Sometimes a CEO says something so bold that the market just has to sit up and take notice. That's what happened with Opendoor Technologies Inc. (OPEN) on Friday, when shares surged after the company's fourth-quarter earnings comfortably beat expectations. But the numbers weren't the only thing that got investors excited.
CEO Kaz Nejatian didn't just deliver a standard earnings update. He delivered a manifesto. He declared Opendoor has undergone a radical technological rebirth, signaled a total departure from its old way of doing things, and claimed the title of the "single most AI-pilled company in the public market." That's the kind of talk that makes a stock move.
So what does it mean to be "AI-pilled"? For Nejatian, it's not about engineers using coding assistants. It's a fundamental shift in who the company hires and how they think. "Opendoor is a different type of company," he said on the earnings call. "It's a company where everyone, everyone is learning how to think like an engineer." The goal is to default to AI for solutions, building a culture where the primary weapon is "our ability to prompt machines to create a new world."
This isn't just philosophical. The results are showing up directly in the cost structure. Nejatian revealed that Opendoor has aggressively slashed overhead by moving core capabilities in-house and deleting what he called "tech debt." When the company entered 2025, its annual run rate for hosting costs was $12 million. By the end of the year, under this new "Opendoor 2.0" model, that cost was down to less than $5 million.
Even more striking, he noted that the company's entire valuation pipeline—the core of its iBuying business—now runs on a script of "about 50 lines of code." This makes building new features roughly 90% cheaper. It's the kind of efficiency gain that gets the attention of anyone who's ever managed a tech budget.
Wartime Culture and the War on Waste
Nejatian framed this transformation as a "wartime" effort. In this culture, employees are expected to ship high-impact code without waiting for bureaucratic permission. He highlighted an example: an employee, in their spare time, built an AI workflow that automated seller disclosures. That's the kind of initiative this new culture is designed to foster.
The rally in Opendoor stock is a response to more than just futuristic talk. It's a bet that the company has successfully cleared its legacy inventory and is making a hard turn toward profitability. Nejatian emphasized that the "organizational debt" that previously hampered the company is being paid down.
A major part of that is replacing expensive third-party SaaS tools with in-house vision models. The payoff is dramatic: processing times for 100,000 property listings have been cut from 34 hours down to just four. "Our analysts are no longer doing valuations today," Nejatian concluded. "They're auditing what AI has prepared. They are working on evaluating the output rather than doing paperwork to prepare the input."
It's a shift from humans doing the grunt work to humans overseeing the machines that do the grunt work—a classic AI productivity story, but applied to the messy, paperwork-heavy world of real estate transactions.
