0001801169-22-000108 | 10-Q | XBRL Viewer | Opendoor Technologies INC

SHARE-BASED AWARDS

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

2022 Inducement Plan

In July 2022, the independent members of the Company’s Board of Directors adopted the 2022 Inducement Plan (the “Inducement Plan”). Under the Inducement Plan, 31,200,000 shares were initially reserved for issuance. The purpose of the Inducement Plan is to attract, retain and motivate new employees of the Company, particularly executive team members and

employees joining as part of business combinations. The Inducement Plan allows for the issuance of non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents and other stock or cash based awards to prospective employees of the Company or any subsidiary of the Company.

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 nine months ended September 30, 2022, is as follows:


	Number of Options (in thousands)	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Balance-December 31, 2021	14,546	$	2.12	4.7	$	182
Granted	—	—
Exercised	(2,892)	1.36
Forfeited	(344)	4.08
Expired	(227)	0.77
Balance-September 30, 2022	11,083	$	2.28	3.9	$	13
Exercisable-September 30, 2022	10,824	$	2.13	3.8	$	13

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, these RSUs are only subject to time-based vesting conditions.

A summary of the RSU activity for the nine months ended September 30, 2022, is as follows:


	Number of RSUs (in thousands)	Weighted- Average Grant-Date Fair Value
Unvested and outstanding-December 31, 2021	53,446	$	17.35
Granted	28,735	6.80
Vested	(12,958)	11.85
Forfeited	(6,894)	12.46
Unvested and outstanding-September 30, 2022	62,329	$	14.17

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 nine months ended September 30, 2022 is as follows:


	Number of Restricted Shares (in thousands)	Average Grant-Date Fair Value
Unvested-December 31, 2021	692	$	3.91

Vested	(138)	3.02
Forfeited	(69)	3.02
Unvested-September 30, 2022	485	$	4.29

ESPP

The first offering period for the Company's 2020 ESPP began on March 1, 2022. The ESPP, pursuant to Internal Revenue Code Section 423, allows eligible participants to purchase shares using payroll deductions of up to 15% of their total compensation, subject to a $25,000 calendar year limitation on contributions. The Company has limited the maximum number of shares to be purchased in an offering period to 1,000 shares per employee. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a 15% discount on the lower price of either (i) the offer period start date or (ii) the purchase date. Each offering period is six months in duration. ESPP employee payroll contributions withheld as of September 30, 2022 were $1 million and are included within Accounts payable and other accrued liabilities in the condensed consolidated balance sheets. Payroll contributions withheld as of September 30, 2022 will be used to purchase shares at the end of the current ESPP purchase period ending on February 28, 2023.

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


	Offering Period
	September 1, 2022 - February 28, 2023			March 1, 2022 - August 31, 2022
Fair value	$	1.78		$	3.55
Volatility	94.5		%	101.4		%
Risk-free rate	3.34		%	0.60		%
Expected life (in years)	0.5			0.5
Expected dividend	$	—		$	—

The Company recognized stock-based compensation expense related to the ESPP of $1 million and $2 million during the three and nine months ended September 30, 2022, respectively. As of September 30, 2022, total estimated unrecognized compensation expense related to the ESPP was $1 million. That cost is expected to be recognized over the remaining term of the offering period of 5 months.

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 nine months ended September 30, 2022 and 2021, as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
General and administrative	$	38	$	52	$	132	$	405
Sales, marketing and operations	5		2		14		10
Technology and development	9		8		32		50
Total stock-based compensation expense	$	52	$	62	$	178	$	465

During the nine months ended September 30, 2022, no market condition awards satisfied their market condition.

As of September 30, 2022, there was $547 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 2.4 years.

REAL ESTATE INVENTORY

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

REAL ESTATE INVENTORY

The following table presents the components of inventory, net of applicable inventory valuation adjustments of $622 million and $40 million, as of September 30, 2022 and December 31, 2021, respectively (in millions):


	September 30, 2022		December 31, 2021
Work in progress	$	642	$	1,971
Finished goods:
Listed for sale	4,209		2,325
Under contract for sale	1,242		1,800
Total real estate inventory	$	6,093	$	6,096

As of September 30, 2022, the Company was in contract to purchase 2,259 homes for an aggregate purchase price of $802 million.

During the three and nine months ended September 30, 2022, the Company recorded inventory valuation adjustments for real estate inventory of $573 million and $663 million, respectively, in Cost of revenue in the condensed consolidated statements of operations. During the three and nine months ended September 30, 2021, the Company recorded inventory valuation adjustments for real estate inventory of $31 million and $32 million, respectively, in Cost of revenue in the condensed consolidated statements of operations.

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter. The Company’s provision for income taxes, which was primarily composed of state tax expense, was $1 million and $2 million for the three and nine months ended September 30, 2022, respectively, with an effective tax rate of (0.08)% and (0.19)%, respectively. The Company's provision for income taxes was less than $1 million and $1 million for the three and nine months ended September 30, 2021, respectively, with an effective tax rate of (0.58)% 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 Company evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company’s history of operating losses, including a three-year cumulative loss position, 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 September 30, 2022 and December 31, 2021.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

SUBSEQUENT EVENTS (Details)	Nov. 02, 2022 USD ($) employee	Oct. 19, 2022 USD ($)	Sep. 30, 2022 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Reduction in workforce, number of employees \| employee	550
Reduction in workforce, percent of employees	18.00%
Post-employment benefits	$ 15,000,000
Line of Credit
Subsequent Event [Line Items]
Borrowing Capacity			$ 11,800,000,000
Line of Credit \| Subsequent Event
Subsequent Event [Line Items]
Fully committed borrowing capacity		$ 7,300,000,000
Line of Credit \| Subsequent Event \| Revolving Credit Facility
Subsequent Event [Line Items]
Borrowing Capacity		525,000,000
Line of Credit \| Subsequent Event \| Aggregate Credit Facilities
Subsequent Event [Line Items]
Borrowing Capacity		$ 12,600,000,000

FAIR VALUE DISCLOSURES - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets, Fair Value Disclosure [Abstract]
Total assets	$ 179	$ 495
Level 1
Assets, Fair Value Disclosure [Abstract]
Total assets	11	246
Level 2
Assets, Fair Value Disclosure [Abstract]
Total assets	168	249
Level 3
Assets, Fair Value Disclosure [Abstract]
Total assets	0	0
Corporate debt securities
Assets, Fair Value Disclosure [Abstract]
Marketable securities	140	207
Corporate debt securities \| Level 1
Assets, Fair Value Disclosure [Abstract]
Marketable securities	0	0
Corporate debt securities \| Level 2
Assets, Fair Value Disclosure [Abstract]
Marketable securities	140	207
Corporate debt securities \| Level 3
Assets, Fair Value Disclosure [Abstract]
Marketable securities	0	0
Mutual fund
Assets, Fair Value Disclosure [Abstract]
Marketable securities		200
Mutual fund \| Level 1
Assets, Fair Value Disclosure [Abstract]
Marketable securities		200
Mutual fund \| Level 2
Assets, Fair Value Disclosure [Abstract]
Marketable securities		0
Mutual fund \| Level 3
Assets, Fair Value Disclosure [Abstract]
Marketable securities		0
Commercial paper
Assets, Fair Value Disclosure [Abstract]
Marketable securities	15	15
Commercial paper \| Level 1
Assets, Fair Value Disclosure [Abstract]
Marketable securities	0	0
Commercial paper \| Level 2
Assets, Fair Value Disclosure [Abstract]
Marketable securities	15	15
Commercial paper \| Level 3
Assets, Fair Value Disclosure [Abstract]
Marketable securities	0	0
Equity securities
Assets, Fair Value Disclosure [Abstract]
Marketable securities	11	46
Equity securities \| Level 1
Assets, Fair Value Disclosure [Abstract]
Marketable securities	11	46
Equity securities \| Level 2
Assets, Fair Value Disclosure [Abstract]
Marketable securities	0	0
Equity securities \| Level 3
Assets, Fair Value Disclosure [Abstract]
Marketable securities	0	0
Certificates of deposit
Assets, Fair Value Disclosure [Abstract]
Marketable securities	9	5
Certificates of deposit \| Level 1
Assets, Fair Value Disclosure [Abstract]
Marketable securities	0	0
Certificates of deposit \| Level 2
Assets, Fair Value Disclosure [Abstract]
Marketable securities	9	5
Certificates of deposit \| Level 3
Assets, Fair Value Disclosure [Abstract]
Marketable securities	0	0
Asset-backed securities
Assets, Fair Value Disclosure [Abstract]
Marketable securities	3	7
Asset-backed securities \| Level 1
Assets, Fair Value Disclosure [Abstract]
Marketable securities	0	0
Asset-backed securities \| Level 2
Assets, Fair Value Disclosure [Abstract]
Marketable securities	3	7
Asset-backed securities \| Level 3
Assets, Fair Value Disclosure [Abstract]
Marketable securities	0	0
Sovereign bonds
Assets, Fair Value Disclosure [Abstract]
Marketable securities		4
Sovereign bonds \| Level 1
Assets, Fair Value Disclosure [Abstract]
Marketable securities		0
Sovereign bonds \| Level 2
Assets, Fair Value Disclosure [Abstract]
Marketable securities		4
Sovereign bonds \| Level 3
Assets, Fair Value Disclosure [Abstract]
Marketable securities		0
Mortgage loans held for sale pledged under agreements to repurchase
Assets, Fair Value Disclosure [Abstract]
Mortgages held-for-sale		7
Mortgage loans held for sale pledged under agreements to repurchase \| Level 1
Assets, Fair Value Disclosure [Abstract]
Mortgages held-for-sale		0
Mortgage loans held for sale pledged under agreements to repurchase \| Level 2
Assets, Fair Value Disclosure [Abstract]
Mortgages held-for-sale		7
Mortgage loans held for sale pledged under agreements to repurchase \| Level 3
Assets, Fair Value Disclosure [Abstract]
Mortgages held-for-sale		0
Mortgage loans held for sale
Assets, Fair Value Disclosure [Abstract]
Mortgages held-for-sale	1	4
Mortgage loans held for sale \| Level 1
Assets, Fair Value Disclosure [Abstract]
Mortgages held-for-sale	0	0
Mortgage loans held for sale \| Level 2
Assets, Fair Value Disclosure [Abstract]
Mortgages held-for-sale	1	4
Mortgage loans held for sale \| Level 3
Assets, Fair Value Disclosure [Abstract]
Mortgages held-for-sale	$ 0	$ 0

CASH, CASH EQUIVALENTS, AND INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022 and December 31, 2021, are as follows (in millions):


	September 30, 2022
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Cash	$	174	$	—	$	—	$	174	$	174	$	—
Time deposit	201		—		—		201		201		—
Money market funds	952		—		—		952		952		—

Corporate debt securities	145		—		(5)		140		—		140

Commercial paper	15		—		—		15		—		15
Equity securities	11		—		—		11		—		11
Certificates of deposit	9		—		—		9		—		9
Asset-backed securities	3		—		—		3		—		3


Total	$	1,510	$	—	$	(5)	$	1,505	$	1,327	$	178


	December 31, 2021
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Cash	$	81	$	—	$	—	$	81	$	81	$	—
Money market funds	1,350		—		—		1,350		1,350		—
Time deposit	300		—		—		300		300		—
Corporate debt securities	208		—		(1)		207		—		207
Mutual fund	200		—		—		200		—		200
Equity securities	46		—		—		46		—		46
Commercial paper	15		—		—		15		—		15
Asset-backed securities	7		—		—		7		—		7
Certificates of deposit	5		—		—		5		—		5
Sovereign bonds	4		—		—		4		—		4


Total	$	2,216	$	—	$	(1)	$	2,215	$	1,731	$	484

Schedule of Unrealized Loss on Investments

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


	Less than 12 Months				12 Months or Greater				Total
September 30, 2022	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Money market funds	$	—	$	—	$	—	$	—	$	—	$	—
Corporate debt securities	88		(3)		52		(2)		140		(5)
Commercial paper	15		—		—		—		15		—
Certificates of deposit	6		—		—		—		6		—
Asset-backed securities	1		—		2		—		3		—

Total	$	110	$	(3)	$	54	$	(2)	$	164	$	(5)


	Less than 12 Months				12 Months or Greater				Total
December 31, 2021	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Money market funds	$	259	$	—	$	—	$	—	$	259	$	—
Corporate debt securities	207		(1)		—		—		207		(1)
Commercial paper	15		—		—		—		15		—
Asset-backed securities	7		—		—		—		7		—
Certificates of deposit	5		—		—		—		5		—
Sovereign bonds	4		—		—		—		4		—
Total	$	497	$	(1)	$	—	$	—	$	497	$	(1)

Scheduled Contractual Maturities of Marketable Securities

The scheduled contractual maturities of debt securities as of September 30, 2022 are as follows (in millions):


September 30, 2022	Fair Value		Within 1 Year		After 1 Year through 5 Years
Corporate debt securities	$	140	$	81	$	59
Commercial paper	15		15		—
Certificates of deposit	9		9		—
Asset-backed securities	3		3		—



Total	$	167	$	108	$	59

Schedule of Non- Marketable Equity Securities and Equity Method Investment

A summary of non-marketable equity securities and equity method investment balances as of September 30, 2022 and December 31, 2021 are as follows (in millions):


	September 30, 2022		December 31, 2021
Equity method investments	$	20	$	—
Non-marketable equity securities	5		5
Total	$	25	$	5

NET LOSS PER SHARE - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	74,726	74,369	74,726	74,369
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	62,329	56,404	62,329	56,404
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	11,083	16,740	11,083	16,740
Unvested Shares from Early Exercise
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	9	0	9
Restricted Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	485	1,216	485	1,216
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	829	0	829	0

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets subject to amortization consisted of the following as of September 30, 2022 and December 31, 2021, respectively (in millions, except years):


September 30, 2022	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Remaining Weighted Average Useful Life (Years)
Developed technology	$	9	$	(7)	$	2	0.4
Customer relationships	7		(4)		3		1.9
Trademarks	5		(3)		2		1.9

Intangible assets – net	$	21	$	(14)	$	7


December 31, 2021	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Remaining Weighted Average Useful Life (Years)
Developed technology	$	7	$	(2)	$	5	0.7
Customer relationships	7		(3)		4		2.7
Trademarks	5		(2)		3		2.7

Intangible assets – net	$	19	$	(7)	$	12

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of September 30, 2022, expected amortization of intangible assets is as follows:


Fiscal Years	(In millions)
Remainder of 2022	$	1
2023	4
2024	2

Total	$	7

SHARE-BASED AWARDS - ESPP (Details) - USD ($)	3 Months Ended		9 Months Ended
SHARE-BASED AWARDS - ESPP (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 52,000,000	$ 62,000,000	$ 178,000,000	$ 465,000,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Calendar year limitation on contributions	$ 25,000		$ 25,000
Number of shares allowed per employee, per offering period	1,000		1,000
Employee Stock Purchase Plan \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payroll deductions			15.00%
Common stock discount on 1000 shares per employee			15.00%
Employee payroll contributions with held	$ 1,000,000		$ 1,000,000
Share-based compensation expense	1,000,000		2,000,000
Estimated unrecognized compensation expense	$ 1,000,000		$ 1,000,000
Recognized over remaining term of offering period			5 months

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-39253
Entity Registrant Name	Opendoor Technologies Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-1318214
Entity Address, Address Line One	410 N. Scottsdale Road,
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Tempe,
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85281
City Area Code	480
Local Phone Number	618-6760
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	OPEN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		634,202,431
Entity Central Index Key	0001801169
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax provision	$ 1	$ 1	$ 2	$ 1
Effective tax rate	(0.08%)	(0.58%)	(0.19%)	(0.17%)

- Definition

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

+ References + Details

NET LOSS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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 nine months ended September 30, 2022 and 2021 (in millions, except share amounts which are presented in thousands, and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Basic and diluted net loss per share:
Numerator:



Net loss attributable to common shareholders – basic and diluted	$	(928)	$	(57)	$	(954)	$	(471)
Denominator:
Weighted average shares outstanding – basic and diluted	629,535		603,389		624,581		585,854
Basic and diluted net loss per share	$	(1.47)	$	(0.09)	$	(1.53)	$	(0.80)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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 September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021



RSUs	62,329	56,404	62,329	56,404
Options	11,083	16,740	11,083	16,740
Unvested Shares from Early Exercise	—	9	—	9
Restricted Shares	485	1,216	485	1,216
Employee Stock Purchase Plan	829	—	829	—

Total anti-dilutive securities	74,726	74,369	74,726	74,369

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (954)	$ (471)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities:
Depreciation and amortization	59	30
Amortization of right of use asset	6	6
Stock-based compensation	178	465
Warrant fair value adjustment	0	(12)
Gain on settlement of lease liabilities	0	(5)
Inventory valuation adjustment	663	32
Changes in fair value of equity securities	36	(51)
Net fair value adjustments and loss on sale of mortgage loans held for sale	(1)	(3)
Origination of mortgage loans held for sale	(118)	(154)
Proceeds from sale and principal collections of mortgage loans held for sale	128	142
Changes in operating assets and liabilities:
Escrow receivable	(70)	(120)
Real estate inventory	(663)	(5,806)
Other assets	0	(50)
Accounts payable and other accrued liabilities	73	102
Interest payable	4	3
Lease liabilities	(6)	(12)
Net cash used in operating activities	(665)	(5,904)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(33)	(23)
Purchase of intangible assets	0	(1)
Purchase of marketable securities	(28)	(459)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities	293	86
Purchase of non-marketable equity securities	(25)	(15)
Proceeds from sale of non-marketable equity securities	3	0
Capital returns from non-marketable equity securities	3	0
Acquisitions, net of cash acquired	(3)	(20)
Net cash provided by (used in) investing activities	210	(432)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes, net of issuance costs	0	953
Purchase of capped calls related to the convertible senior notes	0	(119)
Proceeds from exercise of stock options	4	11
Proceeds from issuance of common stock for ESPP	2	0
Proceeds from warrant exercise	0	22
Proceeds from the February 2021 Offering	0	886
Issuance cost of common stock	0	(29)
Proceeds from non-recourse asset-backed debt	9,160	7,782
Principal payments on non-recourse asset-backed debt	(8,179)	(2,837)
Proceeds from other secured borrowings	114	151
Principal payments on other secured borrowings	(121)	(138)
Payment of loan origination fees and debt issuance costs	(24)	(9)
Net cash provided by financing activities	956	6,673
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	501	337
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period	2,578	1,506
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period	3,079	1,843
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest	248	57
DISCLOSURES OF NONCASH ACTIVITIES:
Stock-based compensation expense capitalized for internally developed software	13	9
Issuance of common stock in extinguishment of warrant liabilities	0	(35)
RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	1,327	1,359
Restricted cash	1,752	484
Cash, cash equivalents, and restricted cash	$ 3,079	$ 1,843

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

SHAREHOLDERS’ EQUITY	9 Months Ended
SHAREHOLDERS’ EQUITY	Sep. 30, 2022
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 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 11 — Share-Based Awards”.WARRANTS Public and Sponsor Warrants 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. The warrants issued as part of SCH's initial public offering are the “Public Warrants” and warrants sold privately to the sponsor of SCH are the "Sponsor Warrants." 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 Sponsor 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 million. In connection with the redemption, the Public Warrants stopped trading on the Nasdaq on July 9, 2021. The Company recorded a warrant fair value adjustment of $(3) million and $(12) million for the change in fair value of the Sponsor Warrants for the three and nine months ended September 30, 2021, respectively. Marketing Warrants On July 28, 2022, the Company entered into a warrant agreement with Zillow, Inc. (“Zillow”) in connection with a partnership arrangement that allows for Zillow to purchase up to 6 million shares of common stock that will vest in tranches (each, a “Tranche”) upon Zillow providing resale marketing services to the Company. Each Tranche will have an exercise price per share equal to the 30-day trailing volume weighted average price per share of Opendoor Common Stock (“VWAP”) prior to the vesting date of that Tranche, subject to a $15 floor and $30 cap per share. After a Tranche has vested, the Tranche can be exercised via a cash payment or a cashless exercise; provided that the Company has the option to cash settle any exercise. The warrant expires in July 2027, subject to extension for an additional Tranche and early termination under limited circumstances. We expect Zillow to begin providing marketing services under the partnership arrangement in early 2023. Accordingly, as of September 30, 2022, no warrant shares had vested

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CREDIT FACILITIES AND LONG-TERM DEBT - Mortgage Financing (Details) - Secured Debt	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Mortgage loans	$ 0
Repo Facility 2019-R1
Debt Instrument [Line Items]
Principal amount	100,000,000
Amount fully committed	$ 20,000,000

SHARE-BASED AWARDS - Fair Value Assumptions (Details) - Employee Stock Purchase Plan - Employee Stock Purchase Plan - $ / shares	6 Months Ended
	Feb. 28, 2023	Aug. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value		$ 3.55
Volatility		101.40%
Risk-free rate		0.60%
Expected life (in years)		6 months
Expected dividend		0.00%
Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value	$ 1.78
Volatility	94.50%
Risk-free rate	3.34%
Expected life (in years)	6 months
Expected dividend	0.00%

CREDIT FACILITIES AND LONG-TERM DEBT - Capped Calls (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Aug. 31, 2021 USD ($) $ / shares
Debt Instrument [Line Items]
Capped calls cap price premium	100.00%
Call Option
Debt Instrument [Line Items]
Capped calls cost \| $	$ 119
Capped calls strike price (in dollars per share)	$ 19.23
Capped calls cap price (in dollars per share)	$ 29.59

REAL ESTATE INVENTORY (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Real Estate Inventory


	September 30, 2022		December 31, 2021
Work in progress	$	642	$	1,971
Finished goods:
Listed for sale	4,209		2,325
Under contract for sale	1,242		1,800
Total real estate inventory	$	6,093	$	6,096

GOODWILL AND INTANGIBLE ASSETS - Expected Amortization of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 1
2023	4
2024	2
Net Carrying Amount	$ 7	$ 12

CASH, CASH EQUIVALENTS, AND INVESTMENTS

9 Months Ended

Sep. 30, 2022

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS, AND INVESTMENTS


	September 30, 2022
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Cash	$	174	$	—	$	—	$	174	$	174	$	—
Time deposit	201		—		—		201		201		—
Money market funds	952		—		—		952		952		—

Corporate debt securities	145		—		(5)		140		—		140

Commercial paper	15		—		—		15		—		15
Equity securities	11		—		—		11		—		11
Certificates of deposit	9		—		—		9		—		9
Asset-backed securities	3		—		—		3		—		3


Total	$	1,510	$	—	$	(5)	$	1,505	$	1,327	$	178


	December 31, 2021
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Cash	$	81	$	—	$	—	$	81	$	81	$	—
Money market funds	1,350		—		—		1,350		1,350		—
Time deposit	300		—		—		300		300		—
Corporate debt securities	208		—		(1)		207		—		207
Mutual fund	200		—		—		200		—		200
Equity securities	46		—		—		46		—		46
Commercial paper	15		—		—		15		—		15
Asset-backed securities	7		—		—		7		—		7
Certificates of deposit	5		—		—		5		—		5
Sovereign bonds	4		—		—		4		—		4


Total	$	2,216	$	—	$	(1)	$	2,215	$	1,731	$	484

During the three and nine months ended September 30, 2022, the Company recognized $11 million and $36 million of net unrealized losses, respectively, in the condensed consolidated statements of operations related to equity securities held as of September 30, 2022. During both the three and nine months ended September 30, 2021, the Company recognized $51 million of net unrealized gains in the condensed consolidated statements of operations related to equity securities held as of September 30, 2021.

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


	Less than 12 Months				12 Months or Greater				Total
September 30, 2022	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Money market funds	$	—	$	—	$	—	$	—	$	—	$	—
Corporate debt securities	88		(3)		52		(2)		140		(5)
Commercial paper	15		—		—		—		15		—
Certificates of deposit	6		—		—		—		6		—
Asset-backed securities	1		—		2		—		3		—

Total	$	110	$	(3)	$	54	$	(2)	$	164	$	(5)


	Less than 12 Months				12 Months or Greater				Total
December 31, 2021	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Money market funds	$	259	$	—	$	—	$	—	$	259	$	—
Corporate debt securities	207		(1)		—		—		207		(1)
Commercial paper	15		—		—		—		15		—
Asset-backed securities	7		—		—		—		7		—
Certificates of deposit	5		—		—		—		5		—
Sovereign bonds	4		—		—		—		4		—
Total	$	497	$	(1)	$	—	$	—	$	497	$	(1)

The scheduled contractual maturities of debt securities as of September 30, 2022 are as follows (in millions):


September 30, 2022	Fair Value		Within 1 Year		After 1 Year through 5 Years
Corporate debt securities	$	140	$	81	$	59
Commercial paper	15		15		—
Certificates of deposit	9		9		—
Asset-backed securities	3		3		—



Total	$	167	$	108	$	59

A summary of non-marketable equity securities and equity method investment balances as of September 30, 2022 and December 31, 2021 are as follows (in millions):


	September 30, 2022		December 31, 2021
Equity method investments	$	20	$	—
Non-marketable equity securities	5		5
Total	$	25	$	5

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Amortized Cost (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 1,327	$ 1,731	$ 1,359
Equity securities	11	46
Total cost basis	1,510	2,216
Unrealized Gains	0	0
Unrealized Losses	(5)	(1)
Fair Value	167
Total fair value	1,505	2,215
Equity securities, cash and cash equivalents	0	0
Cash and Cash Equivalents	1,327	1,731
Equity securities, marketable securities	11	46
Marketable securities	178	484
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Cost Basis	145	208
Unrealized Gains	0	0
Unrealized Losses	(5)	(1)
Fair Value	140	207
Debt securities, available-for-sale, cash and cash equivalents	0	0
Debt securities, available-for-sale, marketable securities	140	207
Commercial paper
Cash and Cash Equivalents [Line Items]
Cost Basis	15	15
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	15	15
Debt securities, available-for-sale, cash and cash equivalents	0	0
Debt securities, available-for-sale, marketable securities	15	15
Mutual fund
Cash and Cash Equivalents [Line Items]
Mutual fund		200
Mutual fund, cash and cash equivalents		0
Mutual fund, marketable securities		200
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Cost Basis	9	5
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	9	5
Debt securities, available-for-sale, cash and cash equivalents	0	0
Debt securities, available-for-sale, marketable securities	9	5
Asset-backed securities
Cash and Cash Equivalents [Line Items]
Cost Basis	3	7
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	3	7
Debt securities, available-for-sale, cash and cash equivalents	0	0
Debt securities, available-for-sale, marketable securities	3	7
Sovereign bonds
Cash and Cash Equivalents [Line Items]
Cost Basis		4
Unrealized Gains		0
Unrealized Losses		0
Fair Value		4
Debt securities, available-for-sale, cash and cash equivalents		0
Debt securities, available-for-sale, marketable securities		4
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	174	81
Time deposit
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	201	300
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 952	$ 1,350

REAL ESTATE INVENTORY - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
REAL ESTATE INVENTORY - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($) home	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) home	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Inventory Disclosure [Abstract]
Inventory valuation adjustments	$ 622		$ 622		$ 40
Number of homes under contract to be purchased \| home	2,259		2,259
Aggregate purchase price for homes	$ 802		$ 802
Valuation adjustments	$ 573	$ 31	$ 663	$ 32

CREDIT FACILITIES AND LONG-TERM DEBT - Asset-backed Mezzanine Term Debt Facilities (Details)	9 Months Ended
	Sep. 30, 2022
Revolving Credit Facility \| Asset-backed Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Debt instrument, term, withdrawal period, maximum	42 months

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

Description of Business

Opendoor Technologies Inc. (the “Company” and “Opendoor”) including its consolidated subsidiaries and certain variable interest entities (“VIEs”), is a leading digital platform for residential real estate. By leveraging software, data science, product design and operations, Opendoor has rebuilt the service model for real estate and has made buying and selling possible on a mobile device. The Company was incorporated in Delaware on December 30, 2013.

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 September 30, 2022 and December 31, 2021 and for the three and nine month periods ended September 30, 2022 and 2021 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 intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements herein. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation.

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

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, 2021 (“Annual Report”) filed on February 24, 2022.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that have a material impact on the amounts reported in the financial statements and accompanying notes. Significant estimates, assumptions and judgments made by management include, among others, the determination of the fair value of common stock, share-based awards, warrants, and inventory valuation adjustment. Management believes that the estimates and judgments upon which management relies are reasonable based upon information available to management at the time that these estimates and judgments are made. To the extent there are material differences between these estimates, assumptions and judgments and actual results, the carrying values of the Company's assets and liabilities and the results of operations will be affected. The health of the residential housing market and interest rate environment have introduced additional uncertainty with respect to judgments, estimates and assumptions, which may materially impact the estimates previously listed, among others.

Significant Risks and Uncertainties

The Company operates in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, the Company believes that changes in any of the following 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 inventory; engagement and usage of its products; the effectiveness of its investment of resources to pursue strategies; competition in its market; the stability of the residential real estate market; the impact of interest rate changes on demand for and pricing of its products and on the cost of capital; changes in technology, products, markets or services by the Company or its competitors; its ability to maintain or establish relationships with listings and data providers; its

ability to obtain or maintain licenses and permits to support its current and future businesses; actual or anticipated changes to its products and services; changes in government regulation affecting its business; the outcomes of legal proceedings; natural disasters and catastrophic events; scaling and adaptation of existing technology and network infrastructure; its management of its growth; its ability to attract and retain qualified employees and key personnel; its ability to successfully integrate and realize the benefits of its past or future strategic acquisitions or investments; the protection of customers’ information and other privacy concerns; the protection of its brand and intellectual property; and intellectual property infringement and other claims, among other things.

Concentrations of Credit Risk

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

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 nine month period ended September 30, 2022, except as noted below.

Investments

The Company’s investments in marketable securities consist of debt securities classified as available-for-sale as well as marketable equity securities. The Company's available-for-sale debt securities are measured at fair value with unrealized gains and losses included in Accumulated other comprehensive loss in shareholders' equity and realized gains and losses included in Other (loss) income-net.

The Company’s strategic investments consist of a marketable equity security, which is publicly traded, and non-marketable equity securities, which are investments in privately held companies. Marketable equity securities have readily determinable fair values with changes in fair value recorded in Other (loss) income-net. Non-marketable equity securities and equity method investments do not have readily determinable fair values. These securities are accounted for under one of the following accounting methods:

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

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

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

The Company assesses whether an impairment loss on its non-marketable equity securities has occurred due to declines in fair value or other market conditions. When the fair value of an equity method investment is less than its carrying value, the Company writes down the investment to fair value when the decline in value is considered to be other than temporary. When the fair value of an investment accounted for using the measurement alternative is less than its carrying value, the Company writes down the investment to its fair value, without the consideration of recovery. See “Note 4 — Cash, Cash Equivalents, and Investments” for further discussion.

Real Estate Inventory

Real estate inventory is carried at the lower of cost or net realizable value and the Company applies the specific identification method whereby each property constitutes the unit of account. Real estate inventory cost includes but is not limited to the property purchase price, acquisition costs and direct costs to renovate or repair the home, less inventory valuation adjustments, if any. Work in progress inventory includes homes undergoing repairs and finished goods inventory includes

homes that are listed for sale, including homes ready for listing, and homes under contract for sale. Real estate inventory is reviewed for valuation adjustments at least quarterly. If the carrying amount or cost basis is not expected to be recovered, an inventory valuation adjustment is recorded to Cost of revenue and the related assets are adjusted to their net realizable value.

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment and definite-lived intangible assets, among other long-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. The impairment loss recognized for the three and nine months ended September 30, 2022 is related to impairment of certain internally developed software projects. The impairment loss recognized for the three and nine months ended September 30, 2021 is related to abandonment of property and equipment, impairment and abandonment of certain internally developed software projects, and sublease of certain right of use assets. The impairment loss recognized during the periods presented is as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
General and administrative	$	—	$	—	$	—	$	1
Technology and development	1		1		1		3
Total impairment loss	$	1	$	1	$	1	$	4

Stock-Based Compensation

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

Stock Options

The Company has granted stock options with a service condition to vest, which is generally four years. The Company records stock-based compensation expense for service-based stock options on a straight-line basis over the requisite service period. These amounts are reduced by forfeitures as they occur. The Company uses the Black-Scholes-Merton option-pricing model to determine the fair value as of the grant date for stock options.

RSUs

Prior to its listing, the Company granted RSUs with a performance condition, based on a liquidity event, as defined by the share agreement, as well as a service condition to vest, which was generally four years. The Company determined the fair value of RSUs based on the valuation of the Company’s common stock as of the grant date. No compensation expense was recognized for performance-based awards until the liquidity event occurred in February 2021. Subsequent to the occurrence of the liquidity event, compensation expense was recognized on an accelerated attribution basis over the requisite service period of the awards. After the Company became listed, the RSUs granted are generally only subject to a service condition to vest and typically vest over one to four years. Compensation expense is recognized on a straight-line basis subject to a floor of the vested number of shares for each award.

Market Condition RSUs

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

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

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

Restricted Shares

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

ESPP

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

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 145		$ 145		$ 102
Accumulated depreciation and amortization	(83)		(83)		(57)
Property and equipment – net	62		62		45
Depreciation and amortization expense	10	$ 7	28	$ 19
Internally developed software
Property, Plant and Equipment [Line Items]
Property, plant and equipment	103		103		71
Security systems
Property, Plant and Equipment [Line Items]
Property, plant and equipment	18		18		10
Computers
Property, Plant and Equipment [Line Items]
Property, plant and equipment	13		13		11
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment	3		3		3
Software implementation costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment	3		3		3
Office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	3		3		2
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 2		$ 2		$ 2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Other Comprehensive Income [Abstract]
NET LOSS	$ (928)	$ (57)	$ (954)	$ (471)
OTHER COMPREHENSIVE LOSS:
Unrealized loss on marketable securities	0	0	(3)	0
COMPREHENSIVE LOSS	$ (928)	$ (57)	$ (957)	$ (471)

- Definition

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

+ References

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+ Details

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 dollars per share)		$ 27.00
Net proceeds from offering		$ 859
Over-Allotment Option
Class of Stock [Line Items]
Shares sold (in shares)	4,280,533

SHARE-BASED AWARDS (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of the Stock Option Activity

A summary of the stock option activity for the nine months ended September 30, 2022, is as follows:


	Number of Options (in thousands)	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Balance-December 31, 2021	14,546	$	2.12	4.7	$	182
Granted	—	—
Exercised	(2,892)	1.36
Forfeited	(344)	4.08
Expired	(227)	0.77
Balance-September 30, 2022	11,083	$	2.28	3.9	$	13
Exercisable-September 30, 2022	10,824	$	2.13	3.8	$	13

Summary of the RSU Activity

A summary of the RSU activity for the nine months ended September 30, 2022, is as follows:


	Number of RSUs (in thousands)	Weighted- Average Grant-Date Fair Value
Unvested and outstanding-December 31, 2021	53,446	$	17.35
Granted	28,735	6.80
Vested	(12,958)	11.85
Forfeited	(6,894)	12.46
Unvested and outstanding-September 30, 2022	62,329	$	14.17

Summary of the Restricted Shares Activity

A summary of the Restricted Shares activity for the nine months ended September 30, 2022 is as follows:


	Number of Restricted Shares (in thousands)	Average Grant-Date Fair Value
Unvested-December 31, 2021	692	$	3.91

Vested	(138)	3.02
Forfeited	(69)	3.02
Unvested-September 30, 2022	485	$	4.29

Summary of Assumptions Used in the Black-Scholes Model for Employee and Non-Employee Stock Options


	Offering Period
	September 1, 2022 - February 28, 2023			March 1, 2022 - August 31, 2022
Fair value	$	1.78		$	3.55
Volatility	94.5		%	101.4		%
Risk-free rate	3.34		%	0.60		%
Expected life (in years)	0.5			0.5
Expected dividend	$	—		$	—

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
General and administrative	$	38	$	52	$	132	$	405
Sales, marketing and operations	5		2		14		10
Technology and development	9		8		32		50
Total stock-based compensation expense	$	52	$	62	$	178	$	465

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions		1 Months Ended	9 Months Ended
	Oct. 01, 2022	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Loss Contingencies [Line Items]
Gain on settlement of lease liabilities			$ 0	$ 5
Subsequent Event
Loss Contingencies [Line Items]
Amount awarded to other party	$ 62
Payments for legal settlement		$ 62

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
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 residential real estate. By leveraging software, data science, product design and operations, Opendoor has rebuilt the service model for real estate and has made buying and selling possible on a mobile device. 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 September 30, 2022 and December 31, 2021 and for the three and nine month periods ended September 30, 2022 and 2021 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 intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements herein. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The Company was formed through a business combination with Social Capital Hedosophia Holdings Corp. II (“SCH”), a Cayman Islands exempted company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Business Combination, pursuant to which Opendoor Labs Inc. became a wholly owned subsidiary of SCH and SCH changed its name from “Social Capital Hedosophia Holdings Corp. II” to “Opendoor Technologies Inc.”, was completed on December 18, 2020, and was accounted for as a reverse recapitalization, in accordance with GAAP. 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, 2021 (“Annual Report”) filed on February 24, 2022.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that have a material impact on the amounts reported in the financial statements and accompanying notes. Significant estimates, assumptions and judgments made by management include, among others, the determination of the fair value of common stock, share-based awards, warrants, and inventory valuation adjustment. Management believes that the estimates and judgments upon which management relies are reasonable based upon information available to management at the time that these estimates and judgments are made. To the extent there are material differences between these estimates, assumptions and judgments and actual results, the carrying values of the Company's assets and liabilities and the results of operations will be affected. The health of the residential housing market and interest rate environment have introduced additional uncertainty with respect to judgments, estimates and assumptions, which may materially impact the estimates previously listed, among others.
Significant Risks and Uncertainties	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 inventory; engagement and usage of its products; the effectiveness of its investment of resources to pursue strategies; competition in its market; the stability of the residential real estate market; the impact of interest rate changes on demand for and pricing of its products and on the cost of capital; changes in technology, products, markets or services by the Company or its competitors; its ability to maintain or establish relationships with listings and data providers; its ability to obtain or maintain licenses and permits to support its current and future businesses; actual or anticipated changes to its products and services; changes in government regulation affecting its business; the outcomes of legal proceedings; natural disasters and catastrophic events; 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, restricted cash, and investments in marketable securities. The Company places cash and cash equivalents and investments with major financial institutions, which management assesses to be of high credit quality, in order to limit exposure of the Company’s investments.
Investments	Investments The Company’s investments in marketable securities consist of debt securities classified as available-for-sale as well as marketable equity securities. The Company's available-for-sale debt securities are measured at fair value with unrealized gains and losses included in Accumulated other comprehensive loss in shareholders' equity and realized gains and losses included in Other (loss) income-net.
Non-Marketable Equity Securities	The Company’s strategic investments consist of a marketable equity security, which is publicly traded, and non-marketable equity securities, which are investments in privately held companies. Marketable equity securities have readily determinable fair values with changes in fair value recorded in Other (loss) income-net. Non-marketable equity securities and equity method investments do not have readily determinable fair values. These securities are accounted for under one of the following accounting methods: •Equity method: This method is applied when the Company has the ability to exert significant influence over the investee. The securities are recorded at cost and adjusted for the Company’s share of the investee’s earnings or losses, less any dividends received and/or impairments. •Measurement alternative: This method is followed for all remaining non-marketable equity securities. These securities are recorded at cost minus impairment, if any, adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer. All realized and unrealized gains and losses or the Company's share of the investee's earnings or losses, including impairment losses, are recognized in Other (loss) income-net. Any dividends on equity method investments are recognized as a reduction of the investment's carrying value. Non-marketable equity securities are reported in Other assets. The Company assesses whether an impairment loss on its non-marketable equity securities has occurred due to declines in fair value or other market conditions. When the fair value of an equity method investment is less than its carrying value, the Company writes down the investment to fair value when the decline in value is considered to be other than temporary. When the fair value of an investment accounted for using the measurement alternative is less than its carrying value, the Company writes down the investment to its fair value, without the consideration of recovery. See “Note 4 — Cash, Cash Equivalents, and Investments” for further discussion.
Real Estate Inventory	Real Estate Inventory Real estate inventory is carried at the lower of cost or net realizable value and the Company applies the specific identification method whereby each property constitutes the unit of account. Real estate inventory cost includes but is not limited to the property purchase price, acquisition costs and direct costs to renovate or repair the home, less inventory valuation adjustments, if any. Work in progress inventory includes homes undergoing repairs and finished goods inventory includes homes that are listed for sale, including homes ready for listing, and homes under contract for sale. Real estate inventory is reviewed for valuation adjustments at least quarterly. If the carrying amount or cost basis is not expected to be recovered, an inventory valuation adjustment is recorded to Cost of revenue and the related assets are adjusted to their net realizable value.
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-lived assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent the carrying amount of the underlying asset exceeds its fair value.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation awards consist of stock options, restricted stock units (“RSUs”), shares of restricted stock (“Restricted Shares”), and shares issued pursuant the 2020 Employee Stock Purchase Plan ("ESPP"). Stock Options The Company has granted stock options with a service condition to vest, which is generally four years. The Company records stock-based compensation expense for service-based stock options on a straight-line basis over the requisite service period. These amounts are reduced by forfeitures as they occur. The Company uses the Black-Scholes-Merton option-pricing model to determine the fair value as of the grant date for stock options. RSUs Prior to its listing, the Company granted RSUs with a performance condition, based on a liquidity event, as defined by the share agreement, as well as a service condition to vest, which was generally four years. The Company determined the fair value of RSUs based on the valuation of the Company’s common stock as of the grant date. No compensation expense was recognized for performance-based awards until the liquidity event occurred in February 2021. Subsequent to the occurrence of the liquidity event, compensation expense was recognized on an accelerated attribution basis over the requisite service period of the awards. After the Company became listed, the RSUs granted are generally only subject to a service condition to vest and typically vest over one to four years. Compensation expense is recognized on a straight-line basis subject to a floor of the vested number of shares for each award. Market Condition RSUs The Company has granted RSUs with a performance condition, based on a liquidity event, as defined by the share agreement, as well as a market condition to vest. Subject to the employee’s continued services to the Company, the market-based conditions are satisfied upon the Company’s achievement of certain share price milestones calculated based on 60-day volume weighted average. For market-based RSUs, the Company determines the grant-date fair value utilizing Monte Carlo simulations, which incorporates various assumptions, including expected stock price volatility, contractual term, dividend yield, and stock price at grant date. The Company estimates the volatility of common stock on the date of grant based on the weighted-average historical stock price volatility of comparable publicly-traded companies. As the Company had no history of dividend payments and had not declared any prospective dividends, a 0% dividend yield was assumed. For stock-based compensation, each market-based condition is treated as an accounting unit and expense is recognized over the requisite service period with respect to each unit and only if performance-based conditions are considered probable to be satisfied. The Company determines the requisite service period by comparing the derived service period to achieve the market-based condition and the explicit service-based period, if any, using the longer of the two service periods as the requisite service period. Restricted Shares The fair value of the Restricted Shares is equal to the estimated fair value of the Company’s common stock on the grant date. The Company recognizes compensation expense for the shares on a straight-line basis over the requisite service period of the awards. The fair value of these shares will be recognized into common stock and additional paid-in-capital as the shares vest. ESPP The Company recognizes stock-based compensation expense related to purchase rights granted pursuant to the 2020 ESPP on a straight-line basis over the offering period. The Company estimates the fair value of purchase rights granted under the ESPP using the Black-Scholes option-pricing model.

RELATED PARTIES (Details) - Executive Officer - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jun. 29, 2021	Dec. 31, 2018
Related Party Transaction [Line Items]
Unvested common stock purchased (in shares)		1,479,459
Share price (in dollars per share)		$ 1.01
Consideration for purchase of unvested common stock		$ 1.5
Interest rate (in percent)		2.31%
Amount repaid under promissory note	$ 1.6

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock	Common Stock Restricted Shares	Common Stock RSUs	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2020		540,714,692
Beginning balance at Dec. 31, 2020	$ 1,553	$ 0			$ 2,596	$ (1,043)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with the February 2021 Offering (in shares)		32,817,421
Issuance of common stock in connection with the February 2021 Offering	857				857
Vesting of restricted stock and restricted stock units (in shares)		979,198		17,712,282
Common stock issued upon exercise of warrants (in shares)		8,200,151
Common stock issued upon exercise of warrants	58				58
Exercise of stock options (in shares)		6,791,489
Exercise of stock options	11				11
Purchases of Capped Calls related to the 2026 Notes	(119)				(119)
Stock-based compensation	474				474
Net loss	(471)					(471)
Ending balance (in shares) at Sep. 30, 2021		607,215,233
Ending balance at Sep. 30, 2021	2,363	$ 0			3,877	(1,514)	0
Beginning balance (in shares) at Jun. 30, 2021		593,838,919
Beginning balance at Jun. 30, 2021	2,418	$ 0			3,875	(1,457)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock and restricted stock units (in shares)			318,929	2,812,297
Common stock issued upon exercise of warrants (in shares)		7,695,674
Common stock issued upon exercise of warrants	52				52
Exercise of stock options (in shares)		2,549,414
Exercise of stock options	4				4
Purchases of Capped Calls related to the 2026 Notes	(119)				(119)
Stock-based compensation	65				65
Net loss	(57)					(57)
Ending balance (in shares) at Sep. 30, 2021		607,215,233
Ending balance at Sep. 30, 2021	$ 2,363	$ 0			3,877	(1,514)	0
Beginning balance (in shares) at Dec. 31, 2021	616,026,565	616,026,565
Beginning balance at Dec. 31, 2021	$ 2,248	$ 0			3,955	(1,705)	(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock and restricted stock units (in shares)			142,445	12,957,946
Exercise of stock options (in shares)	2,892,000	2,892,389
Exercise of stock options	$ 4				4
Employee stock purchase plan (in shares)		493,790
Employee stock purchase plan	2				2
Stock-based compensation	191				191
Other comprehensive loss	(3)						(3)
Net loss	$ (954)					(954)
Ending balance (in shares) at Sep. 30, 2022	632,513,135	632,513,135
Ending balance at Sep. 30, 2022	$ 1,488	$ 0			4,152	(2,659)	(5)
Beginning balance (in shares) at Jun. 30, 2022		627,033,133
Beginning balance at Jun. 30, 2022	2,356	$ 0			4,092	(1,731)	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock and restricted stock units (in shares)			316	4,414,922
Exercise of stock options (in shares)		570,974
Exercise of stock options	1				1
Employee stock purchase plan (in shares)		493,790
Employee stock purchase plan	2				2
Stock-based compensation	57				57
Other comprehensive loss	0						0
Net loss	$ (928)					(928)
Ending balance (in shares) at Sep. 30, 2022	632,513,135	632,513,135
Ending balance at Sep. 30, 2022	$ 1,488	$ 0			$ 4,152	$ (2,659)	$ (5)

REAL ESTATE INVENTORY - Schedule of Real Estate Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Work in progress	$ 642	$ 1,971
Finished goods:
Listed for sale	4,209	2,325
Under contract for sale	1,242	1,800
Total real estate inventory	$ 6,093	$ 6,096

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Summary of Debt Securities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months	$ 110	$ 497
Unrealized Losses, Less than 12 Months	(3)	(1)
Fair Value, 12 Months or Greater	54	0
Unrealized Losses 12 Months or Greater	(2)	0
Fair Value, Total	164	497
Unrealized Losses, Total	(5)	(1)
Money market funds
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months	0	259
Unrealized Losses, Less than 12 Months	0	0
Fair Value, 12 Months or Greater	0	0
Unrealized Losses 12 Months or Greater	0	0
Fair Value, Total	0	259
Unrealized Losses, Total	0	0
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months	88	207
Unrealized Losses, Less than 12 Months	(3)	(1)
Fair Value, 12 Months or Greater	52	0
Unrealized Losses 12 Months or Greater	(2)	0
Fair Value, Total	140	207
Unrealized Losses, Total	(5)	(1)
Commercial paper
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months	15	15
Unrealized Losses, Less than 12 Months	0	0
Fair Value, 12 Months or Greater	0	0
Unrealized Losses 12 Months or Greater	0	0
Fair Value, Total	15	15
Unrealized Losses, Total	0	0
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months	6	5
Unrealized Losses, Less than 12 Months	0	0
Fair Value, 12 Months or Greater	0	0
Unrealized Losses 12 Months or Greater	0	0
Fair Value, Total	6	5
Unrealized Losses, Total	0	0
Asset-backed securities
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months	1	7
Unrealized Losses, Less than 12 Months	0	0
Fair Value, 12 Months or Greater	2	0
Unrealized Losses 12 Months or Greater	0	0
Fair Value, Total	3	7
Unrealized Losses, Total	$ 0	0
Sovereign bonds
Cash and Cash Equivalents [Line Items]
Fair Value, Less than 12 Months		4
Unrealized Losses, Less than 12 Months		0
Fair Value, 12 Months or Greater		0
Unrealized Losses 12 Months or Greater		0
Fair Value, Total		4
Unrealized Losses, Total		$ 0

WARRANTS (Details) $ / shares in Units, $ in Millions			3 Months Ended		9 Months Ended
WARRANTS (Details) $ / shares in Units, $ in Millions	Jul. 28, 2022 d $ / shares shares	Jul. 09, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 $ / shares	Jan. 12, 2021 shares
Class of Warrant or Right [Line Items]
Warrants to purchase shares (in shares)								19,933,333
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Proceeds from warrant exercise \| $		$ 22			$ 0	$ 22
Warrant fair value adjustment \| $			$ 0	$ (3)	$ 0	$ (12)
Public Warrants
Class of Warrant or Right [Line Items]
Warrants to purchase shares (in shares)		13,799,947
Warrants exercised (in shares)		874,739
Exercise price of warrants (in dollars per share) \| $ / shares		$ 11.50
Warrants exercised on a cashless basis (in shares)		12,521,776
Common stock received in exchange for warrants (in shares)		4,452,659
Private Warrants
Class of Warrant or Right [Line Items]
Warrants to purchase shares (in shares)		6,133,333
Warrants exercised (in shares)		1,073,333
Exercise price of warrants (in dollars per share) \| $ / shares		$ 11.50
Warrants exercised on a cashless basis (in shares)		5,060,000
Common stock received in exchange for warrants (in shares)		1,799,336
Marketing Warrants \| Zillow
Class of Warrant or Right [Line Items]
Warrants to purchase shares (in shares)			0		0
Number of shares authorized to be purchased by warrant agreement (in shares)	6,000,000
Volume-weighted average price, days \| d	30
Marketing Warrants \| Zillow \| Minimum
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share) \| $ / shares	$ 15
Marketing Warrants \| Zillow \| Maximum
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share) \| $ / shares	$ 30

SHARE-BASED AWARDS - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Number of Options (in thousands)
Beginning balance (in shares) \| shares	14,546
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(2,892)
Forfeited (in shares) \| shares	(344)
Expired (in shares) \| shares	(227)
Ending balance (in shares) \| shares	11,083	14,546
Exercisable (in shares) \| shares	10,824
Weighted- Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 2.12
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	1.36
Forfeited (in dollars per share) \| $ / shares	4.08
Expired (in dollars per share) \| $ / shares	0.77
Ending balance (in dollars per share) \| $ / shares	2.28	$ 2.12
Exercisable (in dollars per share) \| $ / shares	$ 2.13
Weighted-Average Remaining Contractual Term (in years) and Aggregate Intrinsic Value
Weighted-average remaining contractual term (in years), outstanding	3 years 10 months 24 days	4 years 8 months 12 days
Weighted-average remaining contractual term (in years), exercisable	3 years 9 months 18 days
Aggregate intrinsic values \| $	$ 13	$ 182
Exercisable, aggregate intrinsic value \| $	$ 13

CREDIT FACILITIES AND LONG-TERM DEBT - Summary of Credit Facilities and Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Line of Credit
Debt Instrument [Line Items]
Borrowing Capacity	$ 11,800
Outstanding, current	3,372	$ 4,240
Net Carrying Amount	3,699	1,862
Line of Credit \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	8,300
Outstanding amount, current	3,372	4,240
Outstanding amount, noncurrent	2,100	900
Issuance costs	(21)	(3)
Net Carrying Amount	2,079	897
Line of Credit \| Asset-backed Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Borrowing Capacity	3,500
Outstanding amount, current	0	0
Outstanding amount, noncurrent	1,650	1,000
Issuance costs	(30)	(35)
Net Carrying Amount	1,620	965
Secured Debt
Debt Instrument [Line Items]
Borrowing Capacity	100
Outstanding, current	0	7
Net Carrying Amount	0	0
Secured Debt \| Repo Facility 2019-R1
Debt Instrument [Line Items]
Borrowing Capacity	100
Outstanding amount, current	0	7
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	2.61%	1.84%
Revolving Facility 2018-2 \| Line of Credit \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 1,000
Outstanding amount, current	573	$ 759
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	3.79%	2.84%
Revolving Facility 2018-3 \| Line of Credit \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 750
Outstanding amount, current	596	$ 673
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	3.37%	2.39%
Revolving Facility 2019-1 \| Line of Credit \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 900
Outstanding amount, current	645	$ 648
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	4.13%	2.84%
Revolving Facility 2019-2 \| Line of Credit \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 1,850
Outstanding amount, current	1,275	$ 1,149
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	3.60%	2.52%
Revolving Facility 2019-3 \| Line of Credit \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 925
Outstanding amount, current	190	$ 886
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	3.79%	3.25%
Revolving Facility 2021-1 \| Line of Credit \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 125
Outstanding amount, current	93	$ 125
Outstanding amount, noncurrent	$ 0	$ 0
Weighted average interest rate (in percent)	3.19%	2.15%
Term Debt Facility 2021-S1 \| Line of Credit \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 400
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 400	$ 400
Weighted average interest rate (in percent)	3.48%	3.48%
Term Debt Facility 2021-S2 \| Line of Credit \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 600
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 500	$ 500
Weighted average interest rate (in percent)	3.20%	3.20%
Term Debt Facility 2021-S3 \| Line of Credit \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 1,000
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 750	$ 0
Weighted average interest rate (in percent)	3.75%	3.75%
Term Debt Facility 2022-S1 \| Line of Credit \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 250
Outstanding amount, current	0
Outstanding amount, noncurrent	$ 250
Weighted average interest rate (in percent)	4.07%
Term Debt Facility 2020-M1 \| Line of Credit \| Asset-backed Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 3,000
Outstanding amount, current	0	$ 0
Outstanding amount, noncurrent	$ 1,500	$ 1,000
Weighted average interest rate (in percent)	10.00%	10.00%
Term Debt Facility 2022-M1 \| Line of Credit \| Asset-backed Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 500
Outstanding amount, current	0
Outstanding amount, noncurrent	$ 150
Weighted average interest rate (in percent)	10.00%
Term Debt Facility 2022-S2 \| Line of Credit \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing Capacity	$ 500
Outstanding amount, current	0
Outstanding amount, noncurrent	$ 200
Weighted average interest rate (in percent)	7.64%

CREDIT FACILITIES AND LONG-TERM DEBT - Convertible Senior Notes (Details) - Senior Convertible Notes 2026 - Convertible Debt	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2022 USD ($) $ / shares	Aug. 31, 2021 USD ($)
Debt Instrument [Line Items]
Stated Cash Interest Rate	0.25%	0.25%	0.25%
Principal amount			$ 978,000,000
Aggregate Principal Amount	$ 978,000,000	$ 978,000,000
Unamortized Debt Issuance Costs	(21,000,000)	(21,000,000)
Net Carrying Amount	$ 957,000,000	$ 957,000,000
Effective Interest Rate	0.77%	0.77%
Conversion Rate		0.0519926
Conversion price (in dollars per share) \| $ / shares	$ 19.23	$ 19.23
Interest expense	$ 2,000,000	$ 6,000,000

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On November 2, 2022, the Company announced a workforce reduction of approximately 550 employees, representing 18% of our workforce at that time. We are providing post-employment benefits to impacted employees for a total cash cost of approximately $15 million, which we expect will be recognized in the fourth quarter of fiscal 2022 and paid primarily during the same period. On October 19, 2022, a subsidiary of the Company entered into a new asset-backed senior revolving credit facility with $525 million in borrowing capacity and a final maturity date of October 31, 2023. As a result of this new facility, other recent amendments, and activity on existing facilities, the Company has an aggregate borrowing capacity of $12.6 billion and committed borrowing capacity of $7.3 billion for its non-recourse asset-backed debt.

NET LOSS PER SHARE - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
NET LOSS PER SHARE - Narrative (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Dividends declared	$ 0	$ 0	$ 0	$ 0

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Impairment of Long-Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets held-for-use	$ 1	$ 1	$ 1	$ 4
General and administrative
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets held-for-use	0	0	0	1
Technology and development
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets held-for-use	$ 1	$ 1	$ 1	$ 3

FAIR VALUE DISCLOSURES

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURESThe 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 the short-term nature of the instruments.

Level 1 estimated fair value measurement.

Restricted cash

Carrying value is a reasonable estimate of fair value based on the short-term nature of the instruments.

Level 1 estimated fair value measurement.

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.

Equity securities

Price is quoted given the securities are 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

Mortgage loans held for sale

Fair value is estimated based on observable market data including quoted market prices and deal price quotes.

Level 2 recurring fair value measurement.

Non-recourse asset-backed debt

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.

Level 2 estimated fair value measurement.

Other secured borrowings

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.

Level 2 estimated fair value measurement.

Convertible senior notes

Fair value is estimated using broker quotes and other observable market inputs.

Carried at amortized cost.
Level 2 estimated 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 millions):


September 30, 2022	Balance at Fair Value		Level 1		Level 2		Level 3
Marketable securities:

Corporate debt securities	$	140	$	—	$	140	$	—
Commercial paper	15		—		15		—
Equity securities	11		11		—		—
Certificates of deposit	9		—		9		—

Asset-backed securities	3		—		3		—



Other current assets:
Mortgage loans held for sale	1		—		1		—

Total assets	$	179	$	11	$	168	$	—


December 31, 2021	Balance at Fair Value		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	207	$	—	$	207	$	—
Mutual fund	200		200		—		—
Equity securities	46		46		—		—
Commercial paper	15		—		15		—
Asset-backed securities	7		—		7		—
Certificates of deposit	5		—		5		—
Sovereign bonds	4		—		4		—


Mortgage loans held for sale pledged under agreements to repurchase	7		—		7		—
Other current assets:
Mortgage loans held for sale	4		—		4		—

Total assets	$	495	$	246	$	249	$	—

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 millions):


	September 30, 2022
	Carrying Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	1,327	$	1,327	$	1,327	$	—
Restricted cash	1,752		1,752		1,752		—

Liabilities:
Non-recourse asset-backed debt	$	7,071	$	7,122	$	—	$	7,122

Convertible senior notes	957		552		—		552


	December 31, 2021
	Carrying Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	1,731	$	1,731	$	1,731	$	—
Restricted cash	847		847		847		—

Liabilities:
Non-recourse asset-backed debt	$	6,102	$	6,140	$	—	$	6,140
Other secured borrowings	7		7		—		7
Convertible senior notes	954		1,019		—		1,019

- Definition

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

+ References + Details

SHARE-BASED AWARDS - Expense and Capitalized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 52	$ 62	$ 178	$ 465
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	38	52	132	405
Sales, marketing and operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5	2	14	10
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 9	$ 8	$ 32	$ 50

CREDIT FACILITIES AND LONG-TERM DEBT

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

CREDIT FACILITIES AND LONG-TERM DEBT

The following tables summarize certain details related to the Company's credit facilities and long-term debt as of September 30, 2022 and December 31, 2021 (in millions, except interest rates):


			Outstanding Amount
September 30, 2022	Borrowing Capacity		Current		Non-Current		Weighted Average Interest Rate		End of Revolving / Withdrawal Period	Final Maturity Date
Non-Recourse Asset-backed Debt:
Asset-backed Senior Revolving Credit Facilities
Revolving Facility 2018-2	$	1,000	$	573	$	—	3.79	%	June 7, 2024	June 7, 2024
Revolving Facility 2018-3	750		596		—		3.37	%	May 26, 2024	May 26, 2024
Revolving Facility 2019-1	900		645		—		4.13	%	June 30, 2023	June 30, 2023
Revolving Facility 2019-2	1,850		1,275		—		3.60	%	July 8, 2023	July 8, 2024
Revolving Facility 2019-3	925		190		—		3.79	%	April 5, 2024	April 5, 2025
Revolving Facility 2021-1	125		93		—		3.19	%	October 31, 2022	October 31, 2022
Asset-backed Senior Term Debt Facilities
Term Debt Facility 2021-S1	400		—		400		3.48	%	April 1, 2024	April 1, 2025
Term Debt Facility 2021-S2	600		—		500		3.20	%	September 10, 2024	September 10, 2025
Term Debt Facility 2021-S3	1,000		—		750		3.75	%	January 31, 2027	July 31, 2027
Term Debt Facility 2022-S1	250		—		250		4.07	%	March 1, 2025	September 1, 2025
Term Debt Facility 2022-S2	500		—		200		7.64	%	January 31, 2023	December 31, 2023
Total	$	8,300	$	3,372	$	2,100
Issuance Costs					(21)
Carrying Value					$	2,079

Asset-backed Mezzanine Term Debt Facilities

Term Debt Facility 2020-M1	3,000		—		1,500		10.00	%	April 1, 2025	April 1, 2026
Term Debt Facility 2022-M1	500		—		150		10.00	%	September 15, 2025	September 15, 2026
Total	$	3,500	$	—	$	1,650
Issuance Costs					(30)
Carrying Value					$	1,620

Total Non-Recourse Asset-backed Debt	$	11,800	$	3,372	$	3,699

Recourse Debt - Other Secured Borrowings:
Mortgage Financing
Repo Facility 2019-R1	$	100	$	—	$	—	2.61	%	May 25, 2023	May 25, 2023
Total Recourse Debt	$	100	$	—	$	—


	Outstanding Amount
December 31, 2021	Current		Non-Current		Weighted Average Interest Rate
Non-Recourse Asset-backed Debt:
Asset-backed Senior Revolving Credit Facilities

Revolving Facility 2018-2	$	759	$	—	2.84	%
Revolving Facility 2018-3	673		—		2.39	%
Revolving Facility 2019-1	648		—		2.84	%
Revolving Facility 2019-2	1,149		—		2.52	%
Revolving Facility 2019-3	886		—		3.25	%
Revolving Facility 2021-1	125		—		2.15	%
Asset-backed Senior Term Debt Facilities
Term Debt Facility 2021-S1	—		400		3.48	%
Term Debt Facility 2021-S2	—		500		3.20	%
Term Debt Facility 2021-S3	—		—		3.75	%

Total	$	4,240	$	900
Issuance Costs			(3)
Carrying Value			$	897

Asset-backed Mezzanine Term Debt Facilities

Term Debt Facility 2020-M1	$	—	$	1,000	10.00	%

Total	$	—	$	1,000
Issuance Costs			(35)
Carrying Value			$	965

Total Non-Recourse Asset-backed Debt	$	4,240	$	1,862

Recourse Debt - Other Secured Borrowings:
Mortgage Financing
Repo Facility 2019-R1	$	7	$	—	1.84	%
Total Recourse Debt	$	7	$	—

Non-Recourse Asset-backed Debt

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

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

As of September 30, 2022, the Company had total borrowing capacity with respect to its non-recourse asset- backed debt of $11.8 billion. Borrowing capacity amounts under non-recourse asset-backed debt as reflected in the table above are in some cases not fully committed and any borrowings above the committed amounts are subject to the applicable lender’s discretion. Any amounts repaid for senior term and mezzanine term debt facilities reduce total borrowing capacity as repaid amounts are not available to be reborrowed. As of September 30, 2022, the Company had committed borrowing capacity with respect to the Company’s non-recourse asset-backed debt of $8.6 billion; this committed borrowing capacity is comprised of $4.0 billion for senior revolving credit facilities, $2.1 billion for senior term debt facilities, and $2.5 billion for mezzanine term debt facilities.

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

Borrowings under the senior revolving credit facilities accrue interest at a Benchmark reference rate ("Benchmark Rate"), which may be based on London Interbank Offered Rate ("LIBOR") or the secured overnight financing rate ("SOFR"), 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 Benchmark Rate breakage costs.

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

Asset-backed Senior Term Debt Facilities

The Company classifies its senior term debt facilities as non-current liabilities on the Company’s condensed consolidated balance sheets because its borrowings under these facilities are generally not required to be repaid until the final maturity date.

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

Borrowings under the senior term debt facilities accrue interest at a fixed rate with the exception of Term Debt Facility 2022-S2, which accrues interest at a floating rate based on SOFR plus a margin. The Company's senior term debt facilities may include upfront issuance costs that are capitalized as part of the facilities' respective carrying values. These facilities are fully prepayable at any time but may be subject to certain customary prepayment penalties.

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

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

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

The mezzanine term debt facilities have aggregated property borrowing bases, which increase or decrease based on the cost and 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 borrowers. The borrowing base for a given facility may be reduced as properties age beyond certain thresholds or the performance of the properties financed under that facility declines and any borrowing base deficiencies may be satisfied through contributions of additional properties or cash or through partial repayment of the facility.

Covenants

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

The terms of these inventory financing facilities and related financing documents require an Opendoor subsidiary to comply with customary financial covenants, such as maintaining certain levels of liquidity, tangible net worth or leverage (ratio of debt to equity). As of September 30, 2022, the Company was in compliance with all financial covenants and no event of default had occurred.

Mortgage Financing

The Company’s change in mortgage approach has precipitated a change to its mortgage financing. Since March 2019, the Company has utilized a master repurchase agreement (the “Repurchase Agreement”) to provide capital for Opendoor Home Loans. The facility, which has been classified as a current liability on the Company’s condensed consolidated balance sheets, provided short-term financing between the issuance of a mortgage loan and when Opendoor Home Loans sold the loan to an investor. In accordance with the Repurchase Agreement, the lender agreed to pay Opendoor Home Loans a negotiated purchase price for eligible loans and Opendoor Home Loans simultaneously agreed to repurchase such loans from the lender within a specified timeframe and at an agreed upon price that included interest. Opendoor Labs Inc. was 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. This financing arrangement was an important component of Opendoor Home Loans’ operations as a correspondent lender.

In recent months, the Company has changed how it delivers mortgage services. Instead of correspondent lending, the Company is now focused on mortgage brokering via both Opendoor Home Loans and OD Homes Brokerage (formerly RedDoor), which the Company believes will further its efforts to seamlessly integrate mortgage with the rest of the Opendoor ecosystem. The shift to mortgage brokering has resulted in the Company no longer requiring this facility after the existing mortgage loans financed under this facility were sold. The Repurchase Agreement was terminated in October 2022.

As of September 30, 2022, the Repurchase Agreement had a borrowing capacity of $100 million, of which $20 million was committed. The Repurchase Agreement included customary representations and warranties, covenants and provisions regarding events of default. As of September 30, 2022, no 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 bore interest at a rate based on one-month LIBOR plus an applicable margin, as defined in the Repurchase Agreement, and were secured by residential mortgage loans available for sale. The Repurchase Agreement contained margin call provisions that provided 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 was recourse to Opendoor Labs Inc.

Convertible Senior Notes

In August 2021, the Company issued 0.25% senior notes due in 2026 (the “2026 Notes”) with an aggregate principal amount of $978 million. The tables below summarizes certain details related to the 2026 Notes (in millions, except interest rates):


September 30, 2022	Aggregate Principal Amount		Unamortized Debt Issuance Costs		Net Carrying Amount
2026 Notes	$	978	$	(21)	$	957


September 30, 2022	Maturity Date	Stated Cash Interest Rate		Effective Interest Rate		Semi-Annual Interest Payment Dates	Conversion Rate	Conversion Price
2026 Notes	August 15, 2026	0.25	%	0.77	%	February 15; August 15	51.9926	$	19.23

The 2026 Notes will be convertible at the option of the holders before February 15, 2026 only upon the occurrence of certain events. Beginning on August 20, 2024, the Company has the option to redeem the 2026 Notes upon meeting certain conditions related to price of the Company's common stock. Beginning on February 15, 2026 and until the close of business on the second scheduled trading day immediately preceding the maturity date, the 2026 Notes are convertible at any time at election of each holder. The conversion rate and conversion price are subject to customary adjustments under certain circumstances. In addition, if certain corporate events that constitute a make-whole fundamental change occur, then the conversion rate will be adjusted in accordance with the make-whole table within the Indenture. Upon conversion, the Company may satisfy its conversion obligation by paying cash or providing a combination of cash and the Company's common stock, at the Company's election, based on the applicable conversion rate.

For the three and nine months ended September 30, 2022, total interest expense on the Company's convertible senior notes was $2 million and $6 million, respectively.

Capped Calls

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

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

SHARE-BASED AWARDS - Stock-Based Compensation Expense (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) marketConditionAward
Market Condition Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards with satisfied market conditions \| marketConditionAward	0
Unvested Stock Options and Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation \| $	$ 547
Unamortized stock-based compensation period (in years)	2 years 4 months 24 days

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Non-marketable Equity Securities and Equity Method Investment (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Equity method investments	$ 20	$ 0
Non-marketable equity securities	5	5
Total	$ 25	$ 5

CREDIT FACILITIES AND LONG-TERM DEBT - Asset Backed Senior Credit Facilities (Details) - Revolving Credit Facility	9 Months Ended
	Sep. 30, 2022
Multiple Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Term	24 months
Multiple Term Loan Facilities \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Debt instrument, term, withdrawal period, maximum	60 months

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES - Stock-Based Compensation (Details)	9 Months Ended
	Sep. 30, 2022
Employee Stock Purchase Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting period (in years)	4 years
RSUs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting period for awards with service condition (in years)	4 years
Expected dividend	0.00%
RSUs \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting period (in years)	1 year
RSUs \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting period (in years)	4 years

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

Sep. 30, 2022

Dec. 31, 2021

Statement of Financial Position [Abstract]

Other current assets, carried at fair value

$ 1

$ 4

Common stock, par value (in dollars per share)

$ 0.0001

Common stock authorized (in shares)

3,000,000,000

Common stock issued (in shares)

632,513,135

616,026,565

Common stock outstanding (in shares)

632,513,135

616,026,565

Cash and cash equivalents

$ 1,327

$ 1,731

Restricted cash

1,752

847

Real estate inventory, net

6,093

6,096

Escrow receivable

154

Other current assets

Assets

^[1]

9,784

9,506

Accounts payable and other accrued liabilities

209

137

Interest payable

Non-recourse asset-backed debt - current portion

3,372

4,240

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

3,699

1,862

Liabilities

^[2]

8,296

7,258

Variable Interest Entity, Primary Beneficiary

Cash and cash equivalents

Restricted cash

1,744

838

Real estate inventory, net

5,817

6,046

Escrow receivable

114

Other current assets

Assets

7,710

7,006

Accounts payable and other accrued liabilities

Interest payable

Non-recourse asset-backed debt - current portion

3,372

4,240

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

3,699

1,862

Liabilities

$ 7,156

$ 6,172

[1]

The Company’s consolidated assets at September 30, 2022 and December 31, 2021 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, $2 and $9; Restricted cash, $1,744 and $838; Real estate inventory, net, $5,817 and $6,046; Escrow receivable, $114 and $78; Other current assets, $33 and $35; and Total assets of $7,710 and $7,006, respectively.

[2]

The Company’s consolidated liabilities at September 30, 2022 and December 31, 2021 include the following liabilities for which the VIE creditors do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $71 and $59; Interest payable, $14 and $11; Current portion of non-recourse asset-backed debt, $3,372 and $4,240; Non-recourse asset-backed debt, net of current portion, $3,699 and $1,862; and Total liabilities, $7,156 and $6,172, respectively.

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 21	$ 19
Accumulated Amortization	(14)	(7)
Net Carrying Amount	7	12
Developed technology
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	9	7
Accumulated Amortization	(7)	(2)
Net Carrying Amount	$ 2	$ 5
Remaining Weighted Average Useful Life (Years)	4 months 24 days	8 months 12 days
Customer relationships
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 7	$ 7
Accumulated Amortization	(4)	(3)
Net Carrying Amount	$ 3	$ 4
Remaining Weighted Average Useful Life (Years)	1 year 10 months 24 days	2 years 8 months 12 days
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5	$ 5
Accumulated Amortization	(3)	(2)
Net Carrying Amount	$ 2	$ 3
Remaining Weighted Average Useful Life (Years)	1 year 10 months 24 days	2 years 8 months 12 days

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Lease Commitments During the nine months ended September 30, 2022, 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 million gain recognized in the condensed consolidated statements of operations for the nine months ended September 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. As previously disclosed by the Company, the Federal Trade Commission (“FTC”) began conducting an investigation into the Company in August 2019. The inquiry related primarily to statements in the Company's advertising and website comparing selling homes to the Company with selling homes in a traditional manner using an agent and relating to statements that the Company’s offers reflect or are based on market prices. The Company and the FTC began discussing resolution of this matter in December 2020. After extensive negotiations, the Company agreed to enter into a consent order resolving all aspects of the inquiry, which became final on October 21, 2022. Pursuant to the consent order, the Company did not admit to any wrongdoing and is required to possess competent and reliable supporting data prior to making statements regarding the costs, savings, repair costs, or financial benefits of Company services related to assisting consumers selling homes. The consent order also requires that the Company retain certain records, submit a compliance report to the FTC, and pay the FTC $62 million, an amount the Company previously accrued. The $62 million fine was paid in October 2022. On October 7, 2022, a putative securities class action lawsuit was filed in the United States District Court for the District of Arizona, captioned Alich v. Opendoor Technologies Inc., et al. (Case No. 2:22-cv-01717-JFM), naming as defendants the Company and certain of the Company’s current and former officers and directors. The complaint alleges that the Company and certain officers violated Section 10(b) of the Exchange Act and SEC Rule 10b-5, and that the Company and certain directors violated Section 11 of the Securities Act, in each case by making materially false or misleading statements related to the effectiveness of the Company’s pricing algorithm. The plaintiff also alleges that the Company’s officers and directors named as defendants violated Section 20(a) of the Exchange Act and Section 15 of the Securities Act, respectively, which provide for control person liability. The claims are asserted on behalf of all persons and entities that purchased, or otherwise acquired, Company common stock between December 21, 2020 and September 16, 2022 or pursuant to the offering documents issued in connection with our business combination with SCH. The plaintiff seeks class certification, an award of unspecified compensatory damages, an award of interest and reasonable costs and expenses, including attorneys’ fees and expert fees, and other and further relief as the court may deem just and proper. We believe that the allegations in the complaint are without merit, and we intend to vigorously defend ourselves in this matter.

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

Sep. 30, 2022

Dec. 31, 2021

Sep. 30, 2021

ASSETS

Cash and cash equivalents

$ 1,327

$ 1,731

$ 1,359

Restricted cash

1,752

847

Real estate inventory, net

6,093

6,096

TOTAL ASSETS

^[1]

9,784

9,506

Liabilities

Total liabilities

^[2]

8,296

7,258

Variable Interest Entity, Primary Beneficiary

ASSETS

Cash and cash equivalents

Restricted cash

1,744

838

Real estate inventory, net

5,817

6,046

Other

147

113

TOTAL ASSETS

7,710

7,006

Liabilities

Non-recourse asset-backed debt

7,071

6,102

Other

Total liabilities

$ 7,156

$ 6,172

[1]

[2]

SHARE-BASED AWARDS - Restricted Shares (Details) - Restricted Shares	9 Months Ended
	Sep. 30, 2022
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years

BUSINESS COMBINATIONS	9 Months Ended
BUSINESS COMBINATIONS	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS On September 3, 2021, the Company acquired 100% of the outstanding equity of Services Labs, Inc., including its consolidated subsidiaries (“Pro.com”), in exchange for $22 million in cash consideration. The Company acquired Pro.com, a construction project platform, for its technology and talent. Acquired intangible assets consisted of developed technology valued at $4 million and were amortized over one year. Goodwill attributed to the Pro.com acquisition was $16 million. On November 3, 2021, the Company acquired the assets of RedDoor HQ Inc. (“RedDoor”) as part of a business combination in exchange for $15 million in cash consideration, of which $2 million is to be paid out one year following the date of closing. The Company acquired the processes, systems and talent of RedDoor, which previously operated an online mortgage brokerage platform. Acquired intangible assets consist of developed technology valued at $3 million and are being amortized over one year. Goodwill attributed to the RedDoor acquisition was $13 million.

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash and Cash Equivalents [Abstract]
Recognized unrealized gain (loss) related to equity securities still held	$ (11,000,000)	$ 51,000,000	$ (36,000,000)	$ 51,000,000

DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Schedule of Impairment Loss Recognized

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
General and administrative	$	—	$	—	$	—	$	1
Technology and development	1		1		1		3
Total impairment loss	$	1	$	1	$	1	$	4

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquisition cost					$ 29,000,000
Goodwill, impairment loss	$ 0	$ 0	$ 0	$ 0
Amortization expense of intangible assets	$ 2,000,000	$ 1,000,000	$ 7,000,000	$ 2,000,000

RELATED PARTIES	9 Months Ended
RELATED PARTIES	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIESIn 2018, an executive early exercised stock options 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.

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

Sep. 30, 2022

Dec. 31, 2021

CURRENT ASSETS:

Cash and cash equivalents

$ 1,327

$ 1,731

Restricted cash

1,752

847

Marketable securities

178

484

Escrow receivable

154

Real estate inventory, net

6,093

6,096

Other current assets ($1 and $4 carried at fair value)

Total current assets

9,584

9,340

PROPERTY AND EQUIPMENT – Net

^[1]

9,784

9,506

CURRENT LIABILITIES:

Accounts payable and other accrued liabilities

209

137

Non-recourse asset-backed debt - current portion

3,372

4,240

Other secured borrowings

Interest payable

Lease liabilities - current portion

Total current liabilities

3,601

4,400

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

3,699

1,862

CONVERTIBLE SENIOR NOTES

957

954

LEASE LIABILITIES – Net of current portion

Total liabilities

^[2]

8,296

7,258

COMMITMENTS AND CONTINGENCIES (See Note 16)

SHAREHOLDERS’ EQUITY:

Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 632,513,135 and 616,026,565 shares issued, respectively; 632,513,135 and 616,026,565 shares outstanding, respectively

Additional paid-in capital

4,152

3,955

Accumulated deficit

(2,659)

(1,705)

Accumulated other comprehensive loss

(5)

(2)

Total shareholders’ equity

1,488

2,248

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

9,784

9,506

Asset Pledged as Collateral with Right

CURRENT ASSETS:

Mortgage loans held for sale pledged under agreements to repurchase

$ 0

$ 7

[1]

[2]

PROPERTY AND EQUIPMENT (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment as of September 30, 2022 and December 31, 2021, consisted of the following (in millions):


	September 30, 2022		December 31, 2021
Internally developed software	$	103	$	71
Security systems	18		10
Computers	13		11
Furniture and fixtures	3		3
Software implementation costs	3		3
Office equipment	3		2
Leasehold improvements	2		2
Total	145		102
Accumulated depreciation and amortization	(83)		(57)
Property and equipment – net	$	62	$	45

PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment as of September 30, 2022 and December 31, 2021, consisted of the following (in millions):


	September 30, 2022		December 31, 2021
Internally developed software	$	103	$	71
Security systems	18		10
Computers	13		11
Furniture and fixtures	3		3
Software implementation costs	3		3
Office equipment	3		2
Leasehold improvements	2		2
Total	145		102
Accumulated depreciation and amortization	(83)		(57)
Property and equipment – net	$	62	$	45

Depreciation and amortization expense of $10 million and $28 million was recorded for the three and nine months ended September 30, 2022, respectively. Depreciation and amortization expense of $7 million and $19 million was recorded for the three and nine months ended September 30, 2021, respectively.

CREDIT FACILITIES AND LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following tables summarize certain details related to the Company's credit facilities and long-term debt as of September 30, 2022 and December 31, 2021 (in millions, except interest rates):


			Outstanding Amount
September 30, 2022	Borrowing Capacity		Current		Non-Current		Weighted Average Interest Rate		End of Revolving / Withdrawal Period	Final Maturity Date
Non-Recourse Asset-backed Debt:
Asset-backed Senior Revolving Credit Facilities
Revolving Facility 2018-2	$	1,000	$	573	$	—	3.79	%	June 7, 2024	June 7, 2024
Revolving Facility 2018-3	750		596		—		3.37	%	May 26, 2024	May 26, 2024
Revolving Facility 2019-1	900		645		—		4.13	%	June 30, 2023	June 30, 2023
Revolving Facility 2019-2	1,850		1,275		—		3.60	%	July 8, 2023	July 8, 2024
Revolving Facility 2019-3	925		190		—		3.79	%	April 5, 2024	April 5, 2025
Revolving Facility 2021-1	125		93		—		3.19	%	October 31, 2022	October 31, 2022
Asset-backed Senior Term Debt Facilities
Term Debt Facility 2021-S1	400		—		400		3.48	%	April 1, 2024	April 1, 2025
Term Debt Facility 2021-S2	600		—		500		3.20	%	September 10, 2024	September 10, 2025
Term Debt Facility 2021-S3	1,000		—		750		3.75	%	January 31, 2027	July 31, 2027
Term Debt Facility 2022-S1	250		—		250		4.07	%	March 1, 2025	September 1, 2025
Term Debt Facility 2022-S2	500		—		200		7.64	%	January 31, 2023	December 31, 2023
Total	$	8,300	$	3,372	$	2,100
Issuance Costs					(21)
Carrying Value					$	2,079

Asset-backed Mezzanine Term Debt Facilities

Term Debt Facility 2020-M1	3,000		—		1,500		10.00	%	April 1, 2025	April 1, 2026
Term Debt Facility 2022-M1	500		—		150		10.00	%	September 15, 2025	September 15, 2026
Total	$	3,500	$	—	$	1,650
Issuance Costs					(30)
Carrying Value					$	1,620

Total Non-Recourse Asset-backed Debt	$	11,800	$	3,372	$	3,699

Recourse Debt - Other Secured Borrowings:
Mortgage Financing
Repo Facility 2019-R1	$	100	$	—	$	—	2.61	%	May 25, 2023	May 25, 2023
Total Recourse Debt	$	100	$	—	$	—


	Outstanding Amount
December 31, 2021	Current		Non-Current		Weighted Average Interest Rate
Non-Recourse Asset-backed Debt:
Asset-backed Senior Revolving Credit Facilities

Revolving Facility 2018-2	$	759	$	—	2.84	%
Revolving Facility 2018-3	673		—		2.39	%
Revolving Facility 2019-1	648		—		2.84	%
Revolving Facility 2019-2	1,149		—		2.52	%
Revolving Facility 2019-3	886		—		3.25	%
Revolving Facility 2021-1	125		—		2.15	%
Asset-backed Senior Term Debt Facilities
Term Debt Facility 2021-S1	—		400		3.48	%
Term Debt Facility 2021-S2	—		500		3.20	%
Term Debt Facility 2021-S3	—		—		3.75	%

Total	$	4,240	$	900
Issuance Costs			(3)
Carrying Value			$	897

Asset-backed Mezzanine Term Debt Facilities

Term Debt Facility 2020-M1	$	—	$	1,000	10.00	%

Total	$	—	$	1,000
Issuance Costs			(35)
Carrying Value			$	965

Total Non-Recourse Asset-backed Debt	$	4,240	$	1,862

Recourse Debt - Other Secured Borrowings:
Mortgage Financing
Repo Facility 2019-R1	$	7	$	—	1.84	%
Total Recourse Debt	$	7	$	—

Convertible Debt

The tables below summarizes certain details related to the 2026 Notes (in millions, except interest rates):


September 30, 2022	Aggregate Principal Amount		Unamortized Debt Issuance Costs		Net Carrying Amount
2026 Notes	$	978	$	(21)	$	957


September 30, 2022	Maturity Date	Stated Cash Interest Rate		Effective Interest Rate		Semi-Annual Interest Payment Dates	Conversion Rate	Conversion Price
2026 Notes	August 15, 2026	0.25	%	0.77	%	February 15; August 15	51.9926	$	19.23

- Definition

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

+ References

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+ Details

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETSFor the year ended December 31, 2021 the carrying amount of goodwill increased by $29 million due to the acquisitions as stated in “Note 2 — Business Combinations”. No impairment of goodwill was identified for the three and nine months ended September 30, 2022 and 2021.

Intangible assets subject to amortization consisted of the following as of September 30, 2022 and December 31, 2021, respectively (in millions, except years):


September 30, 2022	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Remaining Weighted Average Useful Life (Years)
Developed technology	$	9	$	(7)	$	2	0.4
Customer relationships	7		(4)		3		1.9
Trademarks	5		(3)		2		1.9

Intangible assets – net	$	21	$	(14)	$	7


December 31, 2021	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Remaining Weighted Average Useful Life (Years)
Developed technology	$	7	$	(2)	$	5	0.7
Customer relationships	7		(3)		4		2.7
Trademarks	5		(2)		3		2.7

Intangible assets – net	$	19	$	(7)	$	12

Amortization expense for intangible assets was $2 million and $7 million for the three and nine months ended September 30, 2022, respectively. Amortization expense for intangible assets was $1 million and $2 million for the three and nine months ended September 30, 2021, respectively.

As of September 30, 2022, expected amortization of intangible assets is as follows:


Fiscal Years	(In millions)
Remainder of 2022	$	1
2023	4
2024	2

Total	$	7

WARRANTS	9 Months Ended
WARRANTS	Sep. 30, 2022
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 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 11 — Share-Based Awards”.WARRANTS Public and Sponsor Warrants 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. The warrants issued as part of SCH's initial public offering are the “Public Warrants” and warrants sold privately to the sponsor of SCH are the "Sponsor Warrants." 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 Sponsor 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 million. In connection with the redemption, the Public Warrants stopped trading on the Nasdaq on July 9, 2021. The Company recorded a warrant fair value adjustment of $(3) million and $(12) million for the change in fair value of the Sponsor Warrants for the three and nine months ended September 30, 2021, respectively. Marketing Warrants On July 28, 2022, the Company entered into a warrant agreement with Zillow, Inc. (“Zillow”) in connection with a partnership arrangement that allows for Zillow to purchase up to 6 million shares of common stock that will vest in tranches (each, a “Tranche”) upon Zillow providing resale marketing services to the Company. Each Tranche will have an exercise price per share equal to the 30-day trailing volume weighted average price per share of Opendoor Common Stock (“VWAP”) prior to the vesting date of that Tranche, subject to a $15 floor and $30 cap per share. After a Tranche has vested, the Tranche can be exercised via a cash payment or a cashless exercise; provided that the Company has the option to cash settle any exercise. The warrant expires in July 2027, subject to extension for an additional Tranche and early termination under limited circumstances. We expect Zillow to begin providing marketing services under the partnership arrangement in early 2023. Accordingly, as of September 30, 2022, no warrant shares had vested

- Definition

+ References

+ Details

NET LOSS PER SHARE - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net loss attributable to common shareholders -basic	$ (928)	$ (57)	$ (954)	$ (471)
Net loss attributable to common shareholders – diluted	$ (928)	$ (57)	$ (954)	$ (471)
Denominator:
Weighted average shares outstanding - basic (in shares)	629,535,000	603,389,000	624,581,000	585,854,000
Weighted average shares outstanding - diluted (in shares)	629,535,000	603,389,000	624,581,000	585,854,000
Basic net loss per share (in dollars per share)	$ (1.47)	$ (0.09)	$ (1.53)	$ (0.80)
Diluted net loss per share (in dollars per share)	$ (1.47)	$ (0.09)	$ (1.53)	$ (0.80)

- Definition

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

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

+ References + Details

SHARE-BASED AWARDS - RSU and Restricted Share Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
RSUs
Number of RSUs
Beginning balance (in shares) \| shares	53,446
Granted (in shares) \| shares	28,735
Vested (in shares) \| shares	(12,958)
Forfeited (in shares) \| shares	(6,894)
Ending balance (in shares) \| shares	62,329
Weighted- Average Grant-Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 17.35
Granted (in dollars per share) \| $ / shares	6.80
Vested (in dollars per share) \| $ / shares	11.85
Forfeited (in dollars per share) \| $ / shares	12.46
Ending balance (in dollars per share) \| $ / shares	$ 14.17
Restricted Shares
Number of RSUs
Beginning balance (in shares) \| shares	692
Vested (in shares) \| shares	(138)
Forfeited (in shares) \| shares	(69)
Ending balance (in shares) \| shares	485
Weighted- Average Grant-Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 3.91
Vested (in dollars per share) \| $ / shares	3.02
Forfeited (in dollars per share) \| $ / shares	3.02
Ending balance (in dollars per share) \| $ / shares	$ 4.29

CASH, CASH EQUIVALENTS, AND INVESTMENTS - Schedule of Contractual Marketable Securities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Fair Value	$ 167
Within 1 Year	108
After 1 Year through 5 Years	59
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Fair Value	140	$ 207
Within 1 Year	81
After 1 Year through 5 Years	59
Commercial paper
Cash and Cash Equivalents [Line Items]
Fair Value	15	15
Within 1 Year	15
After 1 Year through 5 Years	0
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Fair Value	9	5
Within 1 Year	9
After 1 Year through 5 Years	0
Asset-backed securities
Cash and Cash Equivalents [Line Items]
Fair Value	3	$ 7
Within 1 Year	3
After 1 Year through 5 Years	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
REVENUE	$ 3,361	$ 2,266	$ 12,710	$ 4,199
COST OF REVENUE	3,786	2,064	12,114	3,741
GROSS (LOSS) PROFIT	(425)	202	596	458
OPERATING EXPENSES:
Sales, marketing and operations	260	153	812	319
General and administrative	85	91	323	503
Technology and development	40	27	121	102
Total operating expenses	385	271	1,256	924
LOSS FROM OPERATIONS	(810)	(69)	(660)	(466)
WARRANT FAIR VALUE ADJUSTMENT	0	3	0	12
INTEREST EXPENSE	(115)	(43)	(272)	(70)
OTHER (LOSS) INCOME – Net	(2)	53	(20)	54
LOSS BEFORE INCOME TAXES	(927)	(56)	(952)	(470)
INCOME TAX EXPENSE	(1)	(1)	(2)	(1)
NET LOSS	$ (928)	$ (57)	$ (954)	$ (471)
Net loss per share attributable to common shareholders:
Basic (in dollars per share)	$ (1.47)	$ (0.09)	$ (1.53)	$ (0.80)
Diluted (in dollars per share)	$ (1.47)	$ (0.09)	$ (1.53)	$ (0.80)
Weighted-average shares outstanding:
Basic (in shares)	629,535,000	603,389,000	624,581,000	585,854,000
Diluted (in shares)	629,535,000	603,389,000	624,581,000	585,854,000

CREDIT FACILITIES AND LONG-TERM DEBT - Non-Recourse Asset-backed Debt (Details)	Sep. 30, 2022 USD ($)
Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 11,800,000,000
Line of Credit \| Asset Back Senior Credit Facility and Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Borrowing capacity	11,800,000,000
Fully committed borrowing capacity, maximum	8,600,000,000
Line of Credit \| Asset-backed Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing capacity	8,300,000,000
Line of Credit \| Asset-backed Mezzanine Term Debt Facilities
Debt Instrument [Line Items]
Borrowing capacity	3,500,000,000
Revolving Credit Facility \| Asset-backed Senior Revolving Credit Facilities \| Multiple Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Fully committed borrowing capacity	4,000,000,000
Revolving Credit Facility \| Asset-backed Senior Revolving Credit Facilities \| Multiple Term Loan Facilities
Debt Instrument [Line Items]
Fully committed borrowing capacity	2,100,000,000
Revolving Credit Facility \| Asset-backed Mezzanine Term Debt Facilities \| Multiple Senior Revolving Credit Facilities
Debt Instrument [Line Items]
Fully committed borrowing capacity	$ 2,500,000,000

FAIR VALUE DISCLOSURES - Fair Value Disclosure of Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Level 1
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	$ 1,327	$ 1,731
Non-recourse asset-backed debt	0	0
Other secured borrowings		0
Convertible senior notes	0	0
Level 1 \| Restricted Cash
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	1,752	847
Level 2
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	0	0
Non-recourse asset-backed debt	7,122	6,140
Other secured borrowings		7
Convertible senior notes	552	1,019
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	1,327	1,731
Non-recourse asset-backed debt	7,071	6,102
Other secured borrowings		7
Convertible senior notes	957	954
Reported Value Measurement \| Restricted Cash
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	1,752	847
Estimate of Fair Value Measurement
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	1,327	1,731
Non-recourse asset-backed debt	7,122	6,140
Other secured borrowings		7
Convertible senior notes	552	1,019
Estimate of Fair Value Measurement \| Restricted Cash
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash and cash equivalents	$ 1,752	$ 847

BUSINESS COMBINATIONS (Details) - USD ($) $ in Millions	Nov. 03, 2021	Sep. 03, 2021	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill			$ 62	$ 60
Pro.com
Business Acquisition [Line Items]
Acquisition of outstanding equity (in percent)		100.00%
Cash consideration		$ 22
Goodwill		16
Pro.com \| Developed technology
Business Acquisition [Line Items]
Acquired intangible assets		$ 4
Remaining weighted average useful life (years)		1 year
RedDoor
Business Acquisition [Line Items]
Goodwill	$ 13
Total consideration transferred	15
Cash consideration paid out after closing	$ 2
Length of time after closing when deferred payment is due	1 year
RedDoor \| Developed technology
Business Acquisition [Line Items]
Acquired intangible assets	$ 3
Remaining weighted average useful life (years)	1 year

FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement Methodologies

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 the short-term nature of the instruments.

Level 1 estimated fair value measurement.

Restricted cash

Carrying value is a reasonable estimate of fair value based on the short-term nature of the instruments.

Level 1 estimated fair value measurement.

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.

Equity securities

Price is quoted given the securities are 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

Mortgage loans held for sale

Fair value is estimated based on observable market data including quoted market prices and deal price quotes.

Level 2 recurring fair value measurement.

Non-recourse asset-backed debt

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.

Level 2 estimated fair value measurement.

Other secured borrowings

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.

Level 2 estimated fair value measurement.

Convertible senior notes

Fair value is estimated using broker quotes and other observable market inputs.

Carried at amortized cost.
Level 2 estimated fair value measurement.

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

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


September 30, 2022	Balance at Fair Value		Level 1		Level 2		Level 3
Marketable securities:

Corporate debt securities	$	140	$	—	$	140	$	—
Commercial paper	15		—		15		—
Equity securities	11		11		—		—
Certificates of deposit	9		—		9		—

Asset-backed securities	3		—		3		—



Other current assets:
Mortgage loans held for sale	1		—		1		—

Total assets	$	179	$	11	$	168	$	—


December 31, 2021	Balance at Fair Value		Level 1		Level 2		Level 3
Marketable securities:
Corporate debt securities	$	207	$	—	$	207	$	—
Mutual fund	200		200		—		—
Equity securities	46		46		—		—
Commercial paper	15		—		15		—
Asset-backed securities	7		—		7		—
Certificates of deposit	5		—		5		—
Sovereign bonds	4		—		4		—


Mortgage loans held for sale pledged under agreements to repurchase	7		—		7		—
Other current assets:
Mortgage loans held for sale	4		—		4		—

Total assets	$	495	$	246	$	249	$	—

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


	September 30, 2022
	Carrying Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	1,327	$	1,327	$	1,327	$	—
Restricted cash	1,752		1,752		1,752		—

Liabilities:
Non-recourse asset-backed debt	$	7,071	$	7,122	$	—	$	7,122

Convertible senior notes	957		552		—		552


	December 31, 2021
	Carrying Value		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	1,731	$	1,731	$	1,731	$	—
Restricted cash	847		847		847		—

Liabilities:
Non-recourse asset-backed debt	$	6,102	$	6,140	$	—	$	6,140
Other secured borrowings	7		7		—		7
Convertible senior notes	954		1,019		—		1,019

NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2022

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 nine months ended September 30, 2022 or 2021.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Basic and diluted net loss per share:
Numerator:



Net loss attributable to common shareholders – basic and diluted	$	(928)	$	(57)	$	(954)	$	(471)
Denominator:
Weighted average shares outstanding – basic and diluted	629,535		603,389		624,581		585,854
Basic and diluted net loss per share	$	(1.47)	$	(0.09)	$	(1.53)	$	(0.80)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021



RSUs	62,329	56,404	62,329	56,404
Options	11,083	16,740	11,083	16,740
Unvested Shares from Early Exercise	—	9	—	9
Restricted Shares	485	1,216	485	1,216
Employee Stock Purchase Plan	829	—	829	—

Total anti-dilutive securities	74,726	74,369	74,726	74,369

VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIESThe 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 September 30, 2022 and December 31, 2021 (in millions):


	September 30, 2022		December 31, 2021
Assets
Cash and cash equivalents	$	2	$	9
Restricted cash	1,744		838
Real estate inventory, net	5,817		6,046
Other(1)	147		113
Total assets	$	7,710	$	7,006
Liabilities
Non-recourse asset-backed debt	$	7,071	$	6,102
Other(2)	85		70
Total liabilities	$	7,156	$	6,172

________________

(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. See “Note 6 — Credit Facilities and Long-Term Debt” for further discussion of the recourse obligations with respect to the VIEs.

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022 and December 31, 2021 (in millions):


	September 30, 2022		December 31, 2021
Assets
Cash and cash equivalents	$	2	$	9
Restricted cash	1,744		838
Real estate inventory, net	5,817		6,046
Other(1)	147		113
Total assets	$	7,710	$	7,006
Liabilities
Non-recourse asset-backed debt	$	7,071	$	6,102
Other(2)	85		70
Total liabilities	$	7,156	$	6,172

________________

(1)Includes escrow receivable and other current assets.

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

- Definition

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

+ References + Details

SHARE-BASED AWARDS - Stock Options and RSUs Narrative (Details)	9 Months Ended
	Sep. 30, 2022
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)	10 years
Vesting period (in years)	4 years
Incentive Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)	5 years
Shareholder ownership percentage threshold, extended exercisable term	10.00%