Opendoor Technologies has been one of the most talked-about stocks of 2025. Its meteoric rise more than 600% since July has sparked comparisons to meme-stock frenzies, but one hedge fund manager says the rally is only getting started.
According to Eric Jackson, founder of EMJ Capital and the investor who ignited much of the bullish momentum around Opendoor, the real estate iBuying company could surge another 1,975% this year, reaching $82 per share by year-end.
That bold prediction came just days after the departure of CEO Carrie Wheeler, a move Jackson had publicly called for and now views as a turning point for the company’s future.
Why Jackson Believes the Best Is Yet to Come
Jackson, best known for his bullish Carvana call in 2023, says Opendoor is “the real deal.” Despite skepticism from some analysts and critics accusing him of hyping the stock online, he insists that structural changes at the company could unleash massive upside.
Here are the key factors Jackson believes could drive Opendoor’s stock higher:
1. A Shift Away From iBuying
Jackson argues that Opendoor must exit the iBuying business the practice of purchasing homes directly to resell them which he says exposes the company to unnecessary risk in volatile housing markets.
Instead, he envisions Opendoor becoming an asset-light digital platform, acting as an interface between buyers and sellers, much like Airbnb for housing transactions.
“Rocket can’t provide that. Zillow can’t provide that,” Jackson told local press. “Opendoor has a unique opportunity to dominate this space.”
2. A Return to Founder DNA
Jackson insists that co-founders Keith Rabois and Eric Wu need to rejoin the board and guide the company’s next chapter. Wu, who served as CEO before Wheeler, left the company in early 2024, while Rabois has never held a board seat.
“I think they’re the perfect two,” Jackson said. “They’re super smart and ensure that the founder DNA permeates the company again.”
3. Global Expansion
Just as Airbnb grew beyond the U.S., Jackson sees an international runway for Opendoor’s marketplace model.
“Airbnb doesn’t just operate in the U.S. there’s no reason Opendoor can’t do the same,” he said.
4. Embracing Retail Investors
Retail enthusiasm has fueled much of Opendoor’s surge. Trading volumes peaked at $124 million in July, according to Vanda Research, following Jackson’s widely shared thesis on X (formerly Twitter).
Jackson believes retail support is not just a meme-stock phenomenon but a powerful force the company should embrace. He has even expressed interest in joining Opendoor’s board himself to represent that investor base.
“I think it would be crazy for the company not to embrace that retail love,” Jackson said.
The Financial Case: $1.4 Billion in Free Cash Flow
If Opendoor successfully executes this pivot, Jackson estimates the company could generate as much as $1.4 billion in free cash flow by 2026. That level of profitability, he argues, would justify his lofty $82 price target.
Dealing With Critics
Not everyone is convinced. Some online commentators accuse Jackson of orchestrating a pump-and-dump. But he maintains Opendoor is one of his hedge fund’s largest holdings, not a quick trade.
“You get all the randos on Twitter half of them are bots saying you’re a grifter, you’re going to cause people to go bankrupt,” Jackson said.
“But I don’t care. My kids love me. My wife loves me. My two goldendoodles love me. That’s good enough for me,” he added with a laugh.
What Comes Next for Opendoor
With CEO Carrie Wheeler’s exit, the focus now shifts to finding a new leader. If Jackson’s vision is realized a new CEO aligned with the co-founders, a pivot to a digital-first housing marketplace, and global expansion Opendoor could redefine how real estate transactions work.
Whether it actually reaches the 2,000% rally Jackson projects remains to be seen. But one thing is clear: Opendoor has captured the attention of both Wall Street and Main Street, making it one of the most closely watched stocks of 2025.
