Opendoor Technologies Stock Surges 1,000% Amid Meme Stock Revival

The resurgence of meme stocks has propelled Opendoor Technologies (OPEN) into the spotlight, with shares skyrocketing over 1,000% to surpass $10. The digital real estate platform, once beleaguered by an unprofitable business model, is now riding a wave of investor enthusiasm fueled by executive changes and a revamped strategy.

Opendoor's Core operation—buying homes with cash offers and reselling them—has struggled with razor-thin gross margins of 8.2% and a 70% decline in revenue from peak levels. The company's reliance on debt-funded home flipping at scale has yet to prove sustainable, even during the 2020-2021 housing boom.

Despite generating just $417 million in gross profit over the past year, the stock's meteoric rise reflects speculative fervor rather than fundamental strength. The meme stock phenomenon, reminiscent of 2021's retail trading frenzy, has returned with a vengeance in 2025, targeting battered equities with low share prices.