Once a darling of the SPAC boom, Opendoor spent most of 2024 flat on its back, out of favor, out of steam, and nearly out of cash. But just when Wall Street had written it off as another housing-tech flameout, the meme-stock crowd kicked down the door.

From trading at less than the price of a bubble tea to surging nearly 500% in a matter of weeks, Opendoor has staged one of the most bizarre and exhilarating comebacks on the Nasdaq. Is this the beginning of a true comeback, or just another Reddit-fueled sugar rush?

Dan Koh and Ryan Huang swing open the doors on what’s really driving the hype and explore what’s really driving the stock’s gravity-defying leap.