Business Description

Mission Our mission is to tilt the world in favor of homeowners, by making homeownership simpler, faster, and fairer for everyone. Our Company We are a leading e-commerce platform for residential real estate transactions and the largest U.S. iBuyer. Since founding Opendoor in 2014, our goal has been to reinvent one of life's most important transactions by enabling homeowners to buy, sell, and move through a simple, certain, and largely digital experience. By leveraging artificial intelligence, data science and purpose-built software, we enable consumers to transact directly with Opendoor, eliminating traditional friction and intermediaries. Our platform combines product design and operations to create what we believe will be the future of how people buy or sell a home. Residential real estate is the largest consumer category in the United States. In 2025 alone, more than four million existing homes were sold, representing approximately $1.7 trillion in transactions. Additionally, with approximately two-thirds of Americans living in a home they own, housing is the single largest consumer expenditure in the United States, ahead of transportation, food, insurance, and healthcare. Yet, in a world where purchases are increasingly migrating online, the real estate transaction has largely remained unchanged. The typical process of buying or selling a home is complex, uncertain, time consuming, and primarily offline. A traditional home sale requires countless decisions and an average of six intermediaries, often brings unexpected costs, and takes approximately three months from start to finish. Ultimately, the consumer is left dissatisfied with a broken, disjointed experience. Opendoor transforms the home selling and buying process into a simple and certain online experience. Since launch, customers have demonstrated their desire for our digital, on-demand real estate solution with over 294,000 homes bought and sold by Opendoor across the United States. In 2025, we sold over 11,700 homes and generated $4.4 billion in revenue while continuing to delight customers, maintaining an average Net Promoter Score (“NPS”) of nearly 80 from our sellers since 2021. Since our initial market launch in Phoenix in 2014, we have expanded across the United States and operated in 50 markets going into 2025. In late 2025, we began expanding our buybox from a limited set of geographies to effectively nationwide coverage across the contiguous United States, with the ability to make offers in substantially all residential zip codes. We believe we are still in the early stages of the digital transformation of real estate. Powered by artificial intelligence and advanced technology, we are building a real estate platform that enables buyers and sellers to transact with Opendoor digitally, with fewer intermediaries and with simplicity, certainty, and control over the entire process. We're creating an experience where consumers can buy or sell a home as easily as they book travel or shop online today. Market Overview Residential real estate is a massive offline market. Of the $1.7 trillion residential real estate transactions in 2025, the vast majority remain offline, channeled through traditional agents and brokers. Digital-first platforms like Opendoor that enable direct transactions captured less than 1% of the market, representing a significant opportunity to bring this category online. The current landscape is highly fragmented. Today, nearly 90% of residential real estate transactions in the United States involve an agent. There are over two million licensed real estate agents in the United States, who each complete approximately four transactions on average per year, and many of whom do not solely work in real estate. Without appropriate support, this can lead to an inconsistent experience for consumers looking for guidance in what is typically the largest financial decision of their lives. Consumer satisfaction reflects this broken experience, with traditional real estate transactions generating Net Promoter Scores around 30, significantly below other major consumer categories and well below Opendoor's average NPS of nearly 80. 4 TABLE OF CONTENTS OPENDOOR TECHNOLOGIES INC. Traditional transactions involve multiple value-capturing intermediaries . In a typical transaction, separate parties provide mortgage origination, title and escrow services, home warranties, insurance, and other related services, each capturing fees and adding complexity.…