Opendoor (OPEN) Stock: CEO Plans 10x Growth Through AI and Automation

TLDR

• Opendoor stock surged over 1,000% from midyear lows, rising from under $0.60 to $7.74 per share
• Former Shopify COO Kaz Nejatian took over as CEO in September 2025 with plans to scale the business 10x
• Nejatian nearly doubled home purchase volume from mid-September to end of October
• Q3 2025 results showed 29% fewer homes sold and negative 3.6% EBITDA margin compared to previous year
• New CEO aims to achieve net profitability by end of 2026 through AI tools, expense control, and improved pricing technology

Opendoor Technologies has completed one of the most dramatic turnarounds in recent stock market history. The shares traded below $0.60 over the summer. Today they sit at $7.74.

Opendoor Technologies Inc., OPEN

The company was in such bad shape that management considered a reverse stock split. That’s changed fast.

Hedge fund manager Eric Jackson called Opendoor his next 100x investment. He outlined a thesis centered on using the company’s data to build AI-powered real estate tools. The timing of that call proved interesting.

Shortly after Jackson went public with his thesis, Opendoor made a major leadership change. The company hired Kaz Nejatian as CEO in September. Nejatian previously served as Chief Operating Officer at Shopify.

Nejatian wasted no time getting to work. He’s been CEO for about two months. In that time, the company developed more than a dozen AI products and tools.

The new CEO sees major problems with how iBuying currently works. He describes the old model as “charging high spreads and hoping the macro saves us.” That approach requires high fees and a strong real estate market to work.

When the housing market slowed in 2022 and 2023, both Zillow Group and Redfin abandoned iBuying. They couldn’t make the numbers work.

New Strategy Focuses on Technology and Volume

Nejatian’s plan takes a different approach. He wants to build technology that makes buying and selling homes easier. The strategy includes aggressive expense control and increased home purchase volume.

The results started showing up quickly. From mid-September to the end of October, Nejatian nearly doubled the number of homes Opendoor agrees to buy.

The CEO plans to decrease average time on market. Shorter holding periods cut costs and improve profitability. He also wants to keep operating expenses flat while ramping up volume through automation.

The company is using better pricing technology to improve margins. Nejatian believes Opendoor can standardize processes and rely more on automation. This should allow volume growth without proportional expense increases.

Current Performance Shows Challenges Ahead

The third quarter numbers reveal the work ahead. Opendoor sold 2,568 homes in Q3 2025. That’s 29% fewer than the same period in 2024.

The company purchased 1,169 homes in the quarter. That represents roughly one-third of what it bought a year earlier. The adjusted EBITDA margin came in at negative 3.6%, which was 80 basis points worse year over year.

Revenue totaled approximately $5.2 billion. Cash on hand reached $962 million as of September 30, 2025. Total expenses hit $983 million against operational revenue of $915 million.

The company carries more than $1.6 billion in total debt. The current ratio stands at 2.8, providing some liquidity cushion. Free cash flow came in at $432 million.

The gross margin registered at 8%. Return on assets and return on equity both showed negative figures. The debt-to-equity ratio raises questions about the company’s leverage strategy.

Nejatian aims to reach net profitability by the end of 2026. That gives him just over a year to turn around the financial performance. The stock now carries a market cap of $7.4 billion.