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CONDENSED FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
CONDENSED FINANCIAL INFORMATION | CONDENSED FINANCIAL INFORMATION CONDENSED BALANCE SHEETS (In millions, except share data)
|  | December 31,
|  | 2022 |  | 2021
ASSETS |  |  |  |
Intangibles - net |  | $ | 1 |  |  | $ | 1 |
Investment in subsidiaries |  | 2,046 |  |  | 3,202 |
TOTAL ASSETS |  | $ | 2,047 |  |  | $ | 3,203 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |
Accounts payable and other accrued liabilities |  | $ | 1 |  |  | $ | — |
Interest payable |  | 1 |  |  | 1 |
Convertible senior notes |  | 959 |  |  | 954 |
Total liabilities |  | 961 |  |  | 955 |
Shareholders’ equity: |  |  |  |
Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 637,387,025 and 616,026,565 shares issued, respectively; 637,387,025 and 616,026,565 shares outstanding, respectively |  | — |  |  | — |
Additional paid-in capital |  | 4,148 |  |  | 3,955 |
Accumulated deficit |  | (3,058) |  |  | (1,705) |
Accumulated other comprehensive income (loss) |  | (4) |  |  | (2) |
Total shareholders’ equity |  | 1,086 |  |  | 2,248 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 2,047 |  |  | $ | 3,203 |
CONDENSED STATEMENTS OF OPERATIONS (In millions)
| Year Ended December 31, |
| 2022 |  | 2021 |  | 2020 |
Operating expenses: |  |  |  |  |  |
General and administrative | $ | 7 |  |  | $ | 7 |  |  | $ | — |  |
Total operating expenses | 7 |  |  | 7 |  |  | — |  |
Loss from operations | (7) |  |  | (7) |  |  | — |  |
Warrant fair value adjustment | — |  |  | 12 |  |  | 34 |  |
Interest expense | (8) |  |  | (2) |  |  | — |  |
(Loss) income before income taxes | (15) |  |  | 3 |  |  | 34 |  |
Income tax expense | — |  |  | — |  |  | — |  |
Earnings of subsidiaries | (1,338) |  |  | (665) |  |  | (287) |  |
Net loss | $ | (1,353) |  |  | $ | (662) |  |  | $ | (253) |  |
See accompanying note to condensed financial statements. CONDENSED STATEMENTS OF CASH FLOWS (In millions)
| Year Ended December 31, |
| 2022 |  | 2021 |  | 2020 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
Net (loss) income | $ | (1,353) |  |  | $ | (662) |  |  | $ | (253) |  |
Adjustments to reconcile net (loss) income to cash, cash equivalents (used in) provided by operating activities: |  |  |  |  |  |
Earnings of subsidiaries | 1,338 |  |  | 665 |  |  | 287 |  |
Depreciation and amortization, net of accretion | 7 |  |  | 2 |  |  | — |  |
Warrant fair value adjustment | — |  |  | (12) |  |  | (34) |  |
Interest payable | — |  |  | 1 |  |  | — |  |
Other | (2) |  |  | — |  |  | — |  |
Net cash used in operating activities | (10) |  |  | (6) |  |  | — |  |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |
Purchase of intangible assets | — |  |  | (1) |  |  | — |  |
Investment in subsidiary | (6) |  |  | (1,860) |  |  | (977) |  |
Distribution from subsidiary | 10 |  |  | 139 |  |  | 6 |  |
Net cash provided by (used in) investing activities | 4 |  |  | (1,722) |  |  | (971) |  |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |
Proceeds from issuance of convertible senior notes | — |  |  | 953 |  |  | — |  |
Purchase of capped calls related to convertible senior notes | — |  |  | (119) |  |  | — |  |
Proceeds from exercise of stock options | 4 |  |  | 15 |  |  | — |  |
Proceeds from issuance of common stock for ESPP | 2 |  |  | — |  |  | — |  |
Proceeds from warrant exercises | — |  |  | 22 |  |  | — |  |
Proceeds from Business Combination and PIPE offering | — |  |  | — |  |  | 1,014 |  |
Proceeds from February 2021 Offering | — |  |  | 886 |  |  | — |  |
Issuance of common stock | — |  |  | (29) |  |  | (43) |  |
Net cash provided by financing activities | 6 |  |  | 1,728 |  |  | 971 |  |
NET INCREASE IN CASH AND CASH EQUIVALENTS | — |  |  | — |  |  | — |  |
CASH AND CASH EQUIVALENTS - Beginning of year | — |  |  | — |  |  | — |  |
CASH AND CASH EQUIVALENTS - End of year | $ | — |  |  | $ | — |  |  | $ | — |  |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 2 |  |  | $ | — |  |  | $ | — |  |
DISCLOSURES OF NONCASH FINANCING ACTIVITIES: |  |  |  |  |  |
Recognition of warrant liability | $ | — |  |  | $ | — |  |  | $ | 81 |  |
Issuance of common stock in extinguishment of warrant liabilities | $ | — |  |  | $ | (35) |  |  | $ | — |  |
See accompanying note to condensed financial statements. INTRODUCTION AND BASIS OF PRESENTATION The accompanying condensed financial statements, including the note thereto, should be read in conjunction with the consolidated financial statements and notes thereto of Opendoor Technologies Inc. found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. For purposes of these condensed financial statements, the Company’s wholly-owned subsidiaries are accounted for using the equity method of accounting. Opendoor Labs, Inc. entered into a merger agreement (the “Merger Agreement”) with Social Capital Hedosophia Holdings Corp. II, (“SCH”) on September 15, 2020, which was consummated on December 18, 2020. Upon consummation of the transactions contemplated by the terms of the Merger Agreement, Opendoor Labs Inc. became a wholly owned subsidiary of SCH, which domesticated from the Cayman Islands to Delaware and changed its name to Opendoor Technologies Inc. The merger and the domestication transactions, collectively referred to as the “Business Combination.” were accounted for as a reverse recapitalization whereby Opendoor Labs Inc. was the accounting acquirer. Operations prior to the Business Combination are those of Opendoor Labs Inc. and therefore are attributed to the Parent Company of Opendoor Technologies Inc. See “Part II – Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 2. Business Combinations” for additional information

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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