Opendoor is the largest iBuyer in the U.S., buying homes directly from sellers for cash and reselling them to buyers. The core product is a Cash Offer: a seller enters their address on Opendoor's website or app, receives an algorithmically generated offer within minutes, and can sell directly to Opendoor without listing on the open market. Opendoor then renovates the home and relists it for sale. A newer variant, Cash Plus, lets sellers retain some upside if the home resells above expectations. Opendoor acts as principal — it buys homes, holds them on its balance sheet, and resells them — so revenue is almost entirely from home sales. Opendoor charges sellers a roughly 5% service fee and makes money on the spread between its acquisition cost (plus renovation and holding costs) and the resale price. Key profit drivers are pricing accuracy, inventory velocity (faster turns reduce holding and financing costs), renovation cost control, and operating leverage on fixed costs. Opendoor finances home purchases using non-recourse asset-backed debt, with roughly $7.2B in borrowing capacity. Adjacent revenue comes from title and escrow services, embedded in over 80% of its transactions, and Opendoor recently launched a mortgage product in beta. Under CEO Kaz Nejatian, Opendoor's turnaround strategy focuses on reaching adjusted net income breakeven, improving offer competitiveness by narrowing spreads, shifting toward direct-to-consumer acquisition, and eventually evolving from a principal buyer into a marketplace where buyers and sellers transact directly on the platform.