Broadening Tests and Cross-Team Reps

On Q4’25 earnings day, I went inside Opendoor’s San Francisco headquarters for an exclusive behind-the-scenes look at how the company operates in real time.

CEO Kaz Nejatian gave us a full office tour — from dashboards and war rooms to earnings prep and the team packing merch ahead of the livestream. We sat in on a product discussion, watched the team prepare their live earnings broadcast, and saw firsthand how the culture operates under pressure.

I also spoke with Michael Judd, Head of Investor Relations, $OPEN investor relations lead, and one of the longest-standing Opendoor employees (joined in 2016). He shares what it’s been like to see Opendoor move through multiple chapters — from early markets, to stock decline, to what the team calls a “second birth.”

In this episode, we cover:

• Why Opendoor livestreams earnings — including streaming on Robinhood

• How the $OPEN Army became part of the company’s public narrative

• Innovating on investor relations in a digital market • Weekly velocity and compressed execution cycles

• What a public company “second act” looks like internally

• The mission behind making homeownership more accessible

This is a rare inside look at earnings day inside a public company — the people, the pace, the pressure, and the product.

If you want more, check out our full interview with Kaz.

Kaz Nejatian: https://x.com/nejatian

Michael Judd: https://x.com/michaeljudd321 

Molly O’Shea: https://x.com/MollySOShea 

Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/IMN9tOz4erY

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Inside Opendoor HQ

(00:57) Earnings day energy with CEO Kaz

(03:42) Why is there a sword in the conference room?

(04:58) Retail investors, capitalism, and leading in wartime

(08:08) Michael Judd on a decade of rise and reset

(10:25) Reinventing earnings with live streams

(13:38) Keeping up with Kaz

(14:16) The $Open Army

(15:07) From $0.50 share price to resurrection

(18:07) Closed doors at Opendoor?

(19:38) Inside a live product meeting with Kaz & team