Jackson said Opendoor’s opportunity extends far beyond its current home-buying business, and the vision is built on a three-step framework.
- Jackson said building deep pools of capital in every city where Opendoor operates is crucial for pricing flexibility.
- Creating a digital infrastructure that links property ownership records to blockchain-based systems is essential, the analyst said.
- The third layer is developing tokenization-enabled business models, he added.
Shares of Opendoor Technologies (OPEN) are back in focus after hedge fund manager Eric Jackson outlined a bullish thesis in which the online home-buying platform evolves into a major player in real estate tokenization, a vision he believes could eventually push the stock toward $500 in the next five to seven years.
OPEN shares have been under some selling pressure this month, declining more than 13% as of Tuesday’s close. At the time of writing, the stock is down 2.5% in pre-market trading.
Why Jackson Thinks Wall Street Is Missing The Bigger Picture
In a Substack post published on Wednesday, Jackson said that Wall Street’s price targets of $2 to $20 fail to capture the company’s long-term potential.
Opendoor’s contribution margin rose to 4.4% in the first quarter of 2026, its highest level since mid-2024, while aged inventory fell sharply to 10% from 51% six months earlier. The company also generated a positive trailing 12-month operating cash flow of $531 million.
While Wall Street sees these improvements as evidence of Opendoor’s transition from an iBuyer to a technology-driven platform, that view may underestimate the company’s broader long-term potential beyond platform expansion, Jackson said.
The Three Layers Of Jackson’s $500 Opendoor Thesis
Jackson said Opendoor’s opportunity extends far beyond its current home-buying business, and the vision is built on a three-step framework.
The first layer is building deep pools of capital in every city where Opendoor operates. Strong liquidity helps support more transactions and better pricing. The second step is creating digital infrastructure that links property ownership records to blockchain-based systems, making ownership transfers faster and more efficient.
The third layer focuses on tokenization-enabled business models. Once Opendoor has built strong market liquidity and digital ownership infrastructure, it could introduce new ways to buy, sell, finance, and invest in homes that are not widely available today.
How Real Estate Tokenization Could Change Home Ownership
Jackson believes this is where the biggest opportunity emerges. Tokenization could help lower transaction costs, expand access through fractional ownership, create new financing options, and make residential real estate easier for institutional and retail investors to access.
Can OPEN Become Another Carvana?
Jackson believes Opendoor’s stock could rise 25 to 35 times from current levels, citing examples of Carvana, Shopify, Tesla, and Nvidia, which delivered massive returns after leading major changes in their industries.
What Is Retail’s Take On OPEN?
Retail sentiment surrounding OPEN on Stocktwits has remained in the ‘bearish’ territory for the past 24 hours.
One user highlighted how AI and Opendoor “just makes sense.”
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One user said the stock could break out if it breaches the $4.87 resistance.
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OPEN shares have declined more than 26% so far this year.
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