Shares of Opendoor Technologies jumped sharply in after-hours trading following President Trump’s announcement of a $200 billion mortgage bond purchase program. The proposal, aimed at stabilizing the mortgage-backed securities market, prompted buyers to reassess Opendoor’s capital-intensive home-flipping model. Trading volume on the stock more than doubled its 30-day average, reflecting heightened investor optimism that lower funding costs and renewed liquidity in the mortgage market could unlock growth for the largest iBuyer in the U.S.

Opendoor’s top-line has fallen from $15.6 billion in 2022 to $5.2 billion in full-year 2024, with nine-month 2025 revenue down a further 11% year-over-year to $3.6 billion. Adjusted EBITDA margin slumped to negative 1.1% in the first nine months of 2025, while net losses narrowed slightly to $204 million over the same period. Analysts forecast 2025 revenue of $4.2 billion and an adjusted EBITDA margin of negative 1.9%, underscoring the risks of a still-elevated 10-year Treasury yield and subdued home-buying demand.

In the past year, Opendoor recruited former Shopify COO Kaz Nejatian as CEO and appointed Coinbase Canada’s Lucas Matheson as president, while securing a 5.9% stake from Jane Street. The company is enhancing its AI-driven pricing engine and scaling Opendoor Exclusives—a digital marketplace connecting sellers and buyers directly—and is forging partnerships with leading home builders and real estate platforms. These initiatives aim to shift revenue mix away from capital-heavy acquisitions toward higher-margin listing and referral services, targeting breakeven adjusted net income by late 2026 and a positive full-year EBITDA in 2027.