILL

30,945

INTANGIBLES – Net

7,754

8,684

OTHER ASSETS ($10,000 and $0 carried at fair value)

11,396

4,097

Accounts payable and other accrued liabilities

^[1]

4,868,261

2,175,582

CURRENT LIABILITIES:

70,900

25,270

Current portion of credit facilities and other secured borrowings

1,690,878

346,322

Warrant liabilities - current

38,669

Interest payable

4,605

1,081

Lease liabilities - current portion

4,999

20,716

Total current liabilities

1,810,051

393,389

CREDIT FACILITIES – Net of current portion

595,579

135,467

LEASE LIABILITIES – Net of current portion

47,349

44,593

46,625

OTHER LIABILITIES

117

Commitments and Contingencies

^[2]

2,450,340

622,924

SHAREHOLDERS’ EQUITY:

Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 593,838,919 and 540,714,692 shares issued and outstanding, respectively

3,875,552

2,596,012

Accumulated other comprehensive income

(1,457,690)

(1,043,449)

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

2,417,921

1,552,658

4,868,261

2,175,582

Variable Interest Entity, Primary Beneficiary

CURRENT ASSETS:

1,002

15,849

Real estate inventory, net

122,379

81,408

Escrow receivable

32,686

1,364

2,605,155

460,680

Other current assets ($811 and $373 carried at fair value)

27,761

5,365

Accounts payable and other accrued liabilities

2,788,983

564,666

CURRENT LIABILITIES:

23,912

2,335

Current portion of credit facilities and other secured borrowings

1,666,522

339,173

Interest payable

4,541

1,059

CREDIT FACILITIES – Net of current portion

599,000

135,467

$ 2,293,975

$ 478,034

[1]

The Company’s consolidated assets at June 30, 2021 and December 31, 2020 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Cash and cash equivalents, $1,002 and $15,849; Restricted cash, $122,379 and $81,408; Real estate inventory, net, $2,605,155 and $460,680; Escrow receivable, $32,686 and $1,364; Other current assets, $27,761 and $5,365; and Total assets of $2,788,983 and $564,666, respectively.

[2]

The Company’s consolidated liabilities at June 30, 2021 and December 31, 2020 include the following liabilities for which the VIE creditors do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $23,912 and $2,335; Interest payable, $4,541 and $1,059; Current portion of credit facilities and other secured borrowings, $1,666,522 and $339,173; Credit facilities, net of current portion, $599,000 and $135,467; and Total liabilities, $2,293,975 and $478,034, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Other current assets, carried at fair value	$ 811	$ 373
Other assets, carried at fair value	$ 10,000	$ 0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	3,000,000,000	3,000,000,000
Common stock issued (in dollars per share)	593,838,919	540,714,692
Common stock outstanding (in dollars per share)	593,838,919	540,714,692

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
REVENUE	$ 1,185,386	$ 739,827	$ 1,932,660	$ 1,995,622
COST OF REVENUE	1,026,615	685,253	1,676,757	1,850,001
GROSS PROFIT	158,771	54,574	255,903	145,621
OPERATING EXPENSES:
Sales, marketing and operations	96,525	47,265	165,591	128,954
General and administrative	190,611	29,323	412,695	58,906
Technology and development	24,388	16,838	75,065	32,625
Total operating expenses	311,524	93,426	653,351	220,485
LOSS FROM OPERATIONS	(152,753)	(38,852)	(397,448)	(74,864)
DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT	23,952	122	8,680	(890)
INTEREST EXPENSE	(15,826)	(17,290)	(26,825)	(45,017)
OTHER INCOME – Net	1,012	180	1,636	2,855
LOSS BEFORE INCOME TAXES	(143,615)	(55,840)	(413,957)	(117,916)
INCOME TAX EXPENSE	(190)	(79)	(284)	(199)
NET LOSS	$ (143,805)	$ (55,919)	$ (414,241)	$ (118,115)
Net loss per share attributable to common shareholders:
Basic (in dollars per share)	$ (0.24)	$ (0.66)	$ (0.72)	$ (1.40)
Diluted (in dollars per share)	$ (0.24)	$ (0.66)	$ (0.72)	$ (1.40)
Weighted-average shares outstanding:
Basic (in shares)	588,374,000	84,588,000	576,941,000	84,308,000
Diluted (in shares)	588,374,000	84,588,000	576,941,000	84,308,000

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Other Comprehensive Income [Abstract]
NET LOSS	$ (143,805)	$ (55,919)	$ (414,241)	$ (118,115)
OTHER COMPREHENSIVE INCOME:
Unrealized (loss) gain on marketable securities	(6)	583	(41)	284
COMPREHENSIVE LOSS	$ (143,811)	$ (55,336)	$ (414,282)	$ (117,831)

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.

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

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DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Restricted Shares	RSUs	Common Stock	Common Stock Restricted Shares	Common Stock RSUs	Additional Paid-in Capital	Additional Paid-in Capital Restricted Shares	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	Series C Convertible Preferred Stock	Series D Convertible Preferred Stock	Series E Convertible Preferred Stock
Temporary equity, shares outstanding, beginning balance (in shares) at Dec. 31, 2019											40,089,513	23,840,816	29,070,700	63,470,884	157,952,523
Temporary equity, beginning balance at Dec. 31, 2019											$ 9,763	$ 20,049	$ 80,519	$ 257,951	$ 1,013,220
Temporary equity, shares outstanding, ending balance (in shares) at Jun. 30, 2020											40,089,513	23,840,816	29,070,700	63,470,884	157,952,523
Temporary equity, ending balance at Jun. 30, 2020											$ 9,763	$ 20,049	$ 80,519	$ 257,951	$ 1,013,220
Shares outstanding, beginning balance (in shares) at Dec. 31, 2019				83,748,443
Shareholders' deficit, beginning balance at Dec. 31, 2019	$ (733,103)			$ 0			$ 57,362		$ (790,483)	$ 18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)				786,535
Vesting of restricted stock	74						74
Exercise of stock options (in shares)				448,083
Exercise of stock options	701						701
Stock-based compensation	6,640						6,640
Other comprehensive gain	284									284
Net loss	(118,115)								(118,115)
Shares outstanding, ending balance (in shares) at Jun. 30, 2020				84,983,061
Shareholders' deficit, ending balance at Jun. 30, 2020	(843,519)			$ 0			64,777		(908,598)	302
Temporary equity, shares outstanding, beginning balance (in shares) at Mar. 31, 2020											40,089,513	23,840,816	29,070,700	63,470,884	157,952,523
Temporary equity, beginning balance at Mar. 31, 2020											$ 9,763	$ 20,049	$ 80,519	$ 257,951	$ 1,013,220
Temporary equity, shares outstanding, ending balance (in shares) at Jun. 30, 2020											40,089,513	23,840,816	29,070,700	63,470,884	157,952,523
Temporary equity, ending balance at Jun. 30, 2020											$ 9,763	$ 20,049	$ 80,519	$ 257,951	$ 1,013,220
Shares outstanding, beginning balance (in shares) at Mar. 31, 2020				84,427,317
Shareholders' deficit, beginning balance at Mar. 31, 2020	(792,166)			$ 0			60,794		(852,679)	(281)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)				345,209
Vesting of restricted stock	38						38
Exercise of stock options (in shares)				210,535
Exercise of stock options	275						275
Stock-based compensation	3,670						3,670
Other comprehensive gain	583									583
Net loss	(55,919)								(55,919)
Shares outstanding, ending balance (in shares) at Jun. 30, 2020				84,983,061
Shareholders' deficit, ending balance at Jun. 30, 2020	(843,519)			$ 0			64,777		(908,598)	302
Temporary equity, shares outstanding, beginning balance (in shares) at Dec. 31, 2020											0	0	0	0	0
Temporary equity, beginning balance at Dec. 31, 2020											$ 0	$ 0	$ 0	$ 0	$ 0
Temporary equity, shares outstanding, ending balance (in shares) at Jun. 30, 2021											0	0	0	0	0
Temporary equity, ending balance at Jun. 30, 2021											$ 0	$ 0	$ 0	$ 0	$ 0
Shares outstanding, beginning balance (in shares) at Dec. 31, 2020				540,714,692
Shareholders' deficit, beginning balance at Dec. 31, 2020	1,552,658			$ 54			2,596,012		(1,043,449)	41
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)				32,817,421
Issuance of stock	857,194			$ 3			857,191
Vesting of restricted stock (in shares)					660,269	14,899,985
Vesting of restricted stock		$ 45	$ 1			$ 1		$ 45
Common stock issued upon exercise of warrants (in shares)				504,477
Common stock issued upon exercise of warrants	$ 5,801						5,801
Exercise of stock options (in shares)	4,242,000			4,242,075
Exercise of stock options	$ 6,737			$ 1			6,736
Stock-based compensation	409,767						409,767
Other comprehensive gain	(41)									(41)
Net loss	(414,241)								(414,241)
Shares outstanding, ending balance (in shares) at Jun. 30, 2021				593,838,919
Shareholders' deficit, ending balance at Jun. 30, 2021	2,417,921			$ 59			3,875,552		(1,457,690)	0
Temporary equity, shares outstanding, beginning balance (in shares) at Mar. 31, 2021											0	0	0	0	0
Temporary equity, beginning balance at Mar. 31, 2021											$ 0	$ 0	$ 0	$ 0	$ 0
Temporary equity, shares outstanding, ending balance (in shares) at Jun. 30, 2021											0	0	0	0	0
Temporary equity, ending balance at Jun. 30, 2021											$ 0	$ 0	$ 0	$ 0	$ 0
Shares outstanding, beginning balance (in shares) at Mar. 31, 2021				585,691,729
Shareholders' deficit, beginning balance at Mar. 31, 2021	2,383,561			$ 58			3,697,382		(1,313,885)	6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)				0
Issuance of stock	(28)			$ 0			(28)
Vesting of restricted stock (in shares)					329,042	3,163,113
Vesting of restricted stock		$ 29	$ 0			$ 0		$ 29
Common stock issued upon exercise of warrants (in shares)				504,477
Common stock issued upon exercise of warrants	5,801						5,801
Exercise of stock options (in shares)				4,150,558
Exercise of stock options	6,471			$ 1			6,470
Stock-based compensation	165,898						165,898
Other comprehensive gain	(6)									(6)
Net loss	(143,805)								(143,805)
Shares outstanding, ending balance (in shares) at Jun. 30, 2021				593,838,919
Shareholders' deficit, ending balance at Jun. 30, 2021	$ 2,417,921			$ 59			$ 3,875,552		$ (1,457,690)	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
NET LOSS	$ (414,241)	$ (118,115)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities:
Depreciation and amortization – net of accretion	16,608	20,065
Amortization of right of use asset	4,260	8,712
Impairment of software development costs	2,515	0
Stock-based compensation	403,048	6,640
Derivative and warrant fair value adjustment	(8,680)	890
Gain on settlement of lease liabilities	(5,237)	0
Inventory valuation adjustment	942	7,452
Changes in fair value of derivative instruments	(438)	(527)
Payment-in-kind interest	0	2,704
Dividend-in-kind	143	0
Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale	(2,032)	(829)
Origination of mortgage loans held for sale	(83,360)	(42,636)
Proceeds from sale and principal collections of mortgage loans held for sale	67,566	34,397
Changes in operating assets and liabilities:
Escrow receivable	(31,354)	4,178
Real estate inventories	(2,249,488)	1,035,088
Other assets	(37,057)	10,809
Accounts payable and other accrued liabilities	34,569	(8,881)
Interest payable	96	(3,044)
Lease liabilities	(9,968)	(6,556)
Net cash (used in) provided by operating activities	(2,312,108)	950,347
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(10,957)	(10,753)
Purchase of intangible assets	(240)	0
Purchase of marketable securities	(238,464)	(113,833)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities	85,638	55,666
Purchase of non-marketable equity securities	(10,000)	0
Net cash used in investing activities	(174,023)	(68,920)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	6,739	688
Proceeds from warrant exercise	4,823	0
Proceeds from the February 2021 Offering	886,067	0
Issuance cost of common stock	(28,876)	0
Proceeds from credit facilities and other secured borrowings	3,241,692	824,597
Principal payments on credit facilities and other secured borrowings	(1,438,136)	(1,723,443)
Payment of loan origination fees and debt issuance costs	(2,239)	(2,386)
Net cash provided by (used in) financing activities	2,670,070	(900,544)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	183,939	(19,117)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period	1,505,528	684,822
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period	1,689,467	665,705
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest	20,526	40,333
RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	1,557,815	458,058
Restricted cash	$ 131,652	$ 207,647

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

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. Since its inception through June 30, 2021, the Company had completed over 100,000 home transactions. As of June 30, 2021, the Company operated in 39 markets across the United States. The Company was incorporated in Delaware on December 30, 2013.

Correction of Prior Period Amounts

On April 12, 2021, subsequent to the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, the Acting Director of the Division of Corporation Finance and the Acting Chief Accountant of the SEC issued a Staff Statement (the “Staff Statement”) on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”).

The Company took into consideration the guidance in the Staff Statement and Accounting Standards Codification 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity ("ASC 815-40") and evaluated the Public and Sponsor Warrants (each as defined herein and collectively the "Warrants"). The Warrants were issued in a private placement simultaneously with the closing of the initial public offering of Social Capital Hedosophia Holdings Corp. II (“SCH”), assumed by the Company through the Business Combination (as defined herein) on December 18, 2020, and classified in shareholders' equity as of and for the year ended December 31, 2020. While the Company concluded the Public Warrants meet the criteria to continue to be classified in shareholders' equity, the Company concluded the Sponsor Warrants do not meet the scope exception from derivative accounting prescribed by ASC 815-40 and should therefore be recorded as a liability on the Company’s consolidated balance sheet at fair value as of the closing of the Business Combination, with subsequent changes in their fair value recognized in the Company’s condensed consolidated statement of operations at each reporting date. The accounting for the Sponsor Warrants does not impact the Company's financial statements in any reporting periods prior to the Business Combination, as the Company assumed the Warrants through the Business Combination which was accounted for as a reverse recapitalization.

The fair value of the Sponsor Warrants as of the Closing Date on December 18, 2020 and December 31, 2020 amounted to $81.1 million and $47.3 million, respectively. The change in fair value from the Closing Date through December 31, 2020 amounted to a gain of $33.8 million. The impact of the misstatement as of December 31, 2020 resulted in an understatement of the private warrants liability of $47.3 million, and an overstatement of accumulated deficit and additional paid-in capital of $33.8 million and $81.1 million respectively.

The Company evaluated the impact of error related to the accounting treatment of Sponsor Warrants with respect to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and determined, based on consideration of quantitative and qualitative factors, that the error had an immaterial impact, individually and in aggregate. As such, the Company corrected its accounting for Sponsor Warrants in its Quarterly Report on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021.

The following table provides the impact of the correction on the Company's consolidated balance sheet as of December 31, 2020, as presented herein (in thousands):


	Previously Stated		Adjustments	As Corrected
Warrant liabilities	$	—	47,349	$	47,349
Total liabilities	$	575,575	47,349	$	622,924
Additional paid-in capital	$	2,677,155	(81,143)	$	2,596,012
Accumulated deficit	(1,077,243)		33,794	(1,043,449)
Total shareholders' equity	$	1,600,007	(47,349)	$	1,552,658

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to generally accepted accounting principles in the United States of America (“GAAP”). The condensed consolidated financial statements as of June 30, 2021 and December 31, 2020 and for the three and six month periods ended June 30, 2021 and 2020 include the accounts of Opendoor, its wholly owned subsidiaries and VIEs where the Company is the primary beneficiary. The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements herein.

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

The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“Annual Report”) filed on March 4, 2021.

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.

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.

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.

The Company’s significant accounting policies are discussed in “Part II – Item 8 – Financial Statements and Supplementary Data – Note 1. Description of Business and Accounting Policies” in the Annual Report. There have been no changes to these significant accounting policies for the six month period ended June 30, 2021, except as noted below.

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. Beginning in 2021, the Company changed the fair value classification of IRLCs from Level 2 to Level 3 as the Company began to adjust observable input data for the estimated pull-through rate, a Company specific input that is unobservable to market participants. See “Note 5 — Derivative Instruments” and "Note 8 — Fair Value Disclosures" for further discussion.

Non-marketable Equity Securities

The Company's non-marketable equity securities are strategic investments in a privately held company. Non-marketable equity securities are investments that do not have a readily determinable fair value, which are measured at cost minus impairment, if any, adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “Measurement Alternative”). All gains and losses on these investments, realized and unrealized, are recorded in Other income-net on the Company's condensed consolidated statements of operations. The Company assesses whether an impairment loss on its non-marketable equity securities has occurred due to declines in fair value or other market conditions. If any impairment is identified for non-marketable equity securities, the Company writes down the investment to its fair value.

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. Impairment loss of $0.9 million and $3.5 million was recognized for the three and six months ended June 30, 2021, respectively. Of these amounts, $0.6 million and $2.5 million are included in Technology and development for the three and six months ended June 30, 2021, respectively, and $0.3 million and $1.0 million are included in General and administrative for the three and six months ended June 30, 2021, respectively. Impairment loss of $1.8 million was recognized for each of the three and six months ended June 30, 2020. Of this amount, $0.9 million is included in Technology and development and $0.9 million is included in General and administrative, for both the three and six months ended June 30, 2020, respectively. The impairment loss recognized for the three and six months ended June 30, 2021 is related to abandonment of property and equipment and sublease of certain right of use assets.

Public and Sponsor Warrants

On April 30, 2020, SCH consummated its initial public offering of 41,400,000 units, consisting of one share of Class A common stock and one third of one warrant exercisable for Class A common stock, at a price of $10.00 per unit. Each whole warrant entitled the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with the closing of the IPO, SCH completed the private sale of 6,133,333 warrants to SCH’s

sponsor at a price of $1.50 per warrant (the “Sponsor Warrants”). Each Sponsor Warrant allowed the sponsor to purchase one share of Class A common stock at $11.50 per share.

The Sponsor Warrants and shares of common stock issuable upon the exercise of Sponsor Warrants were not able to be transferred, assigned, or sold until 30 days after the completion of a Business Combination. Additionally, the Sponsor Warrants were eligible for cash and cashless exercises, at the holder’s option, and were redeemable only if the reference value, as defined in the Warrant Agreement, was less than $18.00 per share. If the Sponsor Warrants were held by someone other than the sponsors and certain permitted transferees, the Sponsor Warrants would have been redeemable and exercisable on the same basis as the Public Warrants.

The Company evaluated the Public and Sponsor Warrants under ASC 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity, and concluded that the Sponsor Warrants do not meet the criteria to be classified in shareholders’ equity. Specifically, the exercise and settlement features for the Sponsor Warrants precluded them from being considered indexed to the Company’s own stock, given that a change in the holder of the Sponsor Warrants may alter the settlement of the Sponsor Warrants. Since the holder of the instrument is not an input to a standard option pricing model (a consideration with respect to the indexation guidance), the fact that a change in the holder could impact the value of the Sponsor Warrants means the Sponsor Warrants were not indexed to the Company’s own stock. Since the Private Warrants meet the definition of a derivative under ASC 815, the Company recorded these warrants as liabilities on the balance sheet at fair value upon the consummation of the Business Combination, with subsequent changes in their respective fair values recognized in the condensed consolidated statement of operations at each reporting period. The Company concluded that the Public Warrants, which do not have the same exercise and settlement features as the Sponsor Warrants, meet the criteria to be classified in shareholders' equity.

On June 9, 2021, the Company filed a notice of redemption of all outstanding Public Warrants and Sponsor Warrants. The end of the redemption period was July 9, 2021, at which time the Company redeemed all unexercised warrants at a price of $0.10 per Warrant. See “Note 18 — Subsequent Events” for further information.

Recently Issued Accounting Standards Not Yet Adopted

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. The Company is currently evaluating the impact of adopting this guidance on the Company's financial position, results of operations or cash flows.

BUSINESS COMBINATION	6 Months Ended
BUSINESS COMBINATION	Jun. 30, 2021
Business Combinations [Abstract]
BUSINESS COMBINATION	BUSINESS COMBINATION 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 Inc. 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.

REAL ESTATE INVENTORY

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

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):


	June 30, 2021		December 31, 2020
Work-in-process	$	1,025,954	$	183,004
Finished goods	1,697,694		282,932
Total real estate inventory	$	2,723,648	$	465,936

CASH, CASH EQUIVALENTS, AND INVESTMENTS

6 Months Ended

Jun. 30, 2021

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS, AND INVESTMENTS

The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of June 30, 2021 and December 31, 2020, are as follows (in thousands):


	June 30, 2021
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Cash	$	60,674	$	—	$	—	$	60,674	$	60,674	$	—
Money market funds	1,197,141		—		—		1,197,141		1,197,141		—
Time deposit	300,000		—		—		300,000		300,000		—




Mutual fund	200,143		—		—		200,143		—		200,143

Total	$	1,757,958	$	—	$	—	$	1,757,958	$	1,557,815	$	200,143


	December 31, 2020
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable 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

The Company has no debt securities with unrealized losses at June 30, 2021. A summary of debt securities with unrealized losses aggregated by period of continuous unrealized loss at December 31, 2020 is as follows (in thousands):


	Less than 12 Months				12 Months or Greater				Total
December 31, 2020	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized 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)

As of June 30, 2021, the Company had $10.0 million of non-marketable equity securities without a readily determinable fair value, measured using the Measurement Alternative. The Company did not record any adjustments to the carrying value of its non-marketable equity securities.

DERIVATIVE INSTRUMENTS

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 credit facilities. The interest rate caps were 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. Prior to extinguishment, the embedded conversion options were measured at fair value 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 Amount		Fair Value Derivatives
June 30, 2021			Asset		Liability
Interest rate lock commitments	$	57,853	$	811	$	—


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

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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenue	$	397	$	483	$	438	$	531
Derivative and warrant fair value adjustment	$	—	$	—	$	—	$	—
Other income, net	$	—	$	—	$	—	$	(4)

VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

The Company utilizes VIEs in the normal course of business to support the Company’s financing needs. The Company determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with the VIE and reconsiders that conclusion on an on-going basis.

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

The following table summarizes the assets and liabilities related to the VIEs consolidated by the Company as of June 30, 2021 and December 31, 2020 (in thousands):


	June 30, 2021		December 31, 2020
Assets
Cash and cash equivalents	$	1,002	$	15,849
Restricted cash	122,379		81,408
Real estate inventory	2,605,155		460,680
Other(1)	60,447		6,729
Total assets	$	2,788,983	$	564,666
Liabilities
Credit facilities	$	2,265,522	$	474,640
Other(2)	28,453		3,394
Total liabilities	$	2,293,975	$	478,034

________________

(1)Includes escrow receivable and other current assets.

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

The creditors of the VIEs generally do not have recourse to the Company’s general credit solely by virtue of being creditors of the VIEs, 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 VIEs.

CREDIT FACILITIES AND LONG-TERM DEBT

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

CREDIT FACILITIES AND LONG-TERM DEBT

Non-Recourse Asset-backed Financing Facilities

The Company utilizes inventory financing facilities consisting of asset-backed senior credit facilities and asset-backed mezzanine term debt facilities to provide financing for the Company’s real estate inventory purchases and renovation. The credit facilities are secured by the assets and equity of one or more SPEs. 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. 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 Credit Facilities

The Company classifies the senior revolving credit facilities as current liabilities on the Company’s condensed 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 Company classifies its senior term debt facility as a long-term liability on the Company's condensed consolidated balance sheets because its borrowings under this facility are

generally not required to be repaid until the final maturity date. The following table summarizes certain details related to the Company’s credit facilities outstanding as of June 30, 2021 and December 31, 2020 (in thousands, except interest rates):


June 30, 2021	Borrowing Capacity		Outstanding Amount		Weighted Average Interest Rate		End of Revolving / Withdrawal Period	Final Maturity Date
Revolving Facility 2018-2	$	750,000	$	8,003	2.85	%	September 23, 2022	December 23, 2022
Revolving Facility 2018-3	400,000		80,897		3.25	%	May 26, 2024	May 26, 2024
Revolving Facility 2019-1	600,000		202,672		2.85	%	June 30, 2023	June 30, 2023
Revolving Facility 2019-2	1,030,000		1,003,609		2.66	%	July 8, 2023	July 8, 2023
Revolving Facility 2019-3	675,000		371,342		3.25	%	August 22, 2022	August 21, 2023
Term Debt Facility 2021-S1	$	400,000	$	150,000	3.48	%	April 1, 2024	April 1, 2025
Total	$	3,855,000	$	1,816,523


December 31, 2020	Outstanding Amount		Weighted Average Interest Rate
Revolving Facility 2018-1	$	—	4.28	%
Revolving Facility 2018-2	—		4.36	%
Revolving Facility 2018-3	25,385		4.19	%
Revolving Facility 2019-1	32,535		3.58	%
Revolving Facility 2019-2	230,352		3.08	%
Revolving Facility 2019-3	50,901		3.60	%
Total	$	339,173

Undrawn borrowing capacity amounts under the senior 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 June 30, 2021, the Company had fully committed borrowing capacity with respect to the Company’s senior credit facilities of $2,057.7 million. The total outstanding amount presented above includes $1,666.5 million of current liabilities and $150.0 million of non-current liabilities; the carrying value of the non-current liabilities is reduced by issuance costs of $267 thousand.

The senior revolving credit facilities are typically structured with an initial 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. For the senior term debt facility, the outstanding principal is generally not required to be repaid when homes financed through that facility are sold and instead is intended to remain outstanding until final maturity.

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 under the senior revolving credit facilities 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. Borrowings under the senior term debt facility accrue interest at a fixed rate.

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 senior revolving 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.

The senior term debt facility has an aggregated property borrowing base, which increases or decreases based on the cost and the value of the properties financed under the facility, how long the Company has possessed such properties and the amount of cash collateral pledged by the SPE borrower. The borrowing base for the facility may be reduced as properties age beyond certain thresholds and any borrowing base deficiencies may be satisfied through contributions of additional properties, cash or through partial repayment of the facility.

Asset-backed Mezzanine Term Debt Facilities

The Company classifies its mezzanine term debt facilities as long-term liabilities on the Company’s condensed 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 June 30, 2021 (in thousands, except interest rates):


June 30, 2021	Borrowing Capacity		Outstanding Amount		Interest Rate		End of Draw Period	Final Maturity Date
Term Debt Facility 2016-M1	$	149,000	$	149,000	10.00	%	October 31, 2023	March 31, 2025
Term Debt Facility 2020-M1	300,000		300,000		10.00	%	January 23, 2023	January 23, 2026
Total	$	449,000	$	449,000
	Issuance Costs		(3,154)
	Carrying Value		$	445,846

As of June 30, 2021, there were no undrawn amounts under the mezzanine term debt facilities. 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 mezzanine term debt 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 inventory financing 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 June 30, 2021, the Company was in compliance with all financial covenants and no event of default had occurred.

Mortgage Financing

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


June 30, 2021	Borrowing Capacity		Outstanding Amount		Weighted Average Interest Rate		End of Revolving Period	Final Maturity Date
Repo Facility 2019-R1	$	50,000	$	24,355	1.85	%	May 26, 2022	May 26, 2022


December 31, 2020	Outstanding Amount		Weighted Average Interest Rate
Repo Facility 2019-R1	$	7,149	1.94	%

To provide capital for Opendoor Home Loans, the Company utilizes a master repurchase agreement (the “Repurchase Agreement”) which is classified as a current liability on its condensed consolidated balance sheets. In March 2019, the Company 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 June 30, 2021, 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 June 30, 2021, $25.4 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

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE DISCLOSURES

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

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

Fair Value Hierarchy

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

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

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

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

Estimation of Fair Value

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

Debt 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

Mutual fund

Price is quoted given the security is traded on an exchange.

Level 1 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

Other current assets

Interest rate lock commitments

Fair value of the underlying loan based on observable quoted market prices in the secondary market and sale commitments, with adjustments for the estimated pull-through rate.

Level 2 recurring fair value measurement for fair value based on observable inputs. Level 3 recurring fair value measurement for fair value with unobservable inputs.

Other assets

Non-marketable equity securities

Fair value is estimated using the observable transaction price.

Level 2 non-recurring fair value measurement for fair value based on transaction price.

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.

Warrant liabilities

Sponsor Warrants

Fair value is estimated using the price of the Public Warrants or their settlement value.

Level 2 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).


June 30, 2021	Balance at Fair Value		Level 1		Level 2		Level 3
Marketable securities:





Mutual fund	$	200,143	$	200,143	$	—	$	—
Mortgage loans held for sale pledged under agreements to repurchase	25,368		—		25,368		—
Other current assets:
Interest rate lock commitments	811				—		811
Total assets	$	226,322	$	200,143	$	25,368	$	811
Warrant liabilities - current:
Sponsor Warrants	38,669		—		38,669		—


Total liabilities	$	38,669	$	—	$	38,669	$	—


December 31, 2020	Balance at Fair Value		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	$	—
Warrant liabilities:
Sponsor Warrants	47,349		—		$	47,349	—
Total liabilities	$	47,349	$	—	$	47,349	$	—

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).


	June 30, 2021
	Carrying Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	1,557,815	$	1,557,815	$	1,557,815	$	—
Restricted cash	131,652		131,652		131,652		—
Other assets:
Non-marketable equity securities	10,000		10,000		—		10,000
Liabilities:
Credit facilities and other secured borrowings	$	2,286,457	$	2,289,878	$	—	$	2,289,878


	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

The following tables show a reconciliation from the opening balances to the closing balances for Level 3 Fair values for the three and six months ended June 30, 2021 and 2020 (in thousands):


	Warrants		Embedded Conversion Option		Interest rate lock commitments
Balance as of March 31, 2021	$	—	$	—	$	414



Additions	—		—		1,934
Origination/Terminations					(1,667)
Net change in fair value	—		—		130
Balance as of June 30, 2021	$	—	$	—	$	811

Balance as of December 31, 2020	—		—		$	—



Additions	—		—		2,348
Origination/Terminations					(1,667)
Net change in fair value					130
Balance as of June 30, 2021	$	—	$	—	$	811


	Warrants		Embedded Conversion Option		Interest rate lock commitments
Balance as of March 31, 2020	$	5,550	$	41,697	$	—





Net change in fair value	(122)		—		—
Balance as of June 30, 2020	$	5,428	$	41,697	$	—

Balance as of December 31, 2019	4,538		41,697		$	—





Net change in fair value	890
Balance as of June 30, 2020	$	5,428	$	41,697	$	—

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.

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2021

PROPERTY AND EQUIPMENT

Property and equipment as of June 30, 2021 and December 31, 2020, consisted of the following (in thousands):


	June 30, 2021		December 31, 2020
Internally developed software	$	57,128	$	47,823
Computers	7,999		5,511
Security systems	3,246		681
Furniture and fixtures	2,791		3,279
Software implementation costs	1,962		1,680
Leasehold improvements	1,959		2,456
Office equipment	1,936		2,056
Total	77,021		63,486
Accumulated depreciation and amortization	(43,059)		(34,258)
Property and equipment – net	$	33,962	$	29,228

Depreciation and amortization expense of $6.1 million and $11.7 million was recorded for the three and six months ended June 30, 2021, respectively. Depreciation and amortization expense of $5.9 million and $10.9 million was recorded for the three and six months ended June 30, 2020, respectively.

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

There were no additions to goodwill for the six months ended June 30, 2021 or twelve months ended December 31, 2020. No impairment of goodwill was identified for the three and six months ended June 30, 2021 and 2020.

Intangible assets subject to amortization consisted of the follow as of June 30, 2021 and December 31, 2020, respectively (in thousands, except years):


June 30, 2021	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Remaining Weighted Average Useful Life (Years)
Customer relationships	$	7,400	$	(3,272)	$	4,128	3.2
Trademarks	5,400		(2,162)		3,238		3.2
Developed technology	3,161		(2,932)		229		1.0
Non-competition agreements	100		(100)		—		0
Intangible assets – net	$	16,061	$	(8,466)	$	7,595


December 31, 2020	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Remaining Weighted Average Useful Life (Years)
Customer relationships	$	7,400	$	(2,622)	$	4,778	3.7
Trademarks	5,400		(1,652)		3,748		3.7
Developed technology	2,921		(2,921)		—		0
Non-competition agreements	100		(100)		—		0
Intangible assets – net	$	15,821	$	(7,295)	$	8,526

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 June 30, 2021 and December 31, 2020, respectively.

Amortization expense for intangible assets was $0.6 million and $1.2 million for the three and six months ended June 30, 2021, respectively. Amortization expense for intangible assets was $1.1 million and $2.2 million for the three and six months ended June 30, 2020, respectively.

As of June 30, 2021, expected amortization of intangible assets is as follows:


Fiscal Years	(In thousands)
Remainder of 2021	$	1,281
2022	2,428
2023	2,320
2024	1,566
Total	$	7,595

SHAREHOLDERS’ EQUITY	6 Months Ended
SHAREHOLDERS’ EQUITY	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITYOn February 9, 2021, the Company completed an underwritten public offering (the “February 2021 Offering”) in which the Company sold 32,817,421 shares of its common stock at a public offering price of $27.00 per share, including the exercise in full by the underwriters of their option to purchase up to 4,280,533 additional shares of common stock, which was completed on February 11, 2021. The Company received aggregate net proceeds from the February 2021 Offering of approximately $859.5 million after deducting underwriting discounts and commissions and offering expenses payable by the Company upon closing. The February 2021 Offering satisfied the liquidity event vesting condition of certain restricted stock units ("RSUs"). For further information on the RSUs, see “Note 12 — Share-Based Awards”.WARRANTS Public and Sponsor Warrants Prior to the Business Combination, SCH issued 6,133,333 Sponsor Warrants and 13,800,000 Public Warrants (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 June 30, 2021, there were 19.4 million warrants outstanding and 0.5 million warrants have been exercised. As of June 30, 2021, the Company had current warrant liabilities of $38.7 million related to the Sponsor Warrants and recorded a Derivative and warrant fair value adjustment of $24.0 million and $8.7 million for the change in fair value of the Sponsor Warrants for the three and six months ended June 30, 2021, respectively. On June 9, 2021, the Company filed a notice of redemption of all outstanding Public Warrants and Sponsor Warrants. The end of the redemption period was July 9, 2021, at which time the Company redeemed all unexercised warrants at a price of $0.10 per Warrant. See “Note 18 — Subsequent Events” for further information. 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 June 30, 2021, 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 June 30, 2021, there were no Series E Warrants or Warrant Commitments 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. For the Penny Warrants, the Warrant Commitment, and the Series E Warrants, the Company recorded no warrant fair value adjustments for the three and six months ended June 30, 2021 and a (decrease) increase to the warrant fair value adjustments of $(0.1) million and $0.9 million for the three and six months ended June 30, 2020, respectively.

SHARE-BASED AWARDS

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

SHARE-BASED AWARDS

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 six months ended June 30, 2021, is as follows:


	Number of Options (in thousands)	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Balance-December 31, 2020	24,158	$	1.91	5.4	$	502,767

Exercised	(4,242)	1.63
Forfeited	(173)	2.72
Expired	(2)	3.02
Balance-June 30, 2021	19,741	$	1.84	5.0	$	310,914
Exercisable-June 30, 2021	16,305	$	1.66	4.5	$	261,938

There were no options granted during the six months ended June 30, 2021.

Beginning in 2021, RSUs typically vest upon a service-based requirement, generally over a four year period. Prior to 2021, certain awards also had a performance condition to vesting, which was satisfied upon completion of the February 2021 Offering and triggered the recognition of compensation expense for certain RSUs for which the time-based vesting condition had been satisfied or partially satisfied. Subsequent to the February 2021 Offering, the RSUs are only subject to time-based vesting conditions. 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 six months ended June 30, 2021, is as follows:


	Number of RSUs (in thousands)	Weighted- Average Grant-Date Fair Value
Unvested and outstanding-December 31, 2020	46,525	$	10.88
Granted	24,470	20.96
Vested	(14,900)	6.62
Forfeited	(547)	8.93
Unvested and outstanding-June 30, 2021	55,548	$	16.48

Restricted Shares

The Company has 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 six months ended June 30, 2021 is as follows:


	Number of Restricted Shares (in thousands)	Average Grant-Date Fair Value
Unvested-December 31, 2020	2,148	$	3.74
Granted	—	—
Vested	(621)	3.58
Unvested-June 30, 2021	1,527	$	3.80
Vested and outstanding-June 30, 2021	—	—

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 condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020, as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
General and administrative	$	155,707	$	2,032	$	352,743	$	3,586
Sales, marketing and operations	1,864		404		8,270		756
Technology and development	6,645		1,234		42,035		2,298
Total stock-based compensation expense	$	164,216	$	3,670	$	403,048	$	6,640

During the six months ended June 30, 2021, the Company issued market condition RSUs to certain executives with a grant-date fair value of $22.4 million, which will be recognized over a requisite service period ranging from six months to three years. There were no market condition RSUs granted in the three months ended June 30, 2021. The Company recognized

$117.7 million and $250.9 million of compensation expense during the three and six months ended June 30, 2021, respectively, related to all market condition awards outstanding. In June 2021, the market condition for two market condition awards was satisfied, which resulted in the accelerated recognition of $2.2 million of stock based compensation expense in the three months ended June 30, 2021.

As of June 30, 2021, there was $613.9 million of unamortized stock-based compensation costs related to unvested RSUs, stock options, and Restricted Shares. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately three years.

Valuation of options

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

Fair Value of Common Stock

Prior to the Company's common stock becoming publicly traded, 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.

Valuation of RSUs 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, (i) contemporaneous valuations of common stock performed by an independent valuation specialist; (ii) developments in the Company’s business and stage of development; the Company’s operational and financial performance and condition; (iii) issuances of preferred stock and the rights and preferences of preferred stock relative to common stock; (iv) 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 (v) 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	6 Months Ended
WARRANTS	Jun. 30, 2021
Equity [Abstract]
WARRANTS	SHAREHOLDERS’ EQUITYOn February 9, 2021, the Company completed an underwritten public offering (the “February 2021 Offering”) in which the Company sold 32,817,421 shares of its common stock at a public offering price of $27.00 per share, including the exercise in full by the underwriters of their option to purchase up to 4,280,533 additional shares of common stock, which was completed on February 11, 2021. The Company received aggregate net proceeds from the February 2021 Offering of approximately $859.5 million after deducting underwriting discounts and commissions and offering expenses payable by the Company upon closing. The February 2021 Offering satisfied the liquidity event vesting condition of certain restricted stock units ("RSUs"). For further information on the RSUs, see “Note 12 — Share-Based Awards”.WARRANTS Public and Sponsor Warrants Prior to the Business Combination, SCH issued 6,133,333 Sponsor Warrants and 13,800,000 Public Warrants (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 June 30, 2021, there were 19.4 million warrants outstanding and 0.5 million warrants have been exercised. As of June 30, 2021, the Company had current warrant liabilities of $38.7 million related to the Sponsor Warrants and recorded a Derivative and warrant fair value adjustment of $24.0 million and $8.7 million for the change in fair value of the Sponsor Warrants for the three and six months ended June 30, 2021, respectively. On June 9, 2021, the Company filed a notice of redemption of all outstanding Public Warrants and Sponsor Warrants. The end of the redemption period was July 9, 2021, at which time the Company redeemed all unexercised warrants at a price of $0.10 per Warrant. See “Note 18 — Subsequent Events” for further information. 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 June 30, 2021, 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 June 30, 2021, there were no Series E Warrants or Warrant Commitments 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. For the Penny Warrants, the Warrant Commitment, and the Series E Warrants, the Company recorded no warrant fair value adjustments for the three and six months ended June 30, 2021 and a (decrease) increase to the warrant fair value adjustments of $(0.1) million and $0.9 million for the three and six months ended June 30, 2020, respectively.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s provision for income taxes has not been historically significant to the business as the Company has incurred operating losses to date. Due to projected and actual losses in the current and prior years, the Company believes that based on the weight of available evidence, it is more likely than not that all of the deferred tax assets will not be realized and recorded a full valuation allowance on its net deferred tax assets as of June 30, 2021 and December 31, 2020. The Company’s provision for income taxes, which was primarily composed of state tax expense, was $0.2 million and $0.3 million for the three and six months ended June 30, 2021, respectively, with an effective tax rate of (0.13)% and (0.07)%, respectively. The Company's provision for income taxes was $0.1 million and $0.2 million for the three and six months ended June 30, 2020, respectively, with an effective tax rate of (0.14)% and (0.17)%, respectively. The effective tax rate differs from the U.S. statutory tax rate primarily due to the recording of a full valuation allowance against the net deferred tax assets.

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.

Schedule of Error Corrections and Prior Period Adjustments

RELATED PARTIES	6 Months Ended
RELATED PARTIES	Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTIES	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 2018, 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. On June 29, 2021, the outstanding balance under the promissory note of $1.6 million was repaid in full. 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 counterparty provided to the Company. See “Note 13 — Warrants” for further information.

NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

NET LOSS PER SHARE

Basic net loss per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. During the periods when there is a net loss, potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. No dividends were declared or paid for the three and six months ended June 30, 2021 or 2020.

For applicable periods, the company uses the two-class method to calculate 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. 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.

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common shareholders for the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Basic and diluted net loss per share:
Numerator:



Net loss attributable to common shareholders – basic and diluted	$	(143,805)	$	(55,919)	$	(414,241)	$	(118,115)
Denominator:
Weighted average shares outstanding – basic and diluted	588,374		84,588		576,941		84,308
Basic and diluted net loss per share	$	(0.24)	$	(0.66)	$	(0.72)	$	(1.40)

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

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Common Stock Warrants	19,429	3,370	19,429	3,370
Series D Preferred Stock Warrants	—	485	—	485
Series E Preferred Stock Warrants	—	363	—	363
RSUs	55,548	27,265	55,548	27,265
Options	19,741	31,155	19,741	31,155
Unvested Shares from Early Exercise	18	100	18	100
Restricted Shares	1,527	2,767	1,527	2,767
Redeemable convertible preferred stock	—	314,424	—	314,424
Total anti-dilutive securities	96,263	379,929	96,263	379,929

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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 June 30, 2021, the Company was in contract to purchase 8,158 homes for an aggregate purchase price of $2,962.3 million. Lease Commitments During the six months ended June 30, 2021, the Company did not enter into any material new leases, lease renewals, or lease modifications. On September 25, 2020, the Company exercised an option to early terminate the San Francisco headquarters lease, effective September 30, 2021. In September 2020, the Company did not anticipate returning to the San Francisco space, so the Company accelerated amortization of the right-of-use asset and incurred and paid early termination fees. In January 2021, the Company terminated the San Francisco lease prior to the anticipated termination date of September 30, 2021, which resulted in a $5.2 million gain recognized in the condensed consolidated statements of operations for the six months ended June 30, 2021. 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 condensed 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.

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 9, 2021, the Company completed the redemption of all of its outstanding Public and Sponsor Warrants to purchase shares of the Company's common stock, par value $0.0001 per share, that were issued under the Warrant Agreement, dated April 27, 2020. Of the 13,799,947 Public Warrants that were outstanding as of the time of the Business Combination, 874,739 were exercised for cash at an exercise price of $11.50 per share of Common Stock and 12,521,776 were exercised on a cashless basis in exchange for an aggregate of 4,452,659 shares of Common Stock. In addition, of the 6,133,333 Private Warrants that were outstanding as of the date of the Business Combination, 1,073,333 were exercised for cash at an exercise price of $11.50 per share of Common Stock and 5,060,000 were exercised on a cashless basis in exchange for an aggregate of 1,799,336 shares of Common Stock. Total cash proceeds to the Company generated from exercises of the Warrants were $22.4 million. In connection with the redemption, the Public Warrants stopped trading on the Nasdaq Global Select Market and were delisted after close of market on July 9, 2021. On July 30, 2021, the Company entered into a senior revolving credit facility, Revolving Facility 2021-1, which has a final maturity date of October 31, 2022. As a result of entering in this new senior revolving credit facility and other amendments to existing credit facilities, the Company has an aggregate borrowing capacity of $3,980.0 million and fully committed borrowing capacity of $2,255.0 million for its senior credit facilities.

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Description of Business	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. Since its inception through June 30, 2021, the Company had completed over 100,000 home transactions. As of June 30, 2021, the Company operated in 39 markets across the United States. The Company was incorporated in Delaware on December 30, 2013.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to generally accepted accounting principles in the United States of America (“GAAP”). The condensed consolidated financial statements as of June 30, 2021 and December 31, 2020 and for the three and six month periods ended June 30, 2021 and 2020 include the accounts of Opendoor, its wholly owned subsidiaries and VIEs where the Company is the primary beneficiary. The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. All significant intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements herein. As a result of the Business Combination completed on December 18, 2020, prior period share and per share amounts presented in the accompanying condensed consolidated financial statements and these related notes have been retroactively converted. See “Note 2— Business Combination” for additional information. The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“Annual Report”) filed on March 4, 2021.
Use of Estimates	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.
Significant Risks and Uncertainties	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.
Concentrations 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.
Derivative Instruments	Derivative InstrumentsThe 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. Beginning in 2021, the Company changed the fair value classification of IRLCs from Level 2 to Level 3 as the Company began to adjust observable input data for the estimated pull-through rate, a Company specific input that is unobservable to market participants.
Non-marketable equity securities	Non-marketable Equity Securities The Company's non-marketable equity securities are strategic investments in a privately held company. Non-marketable equity securities are investments that do not have a readily determinable fair value, which are measured at cost minus impairment, if any, adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “Measurement Alternative”). All gains and losses on these investments, realized and unrealized, are recorded in Other income-net on the Company's condensed consolidated statements of operations. The Company assesses whether an impairment loss on its non-marketable equity securities has occurred due to declines in fair value or other market conditions. If any impairment is identified for non-marketable equity securities, the Company writes down the investment to its fair value.
Impairment of Long-Lived Assets	Impairment of Long-Lived AssetsLong-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.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Not Yet Adopted 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. The Company is currently evaluating the impact of adopting this guidance on the Company's financial position, results of operations or cash flows.

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

The following table provides the impact of the correction on the Company's consolidated balance sheet as of December 31, 2020, as presented herein (in thousands):


	Previously Stated		Adjustments	As Corrected
Warrant liabilities	$	—	47,349	$	47,349
Total liabilities	$	575,575	47,349	$	622,924
Additional paid-in capital	$	2,677,155	(81,143)	$	2,596,012
Accumulated deficit	(1,077,243)		33,794	(1,043,449)
Total shareholders' equity	$	1,600,007	(47,349)	$	1,552,658

REAL ESTATE INVENTORY (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

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):


	June 30, 2021		December 31, 2020
Work-in-process	$	1,025,954	$	183,004
Finished goods	1,697,694		282,932
Total real estate inventory	$	2,723,648	$	465,936

CASH, CASH EQUIVALENTS, AND INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2021

Cash and Cash Equivalents [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents, and marketable securities as of June 30, 2021 and December 31, 2020, are as follows (in thousands):


	June 30, 2021
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Cash	$	60,674	$	—	$	—	$	60,674	$	60,674	$	—
Money market funds	1,197,141		—		—		1,197,141		1,197,141		—
Time deposit	300,000		—		—		300,000		300,000		—




Mutual fund	200,143		—		—		200,143		—		200,143

Total	$	1,757,958	$	—	$	—	$	1,757,958	$	1,557,815	$	200,143


	December 31, 2020
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable 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

Schedule of Unrealized Loss on Investments


	Less than 12 Months				12 Months or Greater				Total
December 31, 2020	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized 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)

DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

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


	Notional Amount		Fair Value Derivatives
June 30, 2021			Asset		Liability
Interest rate lock commitments	$	57,853	$	811	$	—


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

Schedule of Net Gains and Losses

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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenue	$	397	$	483	$	438	$	531
Derivative and warrant fair value adjustment	$	—	$	—	$	—	$	—
Other income, net	$	—	$	—	$	—	$	(4)

VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The following table summarizes the assets and liabilities related to the VIEs consolidated by the Company as of June 30, 2021 and December 31, 2020 (in thousands):


	June 30, 2021		December 31, 2020
Assets
Cash and cash equivalents	$	1,002	$	15,849
Restricted cash	122,379		81,408
Real estate inventory	2,605,155		460,680
Other(1)	60,447		6,729
Total assets	$	2,788,983	$	564,666
Liabilities
Credit facilities	$	2,265,522	$	474,640
Other(2)	28,453		3,394
Total liabilities	$	2,293,975	$	478,034

________________

(1)Includes escrow receivable and other current assets.

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

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.

Schedule of Long-term Debt Instruments

CREDIT FACILITIES AND LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

The following table summarizes certain details related to the Company’s credit facilities outstanding as of June 30, 2021 and December 31, 2020 (in thousands, except interest rates):


June 30, 2021	Borrowing Capacity		Outstanding Amount		Weighted Average Interest Rate		End of Revolving / Withdrawal Period	Final Maturity Date
Revolving Facility 2018-2	$	750,000	$	8,003	2.85	%	September 23, 2022	December 23, 2022
Revolving Facility 2018-3	400,000		80,897		3.25	%	May 26, 2024	May 26, 2024
Revolving Facility 2019-1	600,000		202,672		2.85	%	June 30, 2023	June 30, 2023
Revolving Facility 2019-2	1,030,000		1,003,609		2.66	%	July 8, 2023	July 8, 2023
Revolving Facility 2019-3	675,000		371,342		3.25	%	August 22, 2022	August 21, 2023
Term Debt Facility 2021-S1	$	400,000	$	150,000	3.48	%	April 1, 2024	April 1, 2025
Total	$	3,855,000	$	1,816,523


December 31, 2020	Outstanding Amount		Weighted Average Interest Rate
Revolving Facility 2018-1	$	—	4.28	%
Revolving Facility 2018-2	—		4.36	%
Revolving Facility 2018-3	25,385		4.19	%
Revolving Facility 2019-1	32,535		3.58	%
Revolving Facility 2019-2	230,352		3.08	%
Revolving Facility 2019-3	50,901		3.60	%
Total	$	339,173

The following table summarizes certain details related to the Company’s mezzanine term debt facilities as of June 30, 2021 (in thousands, except interest rates):


June 30, 2021	Borrowing Capacity		Outstanding Amount		Interest Rate		End of Draw Period	Final Maturity Date
Term Debt Facility 2016-M1	$	149,000	$	149,000	10.00	%	October 31, 2023	March 31, 2025
Term Debt Facility 2020-M1	300,000		300,000		10.00	%	January 23, 2023	January 23, 2026
Total	$	449,000	$	449,000
	Issuance Costs		(3,154)
	Carrying Value		$	445,846

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


June 30, 2021	Borrowing Capacity		Outstanding Amount		Weighted Average Interest Rate		End of Revolving Period	Final Maturity Date
Repo Facility 2019-R1	$	50,000	$	24,355	1.85	%	May 26, 2022	May 26, 2022


December 31, 2020	Outstanding Amount		Weighted Average Interest Rate
Repo Facility 2019-R1	$	7,149	1.94	%

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.

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

FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Disclosures

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

Debt 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

Mutual fund

Price is quoted given the security is traded on an exchange.

Level 1 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

Other current assets

Interest rate lock commitments

Fair value of the underlying loan based on observable quoted market prices in the secondary market and sale commitments, with adjustments for the estimated pull-through rate.

Level 2 recurring fair value measurement for fair value based on observable inputs. Level 3 recurring fair value measurement for fair value with unobservable inputs.

Other assets

Non-marketable equity securities

Fair value is estimated using the observable transaction price.

Level 2 non-recurring fair value measurement for fair value based on transaction price.

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.

Warrant liabilities

Sponsor Warrants

Fair value is estimated using the price of the Public Warrants or their settlement value.

Level 2 recurring fair value measurement

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).


June 30, 2021	Balance at Fair Value		Level 1		Level 2		Level 3
Marketable securities:





Mutual fund	$	200,143	$	200,143	$	—	$	—
Mortgage loans held for sale pledged under agreements to repurchase	25,368		—		25,368		—
Other current assets:
Interest rate lock commitments	811				—		811
Total assets	$	226,322	$	200,143	$	25,368	$	811
Warrant liabilities - current:
Sponsor Warrants	38,669		—		38,669		—


Total liabilities	$	38,669	$	—	$	38,669	$	—


December 31, 2020	Balance at Fair Value		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	$	—
Warrant liabilities:
Sponsor Warrants	47,349		—		$	47,349	—
Total liabilities	$	47,349	$	—	$	47,349	$	—

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


	June 30, 2021
	Carrying Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	1,557,815	$	1,557,815	$	1,557,815	$	—
Restricted cash	131,652		131,652		131,652		—
Other assets:
Non-marketable equity securities	10,000		10,000		—		10,000
Liabilities:
Credit facilities and other secured borrowings	$	2,286,457	$	2,289,878	$	—	$	2,289,878


	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

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables show a reconciliation from the opening balances to the closing balances for Level 3 Fair values for the three and six months ended June 30, 2021 and 2020 (in thousands):


	Warrants		Embedded Conversion Option		Interest rate lock commitments
Balance as of March 31, 2021	$	—	$	—	$	414



Additions	—		—		1,934
Origination/Terminations					(1,667)
Net change in fair value	—		—		130
Balance as of June 30, 2021	$	—	$	—	$	811

Balance as of December 31, 2020	—		—		$	—



Additions	—		—		2,348
Origination/Terminations					(1,667)
Net change in fair value					130
Balance as of June 30, 2021	$	—	$	—	$	811


	Warrants		Embedded Conversion Option		Interest rate lock commitments
Balance as of March 31, 2020	$	5,550	$	41,697	$	—





Net change in fair value	(122)		—		—
Balance as of June 30, 2020	$	5,428	$	41,697	$	—

Balance as of December 31, 2019	4,538		41,697		$	—





Net change in fair value	890
Balance as of June 30, 2020	$	5,428	$	41,697	$	—

PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment as of June 30, 2021 and December 31, 2020, consisted of the following (in thousands):


	June 30, 2021		December 31, 2020
Internally developed software	$	57,128	$	47,823
Computers	7,999		5,511
Security systems	3,246		681
Furniture and fixtures	2,791		3,279
Software implementation costs	1,962		1,680
Leasehold improvements	1,959		2,456
Office equipment	1,936		2,056
Total	77,021		63,486
Accumulated depreciation and amortization	(43,059)		(34,258)
Property and equipment – net	$	33,962	$	29,228

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets subject to amortization consisted of the follow as of June 30, 2021 and December 31, 2020, respectively (in thousands, except years):


June 30, 2021	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Remaining Weighted Average Useful Life (Years)
Customer relationships	$	7,400	$	(3,272)	$	4,128	3.2
Trademarks	5,400		(2,162)		3,238		3.2
Developed technology	3,161		(2,932)		229		1.0
Non-competition agreements	100		(100)		—		0
Intangible assets – net	$	16,061	$	(8,466)	$	7,595


December 31, 2020	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Remaining Weighted Average Useful Life (Years)
Customer relationships	$	7,400	$	(2,622)	$	4,778	3.7
Trademarks	5,400		(1,652)		3,748		3.7
Developed technology	2,921		(2,921)		—		0
Non-competition agreements	100		(100)		—		0
Intangible assets – net	$	15,821	$	(7,295)	$	8,526

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of June 30, 2021, expected amortization of intangible assets is as follows:


Fiscal Years	(In thousands)
Remainder of 2021	$	1,281
2022	2,428
2023	2,320
2024	1,566
Total	$	7,595

SHARE-BASED AWARDS (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of the Stock Option Activity

A summary of the stock option activity for the six months ended June 30, 2021, is as follows:


	Number of Options (in thousands)	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Balance-December 31, 2020	24,158	$	1.91	5.4	$	502,767

Exercised	(4,242)	1.63
Forfeited	(173)	2.72
Expired	(2)	3.02
Balance-June 30, 2021	19,741	$	1.84	5.0	$	310,914
Exercisable-June 30, 2021	16,305	$	1.66	4.5	$	261,938

Summary of the RSU Activity

A summary of the RSU activity for the six months ended June 30, 2021, is as follows:


	Number of RSUs (in thousands)	Weighted- Average Grant-Date Fair Value
Unvested and outstanding-December 31, 2020	46,525	$	10.88
Granted	24,470	20.96
Vested	(14,900)	6.62
Forfeited	(547)	8.93
Unvested and outstanding-June 30, 2021	55,548	$	16.48

Summary of the Restricted Shares Activity

A summary of the Restricted Shares activity for the six months ended June 30, 2021 is as follows:


	Number of Restricted Shares (in thousands)	Average Grant-Date Fair Value
Unvested-December 31, 2020	2,148	$	3.74
Granted	—	—
Vested	(621)	3.58
Unvested-June 30, 2021	1,527	$	3.80
Vested and outstanding-June 30, 2021	—	—

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
General and administrative	$	155,707	$	2,032	$	352,743	$	3,586
Sales, marketing and operations	1,864		404		8,270		756
Technology and development	6,645		1,234		42,035		2,298
Total stock-based compensation expense	$	164,216	$	3,670	$	403,048	$	6,640

NET LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Basic and diluted net loss per share:
Numerator:



Net loss attributable to common shareholders – basic and diluted	$	(143,805)	$	(55,919)	$	(414,241)	$	(118,115)
Denominator:
Weighted average shares outstanding – basic and diluted	588,374		84,588		576,941		84,308
Basic and diluted net loss per share	$	(0.24)	$	(0.66)	$	(0.72)	$	(1.40)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Common Stock Warrants	19,429	3,370	19,429	3,370
Series D Preferred Stock Warrants	—	485	—	485
Series E Preferred Stock Warrants	—	363	—	363
RSUs	55,548	27,265	55,548	27,265
Options	19,741	31,155	19,741	31,155
Unvested Shares from Early Exercise	18	100	18	100
Restricted Shares	1,527	2,767	1,527	2,767
Redeemable convertible preferred stock	—	314,424	—	314,424
Total anti-dilutive securities	96,263	379,929	96,263	379,929

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Description of Business (Details)	6 Months Ended
	Jun. 30, 2021 home market
Accounting Policies [Abstract]
Number of home transactions completed \| home	100,000
Number of currently operated markets \| market	39

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Correction of Prior Period Amounts (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 18, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Warrants outstanding	$ 47,349	$ 0	$ 0
Derivative and warrant fair value adjustment		24,000	8,680	$ (890)
Accumulated deficit	(1,043,449)	(1,457,690)	(1,457,690)
Additional paid-in capital	(2,596,012)	(3,875,552)	(3,875,552)
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Warrants outstanding	47,349
Accumulated deficit	33,794
Additional paid-in capital	81,143
Sponsor Warrants
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Warrants outstanding	47,300	$ 38,700	$ 38,700		$ 81,100
Derivative and warrant fair value adjustment	33,800
Private Warrants \| Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Warrants outstanding	$ 47,300

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Impact of the Correction on the Company's Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Thousands

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 0

$ 47,349

^[1]

2,450,340

622,924

3,875,552

2,596,012

(1,457,690)

(1,043,449)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 2,417,921

$ 2,383,561

1,552,658

$ (843,519)

$ (792,166)

$ (733,103)

Previously Stated

575,575

2,677,155

(1,077,243)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

1,600,007

Adjustments

47,349

47,349

(81,143)

33,794

$ (47,349)

[1]

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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-SubTopic 10
-Section 45
-Paragraph 5
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21711-107793

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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 718
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-Section 65
-Paragraph 15
-Subparagraph (f)(1)
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Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (c)
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Impairment of Long-Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets held-for-use	$ 0.9	$ 1.8	$ 3.5	$ 1.8
Technology and development
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets held-for-use	0.6	0.9	2.5	0.9
General and administrative
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets held-for-use	$ 0.3	$ 0.9	$ 1.0	$ 0.9

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Public and Sponsor Warrants (Details) - $ / shares	Jul. 09, 2021	Jun. 30, 2021	Apr. 30, 2020
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)		$ 11.50
Warrants to purchase shares (in shares)		19,400,000
Warrants to purchase share of Class A common stock			1
Reference value (in dollars per share)		$ 18.00
Subsequent Event
Class of Warrant or Right [Line Items]
Warrant redemption price (in dollars per share)	$ 0.10
Social Capital Hedosophia Holdings Corp II - IPO
Class of Warrant or Right [Line Items]
Number of units issued (in shares)			41,400,000
Common stock price per share (in usd per share)			$ 10.00
Public Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)			$ 11.50
Warrants to purchase shares (in shares)			13,800,000
Warrants to purchase share of Class A common stock			1
Public Warrants \| Subsequent Event
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 11.50
Warrants to purchase shares (in shares)	13,799,947
Sponsor Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)			$ 11.50
Warrants to purchase shares (in shares)			6,133,333
Price per warrant (in usd per share)			$ 1.50
Warrants to purchase share of Class A common stock			1
Reference value (in dollars per share)		18.00
Maximum \| Public Warrants
Class of Warrant or Right [Line Items]
Reference value (in dollars per share)		$ 18.00

BUSINESS COMBINATION (Details) $ / shares in Units, $ in Thousands		6 Months Ended
	Dec. 18, 2020 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Business Combination [Line Items]
PIPE share conversion ratio	1
Equity issuance costs		$ 28,876	$ 0
Transaction with Social Capital Hedosophia Holdings Corp. II I Common Stock
Business Combination [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	1.618
Opendoor Technologies Inc. Common Stock \| Common Stock Warrants
Business Combination [Line Items]
Equity issuance costs	$ 43,600

REAL ESTATE INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Work-in-process	$ 1,025,954	$ 183,004
Finished goods	1,697,694	282,932
Total real estate inventory	$ 2,723,648	$ 465,936

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Amortized Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 1,557,815	$ 1,412,665	$ 458,058
Total cost basis	1,757,958	1,460,260
Unrealized Gains	0	48
Unrealized Losses	0	(6)
Total fair value	1,757,958	1,460,302
Cash and Cash Equivalents	1,557,815	1,412,665
Marketable Securities	200,143	47,637
Time deposit
Cash and Cash Equivalents [Line Items]
Cost Basis	300,000
Unrealized Gains	0
Unrealized Losses	0
Fair Value	300,000
Cash and Cash Equivalents	300,000
Marketable Securities	0
Mutual fund
Cash and Cash Equivalents [Line Items]
Cost Basis	200,143
Unrealized Gains	0
Unrealized Losses	0
Fair Value	200,143
Cash and Cash Equivalents	0
Marketable Securities	200,143
Commercial paper
Cash and Cash Equivalents [Line Items]
Cost Basis		81,037
Unrealized Gains		1
Unrealized Losses		0
Fair Value		81,038
Cash and Cash Equivalents		81,038
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Cost Basis		29,891
Unrealized Gains		26
Unrealized Losses		(2)
Fair Value		29,915
Cash and Cash Equivalents		3,506
Marketable Securities		26,409
Asset-backed securities
Cash and Cash Equivalents [Line Items]
Cost Basis		12,518
Unrealized Gains		19
Unrealized Losses		(4)
Fair Value		12,533
Cash and Cash Equivalents		0
Marketable Securities		12,533
U.S. agency securities
Cash and Cash Equivalents [Line Items]
Cost Basis		6,993
Unrealized Gains		2
Unrealized Losses		0
Fair Value		6,995
Cash and Cash Equivalents		0
Marketable Securities		6,995
U.S. Treasury securities
Cash and Cash Equivalents [Line Items]
Cost Basis		1,700
Unrealized Gains		0
Unrealized Losses		0
Fair Value		1,700
Cash and Cash Equivalents		0
Marketable Securities		1,700
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	60,674	709,924
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 1,197,141	$ 618,197

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Summary of Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months		$ 31,445
Unrealized Losses, Less than 12 Months		(6)
Fair Value, 12 Months or Greater		0
Unrealized Losses 12 Months or Greater		0
Fair Value, Total	$ 0	31,445
Unrealized Losses, Total		(6)
Commercial paper
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months		19,296
Unrealized Losses, Less than 12 Months		0
Fair Value, 12 Months or Greater		0
Unrealized Losses 12 Months or Greater		0
Fair Value, Total		19,296
Unrealized Losses, Total		0
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months		7,538
Unrealized Losses, Less than 12 Months		(2)
Fair Value, 12 Months or Greater		0
Unrealized Losses 12 Months or Greater		0
Fair Value, Total		7,538
Unrealized Losses, Total		(2)
Asset-backed securities
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months		4,611
Unrealized Losses, Less than 12 Months		(4)
Fair Value, 12 Months or Greater		0
Unrealized Losses 12 Months or Greater		0
Fair Value, Total		4,611
Unrealized Losses, Total		$ (4)

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Additional Information (Details) $ in Millions	Jun. 30, 2021 USD ($)
Cash and Cash Equivalents [Abstract]
Purchase of non-marketable equity securities	$ 10.0

DERIVATIVE INSTRUMENTS - Notional Amounts and Fair Values of Derivatives (Details) - Interest rate lock commitments - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Notional Amount	$ 57,853	$ 15,130
Fair Value Derivatives, Asset	811	373
Fair Value Derivatives, Liability	$ 0	$ 0

DERIVATIVE INSTRUMENTS - Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss)	$ 397	$ 483	$ 438	$ 531
Derivative and warrant fair value adjustment
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss)	0	0	0	0
Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss)	$ 0	$ 0	$ 0	$ (4)

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

Jun. 30, 2021

Dec. 31, 2020

Jun. 30, 2020

ASSETS

$ 1,557,815

$ 1,412,665

$ 458,058

131,652

92,863

Real estate inventory

2,723,648

465,936

^[1]

4,868,261

2,175,582

Liabilities

Variable Interest Entity, Primary Beneficiary

^[2]

2,450,340

622,924

ASSETS

1,002

15,849

122,379

81,408

Real estate inventory

2,605,155

460,680

Other

60,447

6,729

2,788,983

564,666

Liabilities

Credit facilities

2,265,522

474,640

Other

28,453

3,394

$ 2,293,975

$ 478,034

[1]

[2]

CREDIT FACILITIES AND LONG-TERM DEBT - Schedule of Long Term Debt Instruments (Details) - Revolving Credit Facility - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Borrowing Capacity	$ 3,855,000
Outstanding Amount	1,816,523	$ 339,173
Revolving Facility 2018-2
Debt Instrument [Line Items]
Borrowing Capacity	750,000
Outstanding Amount	$ 8,003	$ 0
Weighted average interest rate (in percent)	2.85%	4.36%
Revolving Facility 2018-3
Debt Instrument [Line Items]
Borrowing Capacity	$ 400,000
Outstanding Amount	$ 80,897	$ 25,385
Weighted average interest rate (in percent)	3.25%	4.19%
Revolving Facility 2019-1
Debt Instrument [Line Items]
Borrowing Capacity	$ 600,000
Outstanding Amount	$ 202,672	$ 32,535
Weighted average interest rate (in percent)	2.85%	3.58%
Revolving Facility 2019-2
Debt Instrument [Line Items]
Borrowing Capacity	$ 1,030,000
Outstanding Amount	$ 1,003,609	$ 230,352
Weighted average interest rate (in percent)	2.66%	3.08%
Revolving Facility 2019-3
Debt Instrument [Line Items]
Borrowing Capacity	$ 675,000
Outstanding Amount	$ 371,342	$ 50,901
Weighted average interest rate (in percent)	3.25%	3.60%
Revolving Facility 2018-1
Debt Instrument [Line Items]
Outstanding Amount		$ 0
Weighted average interest rate (in percent)		4.28%
Term Debt Facility 2021-S1
Debt Instrument [Line Items]
Borrowing Capacity	$ 400,000
Outstanding Amount	$ 150,000
Weighted average interest rate (in percent)	3.48%

CREDIT FACILITIES AND LONG-TERM DEBT - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Credit facility, outstanding amount, noncurrent liabilities	$ 595,579	$ 135,467
Total principal outstanding	449,000
Borrowing Capacity	449,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt facility	3,855,000
Credit facility, outstanding amount, current liabilities	1,666,500
Credit facility, outstanding amount, noncurrent liabilities	150,000
Issuance costs	267
Long-term Debt
Debt Instrument [Line Items]
Unused borrowing capacity	0
Secured Debt
Debt Instrument [Line Items]
Total principal outstanding	25,400
Secured Debt \| Repo Facility 2019-R1
Debt Instrument [Line Items]
Total principal outstanding	24,355	$ 7,149
Borrowing Capacity	50,000
Amount fully committed	20,000
Multiple Senior Revolving Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Fully committed borrowing capacity	$ 2,057,700
Term	24 months

CREDIT FACILITIES AND LONG-TERM DEBT - Schedule of Debt (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Borrowing Capacity	$ 449,000
Outstanding Amount	449,000
Issuance Costs	(3,154)
Carrying Value	445,846
Long-term Debt \| Term Debt Facility 2016-M1
Debt Instrument [Line Items]
Borrowing Capacity	149,000
Outstanding Amount	$ 149,000
Interest rate (in percent)	10.00%
Long-term Debt \| Term Debt Facility 2020-M1
Debt Instrument [Line Items]
Borrowing Capacity	$ 300,000
Outstanding Amount	$ 300,000
Interest rate (in percent)	10.00%

CREDIT FACILITIES AND LONG-TERM DEBT - Mortgage Financing (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Borrowing Capacity	$ 449,000
Outstanding Amount	449,000
Secured Debt
Debt Instrument [Line Items]
Outstanding Amount	25,400
Repo Facility 2019-R1 \| Secured Debt
Debt Instrument [Line Items]
Borrowing Capacity	50,000
Outstanding Amount	$ 24,355	$ 7,149
Weighted average interest rate (in percent)	1.85%	1.94%

FAIR VALUE DISCLOSURES - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Liabilities, Fair Value Disclosure [Abstract]
Warrants outstanding	$ 0	$ 47,349
Interest rate lock commitments
Assets, Fair Value Disclosure [Abstract]
Derivative asset	811	373
Mutual fund
Assets, Fair Value Disclosure [Abstract]
Fair Value	200,143
Corporate debt securities
Assets, Fair Value Disclosure [Abstract]
Fair Value		29,915
Asset-backed securities
Assets, Fair Value Disclosure [Abstract]
Fair Value		12,533
U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Fair Value		6,995
U.S. Treasury securities
Assets, Fair Value Disclosure [Abstract]
Fair Value		1,700
Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Mortgage loans held for sale pledged under agreements to repurchase	25,368	7,529
Total assets	226,322	55,539
Liabilities, Fair Value Disclosure [Abstract]
Warrants outstanding	38,669	47,349
Total liabilities	38,669	47,349
Fair Value, Recurring \| Fair Value, Inputs, Level 1
Assets, Fair Value Disclosure [Abstract]
Mortgage loans held for sale pledged under agreements to repurchase	0	0
Total assets	200,143	0
Liabilities, Fair Value Disclosure [Abstract]
Warrants outstanding	0	0
Total liabilities	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Mortgage loans held for sale pledged under agreements to repurchase	25,368	7,529
Total assets	25,368	55,539
Liabilities, Fair Value Disclosure [Abstract]
Warrants outstanding	38,669	47,349
Total liabilities	38,669	47,349
Fair Value, Recurring \| Fair Value, Inputs, Level 3
Assets, Fair Value Disclosure [Abstract]
Mortgage loans held for sale pledged under agreements to repurchase	0	0
Total assets	811	0
Liabilities, Fair Value Disclosure [Abstract]
Warrants outstanding	0	0
Total liabilities	0	0
Fair Value, Recurring \| Interest rate lock commitments
Assets, Fair Value Disclosure [Abstract]
Derivative asset	811	373
Fair Value, Recurring \| Interest rate lock commitments \| Fair Value, Inputs, Level 1
Assets, Fair Value Disclosure [Abstract]
Derivative asset
Fair Value, Recurring \| Interest rate lock commitments \| Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Derivative asset	0	373
Fair Value, Recurring \| Interest rate lock commitments \| Fair Value, Inputs, Level 3
Assets, Fair Value Disclosure [Abstract]
Derivative asset	811
Fair Value, Recurring \| Mutual fund
Assets, Fair Value Disclosure [Abstract]
Fair Value	200,143
Fair Value, Recurring \| Mutual fund \| Fair Value, Inputs, Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value	200,143
Fair Value, Recurring \| Mutual fund \| Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value	0
Fair Value, Recurring \| Mutual fund \| Fair Value, Inputs, Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value	$ 0
Fair Value, Recurring \| Corporate debt securities
Assets, Fair Value Disclosure [Abstract]
Fair Value		26,409
Fair Value, Recurring \| Corporate debt securities \| Fair Value, Inputs, Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value		0
Fair Value, Recurring \| Corporate debt securities \| Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value		26,409
Fair Value, Recurring \| Corporate debt securities \| Fair Value, Inputs, Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value		0
Fair Value, Recurring \| Asset-backed securities
Assets, Fair Value Disclosure [Abstract]
Fair Value		12,533
Fair Value, Recurring \| Asset-backed securities \| Fair Value, Inputs, Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value		0
Fair Value, Recurring \| Asset-backed securities \| Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value		12,533
Fair Value, Recurring \| Asset-backed securities \| Fair Value, Inputs, Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value		0
Fair Value, Recurring \| U.S. agency securities
Assets, Fair Value Disclosure [Abstract]
Fair Value		6,995
Fair Value, Recurring \| U.S. agency securities \| Fair Value, Inputs, Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value		0
Fair Value, Recurring \| U.S. agency securities \| Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value		6,995
Fair Value, Recurring \| U.S. agency securities \| Fair Value, Inputs, Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value		0
Fair Value, Recurring \| U.S. Treasury securities
Assets, Fair Value Disclosure [Abstract]
Fair Value		1,700
Fair Value, Recurring \| U.S. Treasury securities \| Fair Value, Inputs, Level 1
Assets, Fair Value Disclosure [Abstract]
Fair Value		0
Fair Value, Recurring \| U.S. Treasury securities \| Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Fair Value		1,700
Fair Value, Recurring \| U.S. Treasury securities \| Fair Value, Inputs, Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value		$ 0

FAIR VALUE DISCLOSURES - Fair Value Disclosure of Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Inputs, Level 1
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	$ 1,557,815	$ 1,412,665
Non-marketable equity securities	0
Credit facilities and other secured borrowings	0	0
Fair Value, Inputs, Level 1 \| Restricted Cash
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	131,652	92,863
Fair Value, Inputs, Level 2
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	0	0
Non-marketable equity securities	10,000
Credit facilities and other secured borrowings	2,289,878	486,322
Fair Value, Inputs, Level 2 \| Restricted Cash
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	0	0
Reported Value Measurement
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	1,557,815	1,412,665
Non-marketable equity securities	10,000
Credit facilities and other secured borrowings	2,286,457	481,789
Reported Value Measurement \| Restricted Cash
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	131,652	92,863
Estimate of Fair Value Measurement
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	1,557,815	1,412,665
Non-marketable equity securities	10,000
Credit facilities and other secured borrowings	2,289,878	486,322
Estimate of Fair Value Measurement \| Restricted Cash
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	$ 131,652	$ 92,863

FAIR VALUE DISCLOSURES - Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest rate lock commitments
Servicing Liability at Fair Value, Amount [Roll Forward]
Beginning balance	$ 414	$ 0	$ 0	$ 0
Additions	1,934		2,348
Origination/Terminations	(1,667)		(1,667)
Net change in fair value	130	0	130
Ending balance	811	0	811	0
Warrants
Servicing Liability at Fair Value, Amount [Roll Forward]
Beginning balance	0	5,550	0	4,538
Additions	0		0
Origination/Terminations
Net change in fair value	0	(122)		890
Ending balance	0	5,428	0	5,428
Embedded Conversion Option
Servicing Liability at Fair Value, Amount [Roll Forward]
Beginning balance	0	41,697	0	41,697
Additions	0		0
Origination/Terminations
Net change in fair value	0	0
Ending balance	$ 0	$ 41,697	$ 0	$ 41,697

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 77,021		$ 77,021		$ 63,486
Accumulated depreciation and amortization	(43,059)		(43,059)		(34,258)
Property and equipment – net	33,962		33,962		29,228
Depreciation and amortization expense	6,100	$ 5,900	11,700	$ 10,900
Internally developed software
Property, Plant and Equipment [Line Items]
Property, plant and equipment	57,128		57,128		47,823
Computers
Property, Plant and Equipment [Line Items]
Property, plant and equipment	7,999		7,999		5,511
Security systems
Property, Plant and Equipment [Line Items]
Property, plant and equipment	3,246		3,246		681
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,791		2,791		3,279
Software implementation costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,962		1,962		1,680
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,959		1,959		2,456
Office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 1,936		$ 1,936		$ 2,056

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquisition cost			$ 0		$ 0
Goodwill, impairment loss	$ 0	$ 0	0	$ 0
Domain names for intangible assets	200,000		200,000		$ 200,000
Amortization expense of intangible assets	$ 600,000	$ 1,100,000	$ 1,200,000	$ 2,200,000

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 16,061	$ 15,821
Accumulated Amortization	(8,466)	(7,295)
Net Carrying Amount	7,595	8,526
Customer relationships
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	7,400	7,400
Accumulated Amortization	(3,272)	(2,622)
Net Carrying Amount	$ 4,128	$ 4,778
Remaining Weighted Average Useful Life (Years)	3 years 2 months 12 days	3 years 8 months 12 days
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,400	$ 5,400
Accumulated Amortization	(2,162)	(1,652)
Net Carrying Amount	$ 3,238	$ 3,748
Remaining Weighted Average Useful Life (Years)	3 years 2 months 12 days	3 years 8 months 12 days
Developed technology
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,161	$ 2,921
Accumulated Amortization	(2,932)	(2,921)
Net Carrying Amount	$ 229	$ 0
Remaining Weighted Average Useful Life (Years)	1 year	0 years
Non-competition agreements
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 100	$ 100
Accumulated Amortization	(100)	(100)
Net Carrying Amount	$ 0	$ 0
Remaining Weighted Average Useful Life (Years)	0 years	0 years

GOODWILL AND INTANGIBLE ASSETS - Expected Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 1,281
2022	2,428
2023	2,320
2024	1,566
Net Carrying Amount	$ 7,595	$ 8,526

SHAREHOLDERS’ EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 11, 2021	Feb. 09, 2021
Public Offering And Over-Allotment Option
Class of Stock [Line Items]
Shares sold (in shares)		32,817,421
Common stock price per PIPE Shares (in usd per share)		$ 27.00
Net proceeds from offering		$ 859.5
Over-Allotment Option
Class of Stock [Line Items]
Shares sold (in shares)	4,280,533

SHARE-BASED AWARDS - Stock Options and RSUs Information (Details)	6 Months Ended
	Jun. 30, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0
Options
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
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years
Vesting period	4 years

SHARE-BASED AWARDS - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Number of Options
Beginning balance (in shares) \| shares	24,158
Exercised (in shares) \| shares	(4,242)
Forfeited (in shares) \| shares	(173)
Expired (in shares) \| shares	(2)
Ending balance (in shares) \| shares	19,741	24,158
Exercisable (in shares) \| shares	16,305
Weighted-Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 1.91
Exercised (in dollars per share) \| $ / shares	1.63
Forfeited (in dollars per share) \| $ / shares	2.72
Expired (in dollars per share) \| $ / shares	3.02
Ending balance (in dollars per share) \| $ / shares	1.84	$ 1.91
Exercisable (in dollars per share) \| $ / shares	$ 1.66
Weighted-Average Remaining Contractual Term (in years) and Aggregate Intrinsic Value
Weighted-average remaining contractual term (in years), outstanding	5 years	5 years 4 months 24 days
Weighted-average remaining contractual term (in years), exercisable	4 years 6 months
Aggregate intrinsic values \| $	$ 310,914	$ 502,767
Exercisable, aggregate intrinsic value \| $	$ 261,938

SHARE-BASED AWARDS - RSU and Restricted Share Activity (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2021
RSUs
Number of RSUs
Beginning balance (in shares)	46,525
Granted (in shares)	24,470
Vested (in shares)	(14,900)
Forfeited (in shares)	(547)
Ending balance (in shares)	55,548
Weighted- Average Grant-Date Fair Value
Beginning balance	$ 10.88
Granted (in dollars per share)	20.96
Vested (in dollars per share)	6.62
Forfeited (in dollars per share)	8.93
Ending balance	$ 16.48
Restricted Shares
Number of RSUs
Beginning balance (in shares)	2,148
Granted (in shares)	0
Vested (in shares)	(621)
Ending balance (in shares)	1,527
Vested and outstanding (in shares)	0
Weighted- Average Grant-Date Fair Value
Beginning balance	$ 3.74
Granted (in dollars per share)	0
Vested (in dollars per share)	3.58
Ending balance	3.80
Vested and outstanding (in dollars per share)	$ 0

SHARE-BASED AWARDS - Restricted Shares (Details) - Restricted Shares	6 Months Ended
	Jun. 30, 2021
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

SHARE-BASED AWARDS - Expense and Capitalized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 164,216	$ 3,670	$ 403,048	$ 6,640
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	155,707	2,032	352,743	3,586
Sales, marketing and operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,864	404	8,270	756
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 6,645	$ 1,234	$ 42,035	$ 2,298

SHARE-BASED AWARDS - Stock-Based Compensation Expense (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($) home shares	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) home shares	Jun. 30, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 164,216	$ 3,670	$ 403,048	$ 6,640
Market Condition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards with satisfied market conditions \| home	2		2
Stock-based compensation expense, accelerated recognition	$ 2,200
Market Condition Award \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value for awards	$ 22,400		$ 22,400
Market condition RSUs granted (in shares) \| shares	0
Stock-based compensation expense	$ 117,700		250,900
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
Unvested Stock Options and Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation	$ 613,900		$ 613,900
Unamortized stock-based compensation period (in years)			3 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market condition RSUs granted (in shares) \| shares			24,470,000

WARRANTS - Public and Sponsor Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended
	Jul. 09, 2021	Dec. 31, 2020	Apr. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 18, 2020
Class of Warrant or Right [Line Items]
Warrants to purchase shares (in shares)				19,400,000	19,400,000
Warrants to purchase share of Class A common stock			1
Exercise price of warrants (in dollars per share)				$ 11.50	$ 11.50
Warrant term			5 years
Length of trading period used to determine reference value					30 days
Exercise price of warrants (in dollars per share)					$ 0.01
Reference value (in dollars per share)				$ 18.00	$ 18.00
Warrants to purchase shares (in shares)				19,933,333	19,933,333
Warrants exercised (in shares)				500,000	500,000
Proceeds from warrant exercise					$ 4,823	$ 0
Warrants outstanding		$ 47,349		$ 0	0
Fair Value Adjustment of Warrants				24,000	8,680	$ (890)
Subsequent Event
Class of Warrant or Right [Line Items]
Proceeds from warrant exercise	$ 22,400
Sponsor Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding		47,300		$ 38,700	$ 38,700		$ 81,100
Fair Value Adjustment of Warrants		$ 33,800
Sponsor Warrants
Class of Warrant or Right [Line Items]
Warrants to purchase shares (in shares)			6,133,333
Warrants to purchase share of Class A common stock			1
Exercise price of warrants (in dollars per share)			$ 11.50
Warrant exercise period following completion of business combination			30 days
Warrant exercise period following close of initial public offering			12 months
Reference value (in dollars per share)				$ 18.00	$ 18.00
Public Warrants
Class of Warrant or Right [Line Items]
Warrants to purchase shares (in shares)			13,800,000
Warrants to purchase share of Class A common stock			1
Exercise price of warrants (in dollars per share)			$ 11.50
Class of warrant or right period of redemption of outstanding warrants with prior written notice of redemption					30 days
Number of trading days within trading period					20 days
Exercise price of warrants (in dollars per share)					$ 0.10
Public Warrants \| Subsequent Event
Class of Warrant or Right [Line Items]
Warrants to purchase shares (in shares)	13,799,947
Exercise price of warrants (in dollars per share)	$ 11.50
Exercise price of warrants (in dollars per share)	$ 0.10
Warrants exercised (in shares)	874,739
Public Warrants \| Minimum
Class of Warrant or Right [Line Items]
Reference value (in dollars per share)				10.00	10.00
Public Warrants \| Maximum
Class of Warrant or Right [Line Items]
Reference value (in dollars per share)				$ 18.00	$ 18.00

WARRANTS - Warrants to Purchase Series D Preferred Stock (Details) - USD ($)			6 Months Ended
	Nov. 12, 2020	Nov. 07, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Jun. 12, 2018
Class of Warrant or Right [Line Items]
Warrants to purchase shares (in shares)			19,933,333
Exercise price of warrants (in dollars per share)			$ 11.50
Proceeds from warrant exercise			$ 4,823,000	$ 0
Warrants to purchase shares (in shares)			19,400,000
Series D, Penny warrants
Class of Warrant or Right [Line Items]
Warrants to purchase shares (in shares)						485,262
Exercise price of warrants (in dollars per share)						$ 0.006
Shares exercised and issued (in shares)	485,262
Proceeds from warrant exercise	$ 3,000.0
Warrants to purchase shares (in shares)			0
Series E Warrants
Class of Warrant or Right [Line Items]
Warrants to purchase shares (in shares)				121,356	242,713
Exercise price of warrants (in dollars per share)				$ 5.92
Shares exercised and issued (in shares)		364,069
Proceeds from warrant exercise		$ 2,200,000
Warrants to purchase shares (in shares)			0

WARRANTS - Commitment to Issue Warrants (Details) - USD ($)		3 Months Ended		6 Months Ended
	Nov. 07, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Class of Warrant or Right [Line Items]
Warrants to purchase shares (in shares)		19,933,333		19,933,333
Exercise price of warrants (in dollars per share)		$ 11.50		$ 11.50
Proceeds from warrant exercise				$ 4,823,000	$ 0
Warrants to purchase shares (in shares)		19,400,000		19,400,000
Increase to the warrant fair value adjustments		$ (24,000,000.0)		$ (8,680,000)	$ 890,000
Series E Warrants
Class of Warrant or Right [Line Items]
Warrants to purchase shares (in shares)			121,356		121,356	242,713
Exercise price of warrants (in dollars per share)			$ 5.92		$ 5.92
Shares exercised and issued (in shares)	364,069
Proceeds from warrant exercise	$ 2,200,000
Warrants to purchase shares (in shares)		0		0
Increase to the warrant fair value adjustments		$ 0	$ (100,000)	$ 0	$ 900,000

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax provision	$ 190	$ 79	$ 284	$ 199
Effective tax rate	(0.13%)	(0.14%)	(0.07%)	(0.17%)

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

RELATED PARTIES (Details) $ / shares in Units, $ in Millions		6 Months Ended	12 Months Ended
	Jun. 29, 2021 USD ($)	Jun. 30, 2021 home	Dec. 31, 2018 USD ($) $ / shares shares
Director
Related Party Transaction [Line Items]
Number of preferred stock investors \| home		1
Number of seats held in company \| home		1
Director \| Customer Concentration Risk \| Interest In Company
Related Party Transaction [Line Items]
Percentage of interest holding (in percent)		10.00%
Executive Officer
Related Party Transaction [Line Items]
Unvested common stock purchased (in shares) \| shares			1,479,459
Share price (in dollars per share) \| $ / shares			$ 1.01
Consideration for purchase of unvested common stock \| $			$ 1.5
Interest rate (in percent)			2.31%
Amount repaid under promissory note \| $	$ 1.6

NET LOSS PER SHARE - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Dividends declared	$ 0	$ 0	$ 0	$ 0
Preferred dividends declared	$ 0

NET LOSS PER SHARE - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
NET LOSS	$ (143,805)	$ (55,919)	$ (414,241)	$ (118,115)
Weighted average shares outstanding - basic (in shares)	588,374,000	84,588,000	576,941,000	84,308,000
Weighted average shares outstanding - diluted (in shares)	588,374,000	84,588,000	576,941,000	84,308,000
Diluted net loss per share (in dollars per share)	$ (0.24)	$ (0.66)	$ (0.72)	$ (1.40)
Basic net loss per share (in dollars per share)	$ (0.24)	$ (0.66)	$ (0.72)	$ (1.40)

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

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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.

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