The company’s stock opened at $31.47 on Monday morning. Opendoor went public after merging with the SPAC Social Capital Hedosophia Holdings II, headed by investor Chamath Palihapitiya, who was also behind spaceflight company Virgin Galactic going public via SPAC.
Opendoor is one of a few high-profile companies to go public via SPAC this year. Spaceflight company Virgin Galactic and sports betting startup DraftKings also went public via SPAC in 2020. Most recently, Skillz started trading on the New York Stock Exchange after merging with a SPAC.
SPACs have gotten a lot more attention this year, as investors and public figures including Reid Hoffman and Paul Ryan have formed so-called blank-check companies.
OpenDoor, which aims to make the process of buying and selling homes more efficient, is backed by investors including Norwest Venture Partners and the SoftBank Vision Fund. It has raised about $1.5 billion in funding, and most recently raised a $300 million Series E led by General Atlantic in March 2019.