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Opendoor Technologies Inc Series K Warrant/$OPENW

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About Opendoor Technologies Inc Series K Warrant

Opendoor Technologies Inc is an end-to-end real estate platform enabling customers to sell and buy a home online. Its product offerings include Sell to Opendoor, its core product where sellers sell their homes directly to the company, and it resells those homes to buyers; List with Opendoor, for customers to list their homes with a partner agent; and Opendoor Marketplace, a capital-light marketplace offering that connects home sellers with both institutional and retail buyers. In addition to these products, the company also offers its customers integrated title insurance and escrow services through its subsidiaries. A vast majority of the company's revenue is generated by its core product offering, where it acquires homes directly from sellers and resells those homes to buyers.
Ticker
$OPENW
Sector
Real Estate
Primary listing
NASDAQ
Employees
1,042
Headquarters
Tempe, United States
Website
www.opendoor.com

OPENW Metrics

BasicAdvanced
$2B
-
-$1.72
3.59
-

Bulls say / Bears say

Opendoor’s operating momentum is improving: Q2 revenue rose 23% quarter on quarter, acquisition contracts reached 6,908, and contribution margin rose to 5.8%. Management says the current volume and unit economics can deliver adjusted net-income profitability on a 12-month forward basis by year-end 2026, which could lift the ordinary shares towards the warrant’s strike. (GlobeNewswire)
Opendoor raised $440m of net growth capital through zero-coupon notes, while buying back about 5% of its shares. The extra funding could support profitable inventory expansion, and the capped-call and buyback structure is designed to limit net dilution until the common stock is above $10.38. (GlobeNewswire)
New capital-light and ancillary products could improve the platform’s economics beyond buying and reselling homes: Cash Now, More Later is being distributed through agents, while Opendoor Home Loans has exited beta with fixed- and adjustable-rate mortgages. Broader transaction capture could give the underlying shares another route to a rerating before the warrant expires. (Inman, GlobeNewswire)
Q2’s sequential recovery has not become a year-on-year recovery: revenue fell to $883m from $1.567bn, the GAAP net loss widened to $162m from $29m, and adjusted EBITDA was still negative. The profitability target is a forward adjusted measure, not proof that the company is currently profitable. (StockTitan)
Scaling purchases is consuming cash and increasing balance-sheet exposure: Opendoor used $964m of operating cash in the first half, mostly to add $932m of inventory, while non-recourse asset-backed debt reached $1.762bn. If homes take longer to sell or prices weaken, carrying costs and valuation losses could overwhelm the thin contribution margin. (StockTitan)
Series K is a time-limited, deeply out-of-the-money warrant: it requires a $9 exercise price and expires on 20 November 2026, while it was trading at only $0.12 on 18 September. Unless the common stock moves above the strike quickly enough to make exercise worthwhile, the warrant can expire worthless even if Opendoor’s business improves. (Minnow Street, Exa)
Data summarised monthly by Lightyear AI. Last updated on 19 Sept 2026.

Funds containing OPENW

Funds
Fund name
Fund size
$OPENW weighting
SPDR MSCI USA Small Cap Value Weighted$USSC
$1.1B0.00%
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