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
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Disclosure
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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
Sourcery 
