Over the last month, my X impressions have exploded talking about $BTQQF $IREN and $CIFR because everyone is looking for the next $CVNA. We think we just found another. @EMJCapital has taken a position in $OPEN — and we believe it could be a 100-bagger over the next few years. Here’s why 🧵

Opendoor is under $1. Most investors have written it off. Wall Street isn’t even paying attention anymore. But our AI model at @EMJCapital just flagged it a few weeks ago. It’s giving us early $CVNA vibes — and that’s not a phrase I use lightly.

Remember when $CVNA was circling the drain at $3 in 2022? Wall Street was convinced it was going bankrupt. But they cut costs, stabilized, and the stock went up 100x. Now it’s back at a $40B market cap. $OPEN might be on the same path — just earlier then when we first got into Carvana at $11.

Next month, $OPEN is likely to report its first-ever quarter of positive EBITDA. That would be a milestone. It would also mark the end of “they’re going to zero” takes. Just like CVNA in 2023 — that’s when sentiment started flipping.

Opendoor has cut costs aggressively. They’re piloting a new asset-light model — working with agents to provide instant cash offers in addition to their core product. Zillow and Redfin have exited iBuying — and Zillow gets a 7x EV/ forward revenue multiple on its referral buisness. OPEN’s forward multiple? Just 0.26x. CVNA’s forward multiple went from 6x to 0.5x to now 4x.

Let’s talk upside math. If $OPEN goes to $12B in revenue in a few years (already the Bloomberg consensus estimate)… And if the market gives them a 5x EV/revenue multiple again (as it did at the 2021 peak)… That’s a stock price of $82. 100x from here.

They have no national competitors in iBuying anymore. Everyone else has quit. This is like $COIN in 2022: Everyone pulled back or pulled out. Then the crypto market came back. COIN was left standing — and ready.

Yes, $OPEN has significant debt. Yes, next quarter’s earnings might be a dud. This is not a stock for the faint of heart. But if you’re hunting 100x returns, you can’t expect clean stories. You need volatility, disbelief, and a huge upside.

I first mentioned $OPEN as a turnaround idea on @TheCompoundNews & Friends podcast in June 2022 with @Downtown and @michaelbatnick — same time I called $CVNA. Even I gave up on it. But now I’m back in. And I’m pounding the table.

Over the past few weeks, I’ve been building a long position in $OPEN. I’ve also bought LEAPs. I believe the reward vastly outweighs the risk. It won’t be a straight line, but I think it has all the ingredients of a 100-bagger.

You don’t get 100-baggers without upset stomachs. But when you spot one early, with almost no one else watching — that’s when the magic happens. $OPEN is a bet we’re willing to take. That’s what our LPs pay us to do. Let’s see where this goes. 🚪📈