{ "schema_version": "0.2", "slug": "opendoor-2020-despac", "record_status": "research-profile", "analysis_as_of": "2026-08-02", "issuer": { "legal_name": "Opendoor Technologies Inc.", "ticker": "OPEN", "exchange": "Nasdaq", "cik": "0001801169", "sic": "6531", "industry": "Residential real estate transactions", "country": "United States" }, "transaction": { "type": "de-spac", "dates": { "first_public_filing": "2020-02-28", "sec_effectiveness": "2020-03-13", "pricing": "2020-04-27", "first_trading": "2020-04-28", "merger_announcement": "2020-09-15", "shareholder_approval": "2020-12-17", "despac_completion": "2020-12-18", "super_8k": "2020-12-18" }, "price_per_share_usd": 10, "primary_shares": 41400000, "gross_primary_proceeds_usd": 414000000, "post_offering_basic_shares": 544422565, "source_ids": [ "S001", "S006" ] }, "despac": { "spac_name": "Social Capital Hedosophia Holdings Corp. II", "spac_cik": "0001801169", "sponsor": "SCH Sponsor II LLC", "spac_ipo_date": "2020-04-28", "trust_at_ipo_usd": 414000000, "redeemed_shares": null, "cash_remaining_in_trust_usd": 413900000, "pipe_usd": 600050000, "founder_shares": 10350000, "transaction_expenses_usd": 22900000, "source_ids": [ "S001", "S006" ] }, "ownership": { "controlled_company": false, "holders": [ { "name": "SCH Sponsor II LLC (founder shares converted at closing)", "post_transaction_percent": 1.9, "source_ids": [ "S006" ] } ] }, "sources_and_uses": [ { "event": "SPAC IPO gross proceeds placed in trust", "amount_usd": 414000000, "recipient_or_use": "Trust account for the benefit of public shareholders", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "Redemptions paid to public shareholders electing redemption", "amount_usd": -100000, "recipient_or_use": "Redeeming public shareholders", "classification": "reported", "source_ids": [ "S011" ] }, { "event": "Private placement warrants purchased by sponsor", "amount_usd": 9200000, "recipient_or_use": "Social Capital Hedosophia Holdings Corp. II", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "Founder shares subscribed by sponsor", "amount_usd": 25000, "recipient_or_use": "Social Capital Hedosophia Holdings Corp. II", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "PIPE investment at closing", "amount_usd": 600050000, "recipient_or_use": "Opendoor Technologies Inc.", "classification": "reported", "source_ids": [ "S006" ] }, { "event": "Deferred underwriting commissions payable at business combination", "amount_usd": -14490000, "recipient_or_use": "Underwriters", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "Business-combination expenses paid from trust", "amount_usd": -22900000, "recipient_or_use": "Transaction service providers", "classification": "reported", "source_ids": [ "S011" ] } ], "valuation_at_transaction": { "enterprise_value_usd": 5000000000, "reference_period": "At announcement" }, "financials_usd": [ { "label": "FY2020", "period_end": "2020-12-31", "revenue": 2583000000, "operating_income": -186000000, "net_income": -253000000, "source_ids": [ "S009", "S012", "S013" ], "kpis": { "cash_usd": 1413000000, "stockholders_equity_usd": 1553000000, "adjusted_gross_profit_usd": 211000000, "adjusted_ebitda_usd": -98000000 } }, { "label": "FY2021", "period_end": "2021-12-31", "revenue": 8021000000, "operating_income": -568000000, "net_income": -662000000, "source_ids": [ "S009", "S012", "S013" ], "kpis": { "cash_usd": 1731000000, "stockholders_equity_usd": 2248000000, "adjusted_gross_profit_usd": 769000000, "adjusted_ebitda_usd": 58000000 } }, { "label": "FY2022", "period_end": "2022-12-31", "revenue": 15567000000, "operating_income": -931000000, "net_income": -1353000000, "source_ids": [ "S009", "S012", "S013" ], "kpis": { "cash_usd": 1137000000, "stockholders_equity_usd": 1086000000, "adjusted_gross_profit_usd": 1086000000, "adjusted_ebitda_usd": -168000000 } }, { "label": "FY2023", "period_end": "2023-12-31", "revenue": 6946000000, "operating_income": -386000000, "net_income": -275000000, "source_ids": [ "S009", "S012", "S013" ], "kpis": { "cash_usd": 999000000, "stockholders_equity_usd": 967000000, "adjusted_gross_profit_usd": 55000000, "adjusted_ebitda_usd": -627000000, "inventory_valuation_adjustment_prior_periods_usd": -455000000 } }, { "label": "FY2024", "period_end": "2024-12-31", "revenue": 5153000000, "operating_income": -320000000, "net_income": -392000000, "source_ids": [ "S009" ], "kpis": { "cash_usd": 671000000, "stockholders_equity_usd": 713000000 } }, { "label": "FY2025", "period_end": "2025-12-31", "revenue": 4371000000, "operating_income": -287000000, "net_income": -1300000000, "source_ids": [ "S009" ], "kpis": { "cash_usd": 962000000, "stockholders_equity_usd": 1005000000 } } ], "trading": [ { "measurement": "At closing", "date": "2020-12-18", "close_usd": 29.5, "return_from_transaction_price_percent": 195, "benchmark_return_percent": 0, "relative_return_percent": 195, "source_ids": [ "S008" ], "approximate": false }, { "measurement": "One month", "date": "2021-01-19", "close_usd": 28.16, "return_from_transaction_price_percent": 181.6, "benchmark_return_percent": 2.41, "relative_return_percent": 179.19, "source_ids": [ "S008" ], "approximate": false }, { "measurement": "Three months", "date": "2021-03-18", "close_usd": 26.81, "return_from_transaction_price_percent": 168.1, "benchmark_return_percent": 5.55, "relative_return_percent": 162.55, "source_ids": [ "S008" ], "approximate": false }, { "measurement": "Six months", "date": "2021-06-18", "close_usd": 16.71, "return_from_transaction_price_percent": 67.1, "benchmark_return_percent": 12.32, "relative_return_percent": 54.78, "source_ids": [ "S008" ], "approximate": false }, { "measurement": "Twelve months", "date": "2021-12-20", "close_usd": 14.04, "return_from_transaction_price_percent": 40.4, "benchmark_return_percent": 23.15, "relative_return_percent": 17.25, "source_ids": [ "S008" ], "approximate": false } ], "advisers": { "lead_underwriters": [ "Credit Suisse" ], "source_ids": [ "S001" ] }, "facts": { "units_sold": { "value": 41400000, "source_ids": [ "S001", "S006" ], "note": "36,000,000 base units plus full exercise of the 5,400,000-unit over-allotment option, confirmed by the warrant count reported at closing" }, "unit_price_usd": { "value": 10, "source_ids": [ "S001" ] }, "warrant_exercise_price_usd": { "value": 11.5, "source_ids": [ "S001" ] }, "founder_shares_subscribed": { "value": 8625000, "source_ids": [ "S001" ], "note": "Subscribed January 2020 for $25,000 in aggregate; increased by a share capitalization effected April 27, 2020" }, "founder_share_aggregate_price_usd": { "value": 25000, "source_ids": [ "S001" ] }, "founder_share_transfers": { "value": "100,000 founder shares transferred to each of David Spillane and Cipora Herman in March 2020 at the original per-share purchase price", "source_ids": [ "S001" ] }, "private_placement_warrants": { "value": 6133333, "source_ids": [ "S001" ] }, "private_placement_warrant_price_usd": { "value": 1.5, "source_ids": [ "S001" ] }, "deferred_underwriting_usd": { "value": 14490000, "source_ids": [ "S001" ] }, "pipe_shares": { "value": 60005000, "source_ids": [ "S006" ] }, "pipe_price_per_share_usd": { "value": 10, "source_ids": [ "S006" ] }, "pipe_agreement_date": { "value": "2020-09-15", "source_ids": [ "S006" ] }, "implied_enterprise_value_usd": { "value": 5000000000, "source_ids": [ "S006" ] }, "shares_outstanding_after_closing": { "value": 544422565, "source_ids": [ "S006" ] }, "warrants_outstanding_after_closing": { "value": 19933333, "source_ids": [ "S006" ] }, "exchange_at_spac_ipo": { "value": "New York Stock Exchange", "source_ids": [ "S003", "S006" ] }, "exchange_after_closing": { "value": "Nasdaq", "source_ids": [ "S006" ] }, "aggregate_redemption_payment_usd": { "value": 100000, "source_ids": [ "S011" ], "note": "Stated as $0.1 million; the 10-K does not give a share count" }, "business_combination_expenses_paid_from_trust_usd": { "value": 22900000, "source_ids": [ "S011" ] }, "ipo_underwriting_fees_usd": { "value": 7200000, "source_ids": [ "S011" ] }, "net_increase_in_cash_from_transaction_usd": { "value": 970000000, "source_ids": [ "S011" ] }, "over_allotment_confirmed": { "value": true, "source_ids": [ "S011" ], "note": "The 10-K states the underwriters elected to fully exercise the 5,400,000-unit over-allotment option, confirming the inference previously drawn from the warrant count" } }, "sources": [ { "id": "S001", "title": "Social Capital Hedosophia Holdings Corp. II final prospectus for its initial public offering", "form": "424B4", "filed": "2020-04-29", "accession": "0001104659-20-053246", "url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465920053246/tm2017926-2_424b4.htm", "pinpoint_sections": [ "Cover page: $360,000,000 / 36,000,000 units at $10.00 per unit", "Summary of the Prospectus — The Offering: trust funding, founder shares, private placement warrants", "Cover page footnotes: deferred underwriting commissions" ] }, { "id": "S002", "title": "Social Capital Hedosophia Holdings Corp. II registration statement", "form": "S-1", "filed": "2020-02-28", "accession": "0001104659-20-027165", "url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465920027165/0001104659-20-027165-index.htm", "pinpoint_sections": [ "Filing date, form type and filer identity" ] }, { "id": "S003", "title": "Exchange Act registration of units, Class A ordinary shares and warrants", "form": "8-A12B", "filed": "2020-03-13", "accession": "0001104659-20-033133", "url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465920033133/0001104659-20-033133-index.htm", "pinpoint_sections": [ "Filing date, form type and securities registered" ] }, { "id": "S004", "title": "Registration statement on Form S-4 for the proposed business combination", "form": "S-4", "filed": "2020-10-05", "accession": "0001104659-20-112009", "url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465920112009/0001104659-20-112009-index.htm", "pinpoint_sections": [ "Filing date, form type and registrant identity" ] }, { "id": "S005", "title": "Definitive proxy statement/prospectus for the business combination", "form": "DEFM14A", "filed": "2020-11-30", "accession": "0001104659-20-130153", "url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465920130153/0001104659-20-130153-index.htm", "pinpoint_sections": [ "Filing date and form type", "Projected Financial Information, p. 116: summary projection table for 2020E-2023E", "Projected Financial Information, p. 117: total homes sold assumption", "Projected Financial Information, pp. 116-117: preparation basis and cautionary language", "Satisfaction of 80% Test, p. 117: board determination", "Definitions: Sponsor Related PIPE Investors are PIPE Investors that are affiliates of the Sponsor", "Interests of SCH's Directors and Executive Officers in the Business Combination: the Sponsor Related PIPE Investors subscribed for $160,250,000 of the PIPE Investment for up to 16,025,000 shares", "Risk Factors: neither the SCH board nor any committee obtained a third party valuation, and Connaught and Credit Suisse were not engaged to render and did not render a fairness opinion", "ESPP Proposal, Share Reserve: 5,438,506 shares authorised for sale under the ESPP, stated as 1% of shares issued and outstanding immediately after the Closing, capped at 54,385,060 shares", "Summary, SCH's Board of Directors' Reasons for the Business Combination, Attractive Entry Valuation: an anticipated initial pre-transaction enterprise value of $5.0 billion, implying a 1.0x multiple of 2019 revenue and a 0.5x multiple of 2023 projected revenue", "Background to the Business Combination: Opendoor's board conveyed on July 27, 2020 that a fair valuation should be close to $5 billion based on a review of comparable companies in analogous industries, supported by two analyst research reports sent to SCH" ] }, { "id": "S006", "title": "Current report on the completion of the business combination", "form": "8-K", "filed": "2020-12-18", "accession": "0001104659-20-137517", "url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465920137517/tm2038661d2_8k.htm", "pinpoint_sections": [ "Introductory Note: conversion of SCH securities into Opendoor Technologies securities", "Introductory Note: implied enterprise value of Opendoor", "Introductory Note — PIPE Investment: subscription agreements, share count and price", "Introductory Note: shares and warrants outstanding immediately after the business combination", "Introductory Note: cessation of NYSE trading and commencement of Nasdaq trading", "Item 5.02: 43,508,048 shares reserved under the 2020 Incentive Award Plan, stated as 8% of shares issued and outstanding immediately after the Closing" ] }, { "id": "S007", "title": "EDGAR company submissions record for CIK 0001801169", "publisher": "U.S. Securities and Exchange Commission", "form": "EDGAR index", "filed": "2026-08-01", "url": "https://data.sec.gov/submissions/CIK0001801169.json", "pinpoint_sections": [ "formerNames: 'Social Capital Hedosophia Holdings Corp. II' from 2020-01-31 to 2020-12-18", "Filing history, exchange and SIC metadata" ] }, { "id": "S008", "title": "OPEN and S&P 500 daily closing price series", "publisher": "Yahoo Finance", "form": "Market-data table", "accessed": "2026-08-01", "url": "https://finance.yahoo.com/quote/OPEN/history/", "pinpoint_sections": [ "Daily closing series for OPEN from 2020-12-18", "Benchmark: S&P 500 (^GSPC) daily closing series over the same window" ] }, { "id": "S009", "title": "SEC XBRL company facts for CIK 0001801169 (Opendoor Technologies Inc.)", "publisher": "U.S. Securities and Exchange Commission", "form": "XBRL company facts", "accessed": "2026-08-01", "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001801169.json", "pinpoint_sections": [ "FY2020 cash: Form 10-K accession 0001801169-23-000024", "FY2020 net income: Form 10-K accession 0001801169-23-000024", "FY2020 operating income: Form 10-K accession 0001801169-23-000024", "FY2020 revenue: Form 10-K accession 0001801169-23-000024", "FY2020 stockholders equity: Form 10-K accession 0001801169-24-000016", "FY2021 cash: Form 10-K accession 0001801169-24-000016", "FY2021 net income: Form 10-K accession 0001801169-24-000016", "FY2021 operating income: Form 10-K accession 0001801169-24-000016", "FY2021 revenue: Form 10-K accession 0001801169-24-000016", "FY2021 stockholders equity: Form 10-K accession 0001801169-25-000017", "FY2022 cash: Form 10-K accession 0001801169-25-000017", "FY2022 net income: Form 10-K accession 0001801169-25-000017", "FY2022 operating income: Form 10-K accession 0001801169-25-000017", "FY2022 revenue: Form 10-K accession 0001801169-25-000017", "FY2022 stockholders equity: Form 10-K accession 0001801169-26-000010", "FY2023 cash: Form 10-K accession 0001801169-26-000010", "FY2023 net income: Form 10-K accession 0001801169-26-000010", "FY2023 operating income: Form 10-K accession 0001801169-26-000010", "FY2023 revenue: Form 10-K accession 0001801169-26-000010", "FY2023 stockholders equity: Form 10-K accession 0001801169-26-000010", "FY2024 cash: Form 10-K accession 0001801169-26-000010", "FY2024 net income: Form 10-K accession 0001801169-26-000010", "FY2024 operating income: Form 10-K accession 0001801169-26-000010", "FY2024 revenue: Form 10-K accession 0001801169-26-000010", "FY2024 stockholders equity: Form 10-K accession 0001801169-26-000010", "FY2025 cash: Form 10-K accession 0001801169-26-000010", "FY2025 net income: Form 10-K accession 0001801169-26-000010", "FY2025 operating income: Form 10-K accession 0001801169-26-000010", "FY2025 revenue: Form 10-K accession 0001801169-26-000010", "FY2025 stockholders equity: Form 10-K accession 0001801169-26-000010" ] }, { "id": "S011", "title": "Opendoor Technologies Inc. annual report for the year ended December 31, 2020", "form": "10-K", "filed": "2021-03-04", "accession": "0001801169-21-000011", "url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000011/open-20201231.htm", "pinpoint_sections": [ "Use of proceeds discussion: full exercise of the 5,400,000-unit over-allotment option and $414.0 million placed in trust", "Use of proceeds discussion: redemption payments, deferred underwriting fees and business-combination expenses paid from trust", "MD&A: net increase in cash of $970 million and PIPE proceeds" ] }, { "id": "S012", "title": "Opendoor Technologies Inc. annual report for the year ended December 31, 2021", "form": "10-K", "filed": "2022-02-24", "accession": "0001801169-22-000027", "url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000027/open-20211231.htm", "pinpoint_sections": [ "MD&A, Non-GAAP Financial Measures: reconciliation of Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to gross profit, 2021, 2020 and 2019, p. 39", "MD&A, Non-GAAP Financial Measures: reconciliation of Adjusted Net Loss and Adjusted EBITDA to net loss, 2021, 2020 and 2019, p. 40", "MD&A, Non-GAAP Financial Measures: definition of Adjusted Gross Profit as gross profit adjusted for inventory valuation adjustments and restructuring in cost of revenue, p. 38", "MD&A, Non-GAAP Financial Measures: definition of Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income and income tax expense, p. 40" ] }, { "id": "S013", "title": "Opendoor Technologies Inc. annual report for the year ended December 31, 2023", "form": "10-K", "filed": "2024-02-15", "accession": "0001801169-24-000016", "url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000016/open-20231231.htm", "pinpoint_sections": [ "MD&A, Non-GAAP Financial Measures: reconciliation of Adjusted Gross Profit and Contribution Profit to gross profit, 2023, 2022 and 2021, p. 47", "MD&A, Non-GAAP Financial Measures: reconciliation of Adjusted Net Loss and Adjusted EBITDA to net loss, 2023, 2022 and 2021, p. 49", "MD&A, Financial Highlights: Adjusted EBITDA and Adjusted EBITDA Margin, p. 43" ] }, { "id": "S014", "title": "Response of Social Capital Hedosophia Holdings Corp. II to SEC staff comments on the Form S-4, filed with Amendment No. 1", "form": "CORRESP", "filed": "2020-11-06", "accession": "0001104659-20-122226", "url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465920122226/filename1.htm", "pinpoint_sections": [ "Comment 1 and response: quantify the sponsor's private placement warrants, Mr. Bain's economic interests, the shares the Sponsor Related PIPE Investors will receive for their $160,250,000 investment, and out-of-pocket expense reimbursement", "Comment 2 and response: the $(0.02) book value per share for Opendoor at June 30, 2020 was miscalculated and should have been $(16.18)", "Comment 3 and response: disclose whether management is of the view that the projections were prepared on a reasonable basis", "Comment 8 and response: separately quantify the current period and prior period amounts in the non-GAAP adjustments", "Comment 10 and response: factors contributing to the difference between the value of RSUs granted in 2020 and the $10.00 deemed value", "Comment 7 and response: transaction costs of $28.5 million, comprising $20,974 thousand at Opendoor and $7,536 thousand at SCH, all expected to be classified as equity issuance costs" ] }, { "id": "S015", "title": "Response of Social Capital Hedosophia Holdings Corp. II to SEC staff comments on Amendment No. 1 to the Form S-4, filed with Amendment No. 2", "form": "CORRESP", "filed": "2020-11-24", "accession": "0001104659-20-129166", "url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465920129166/filename1.htm", "pinpoint_sections": [ "Comment 1 and response: recompute book value per share using shares issued and outstanding rather than weighted average shares", "Comment 3 and response: separately quantify the current period and prior period inventory impairment adjustments in the non-GAAP measures" ] }, { "id": "S016", "title": "Resale registration statement on Form S-1 for shares issued in the merger and the PIPE Investment", "form": "S-1", "filed": "2020-12-21", "accession": "0001104659-20-137719", "url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465920137719/tm2038271-1_s1.htm", "pinpoint_sections": [ "Selling Shareholders: resale of 249,243,110 shares issued in the merger and 60,005,000 shares issued in the PIPE Investment", "Selling Shareholders table: ChaChaCha SPAC B, LLC 10,000,000 shares; Hedosophia entities 5,800,000 shares; SCH Sponsor II LLC 10,150,000 shares and 6,133,333 warrants", "Selling Shareholders footnote 8: 225,000 shares held by 010118 Management, L.P. and 25,610 shares held by Adam Bain", "Selling Shareholders footnote 23: the Hedosophia entities comprise Hedosophia Public Investments Limited 5,000,000, Hedosophia Group Limited 700,000 and Longsutton Limited 100,000" ] }, { "id": "S017", "title": "Opendoor Technologies Inc. quarterly report for the period ended March 31, 2026", "form": "10-Q", "filed": "2026-05-07", "accession": "0001801169-26-000014", "url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116926000014/open-20260331.htm", "pinpoint_sections": [ "Cover page: 964,736,632 shares of common stock outstanding at April 30, 2026" ] } ], "calculations": [ { "id": "C001", "label": "Trust funding per public share", "formula": "gross proceeds placed in trust / units sold", "inputs": [ "S001" ], "result": 10, "unit": "USD", "expression": "414000000 / 41400000", "recalculated": "2026-08-01" }, { "id": "C002", "label": "Deferred underwriting as a percentage of gross IPO proceeds", "formula": "deferred underwriting commissions / gross proceeds", "inputs": [ "S001" ], "result": 0.035, "unit": "percent-decimal", "expression": "14490000 / 414000000", "recalculated": "2026-08-01" }, { "id": "C003", "label": "Founder shares implied by a fully exercised over-allotment", "formula": "units sold x 25%", "inputs": [ "S001", "S006" ], "result": 10350000, "unit": "shares", "expression": "41400000 * 0.25", "recalculated": "2026-08-01" }, { "id": "C004", "label": "Sponsor cost per founder share", "formula": "aggregate founder share price / founder shares", "inputs": [ "C003", "S001" ], "result": 0.0024, "unit": "USD", "expression": "25000 / 10350000", "recalculated": "2026-08-01" }, { "id": "C005", "label": "Value of founder shares at the $10.00 transaction reference price", "formula": "founder shares x $10.00", "inputs": [ "C003" ], "result": 103500000, "unit": "USD", "expression": "10350000 * 10.00", "recalculated": "2026-08-01" }, { "id": "C006", "label": "Sponsor cash at risk in the SPAC", "formula": "founder share subscription + private placement warrant purchase", "inputs": [ "S001" ], "result": 9225000, "unit": "USD", "expression": "25000 + 9200000", "recalculated": "2026-08-01" }, { "id": "C007", "label": "Ratio of founder share value to sponsor cash at risk", "formula": "founder share value / sponsor cash at risk", "inputs": [ "C005", "C006" ], "result": 11.2195, "unit": "x", "expression": "103500000 / 9225000", "recalculated": "2026-08-01" }, { "id": "C008", "label": "Total warrants implied by a fully exercised over-allotment", "formula": "units / 3 + private placement warrants", "inputs": [ "S001", "S006" ], "result": 19933333, "unit": "warrants", "expression": "41400000 / 3 + 6133333", "recalculated": "2026-08-01", "notes": "This equals the 19,933,333 warrants the completion Form 8-K reports outstanding, confirming the over-allotment was exercised in full." }, { "id": "C009", "label": "PIPE gross proceeds", "formula": "PIPE shares x price per share", "inputs": [ "S006" ], "result": 600050000, "unit": "USD", "expression": "60005000 * 10.00", "recalculated": "2026-08-01" }, { "id": "C010", "label": "PIPE proceeds as a multiple of the trust", "formula": "PIPE gross proceeds / gross proceeds placed in trust", "inputs": [ "C009", "S001" ], "result": 1.4494, "unit": "x", "expression": "600050000 / 414000000", "recalculated": "2026-08-01" }, { "id": "C011", "label": "Founder shares as a percentage of shares outstanding after closing", "formula": "founder shares / shares outstanding after closing", "inputs": [ "C003", "S006" ], "result": 0.019, "unit": "percent-decimal", "expression": "10350000 / 544422565", "recalculated": "2026-08-01" }, { "id": "C012", "label": "Public SPAC shares as a percentage of shares outstanding after closing", "formula": "units sold / shares outstanding after closing", "inputs": [ "S001", "S006" ], "result": 0.076, "unit": "percent-decimal", "expression": "41400000 / 544422565", "recalculated": "2026-08-01" }, { "id": "C013", "label": "2020 revenue variance to projection", "formula": "reported revenue / projected revenue - 1", "inputs": [ "S005", "S009" ], "result": 0.0521, "unit": "percent-decimal", "expression": "2583 / 2455 - 1", "recalculated": "2026-08-01" }, { "id": "C014", "label": "2021 revenue variance to projection", "formula": "reported revenue / projected revenue - 1", "inputs": [ "S005", "S009" ], "result": 1.3209, "unit": "percent-decimal", "expression": "8021 / 3456 - 1", "recalculated": "2026-08-01" }, { "id": "C015", "label": "2022 revenue variance to projection", "formula": "reported revenue / projected revenue - 1", "inputs": [ "S005", "S009" ], "result": 1.5177, "unit": "percent-decimal", "expression": "15567 / 6183 - 1", "recalculated": "2026-08-01" }, { "id": "C016", "label": "2023 revenue variance to projection", "formula": "reported revenue / projected revenue - 1", "inputs": [ "S005", "S009" ], "result": -0.2888, "unit": "percent-decimal", "expression": "6946 / 9767 - 1", "recalculated": "2026-08-01" }, { "id": "C017", "label": "Cumulative 2020-2023 revenue against cumulative projection", "formula": "sum of reported revenue / sum of projected revenue - 1", "inputs": [ "S005", "S009" ], "result": 0.5149, "unit": "percent-decimal", "expression": "(2583 + 8021 + 15567 + 6946) / (2455 + 3456 + 6183 + 9767) - 1", "recalculated": "2026-08-01" }, { "id": "C018", "label": "Redemption rate implied by the aggregate redemption payment", "formula": "(aggregate redemption payment / $10.00) / units sold", "inputs": [ "S011", "S001" ], "result": 0.0002, "unit": "percent-decimal", "expression": "(100000 / 10.00) / 41400000", "recalculated": "2026-08-01", "notes": "The 10-K states the payment but not a share count; $10.00 is used as the approximate redemption price." }, { "id": "C019", "label": "Cash retained from trust after redemptions, deferred fees and expenses", "formula": "trust - redemptions - deferred underwriting - business-combination expenses", "inputs": [ "S001", "S011" ], "result": 376510000, "unit": "USD", "expression": "414000000 - 100000 - 14490000 - 22900000", "recalculated": "2026-08-01" }, { "id": "C020", "label": "Cumulative 2020-2023 reported Adjusted Gross Profit", "formula": "sum of Adjusted Gross Profit as reported", "inputs": [ "S012", "S013" ], "result": 2121000000, "unit": "USD", "expression": "211000000 + 769000000 + 1086000000 + 55000000", "recalculated": "2026-08-01" }, { "id": "C021", "label": "Cumulative reported Adjusted Gross Profit against cumulative projection", "formula": "cumulative reported / cumulative projected", "inputs": [ "C020", "S005" ], "result": 1.144, "unit": "x", "expression": "2121000000 / (172000000 + 269000000 + 521000000 + 892000000)", "recalculated": "2026-08-01" }, { "id": "C022", "label": "Cumulative 2020-2023 reported Adjusted EBITDA", "formula": "sum of Adjusted EBITDA as reported", "inputs": [ "S012", "S013" ], "result": -835000000, "unit": "USD", "expression": "-98000000 + 58000000 + -168000000 + -627000000", "recalculated": "2026-08-01" }, { "id": "C023", "label": "Cumulative Adjusted EBITDA shortfall against projection", "formula": "cumulative reported Adjusted EBITDA - cumulative projected Adjusted EBITDA", "inputs": [ "C022", "S005" ], "result": -395000000, "unit": "USD", "expression": "-835000000 - (-141000000 + -185000000 + -123000000 + 9000000)", "recalculated": "2026-08-01" }, { "id": "C024", "label": "2023 Adjusted Gross Margin", "formula": "reported Adjusted Gross Profit / reported revenue", "inputs": [ "S013", "S009" ], "result": 0.0079, "unit": "percent-decimal", "expression": "55000000 / 6946000000", "recalculated": "2026-08-01" }, { "id": "C025", "label": "2022 Adjusted Gross Margin", "formula": "reported Adjusted Gross Profit / reported revenue", "inputs": [ "S013", "S009" ], "result": 0.0698, "unit": "percent-decimal", "expression": "1086000000 / 15567000000", "recalculated": "2026-08-01" }, { "id": "C026", "label": "2023 Adjusted EBITDA variance to projection", "formula": "reported Adjusted EBITDA - projected Adjusted EBITDA", "inputs": [ "S013", "S005" ], "result": -636000000, "unit": "USD", "expression": "-627000000 - 9000000", "recalculated": "2026-08-01" }, { "id": "C027", "label": "Sponsor-affiliated share of the PIPE", "formula": "Sponsor Related PIPE Investors' subscription / PIPE gross proceeds", "inputs": [ "S005", "C009" ], "result": 0.2671, "unit": "percent-decimal", "expression": "160250000 / 600050000", "recalculated": "2026-08-01" }, { "id": "C028", "label": "Price per share paid by the Sponsor Related PIPE Investors", "formula": "subscription amount / shares to be received", "inputs": [ "S005" ], "result": 10, "unit": "USD", "expression": "160250000 / 16025000", "recalculated": "2026-08-01" }, { "id": "C029", "label": "Fully diluted shares outstanding at closing", "formula": "basic shares + warrants + 2020 Plan reserve + ESPP reserve", "inputs": [ "S006", "S005", "C008" ], "result": 613302452, "unit": "shares", "expression": "544422565 + 19933333 + 43508048 + 5438506", "recalculated": "2026-08-01" }, { "id": "C030", "label": "Basic shares as a share of fully diluted", "formula": "basic shares / fully diluted shares", "inputs": [ "S006", "C029" ], "result": 0.8877, "unit": "x", "expression": "544422565 / 613302452", "recalculated": "2026-08-01" }, { "id": "C031", "label": "Cash payable on exercise of all warrants", "formula": "warrants x exercise price", "inputs": [ "C008", "S001" ], "result": 229233329.5, "unit": "USD", "expression": "19933333 * 11.50", "recalculated": "2026-08-01" }, { "id": "C032", "label": "Share count implied by the equity plan percentages", "formula": "2020 Plan reserve / 8%", "inputs": [ "S006" ], "result": 543850600, "unit": "shares", "expression": "43508048 / 0.08", "recalculated": "2026-08-01" }, { "id": "C033", "label": "Difference between the closing share count and the share count the plan reserves imply", "formula": "shares outstanding at closing - share count implied by the plan percentages", "inputs": [ "S006", "C032" ], "result": 571965, "unit": "shares", "expression": "544422565 - 543850600", "recalculated": "2026-08-01" }, { "id": "C034", "label": "Stated pre-transaction enterprise value against reported 2023 revenue", "formula": "stated enterprise value / reported 2023 revenue", "inputs": [ "S005", "S009" ], "result": 0.7198, "unit": "x", "expression": "5000000000 / 6946000000", "recalculated": "2026-08-01" }, { "id": "C035", "label": "Stated pre-transaction enterprise value against 2019 revenue", "formula": "stated enterprise value / reported 2019 revenue", "inputs": [ "S005", "S012" ], "result": 1.0546, "unit": "x", "expression": "5000000000 / 4741000000", "recalculated": "2026-08-01" }, { "id": "C036", "label": "Transaction costs stated in correspondence against transaction expenses paid from trust", "formula": "transaction costs stated to the staff / expenses paid from trust as reported", "inputs": [ "S014", "S011" ], "result": 1.245, "unit": "x", "expression": "28510000 / 22900000", "recalculated": "2026-08-01" }, { "id": "C037", "label": "Sponsor-affiliated PIPE shares reconciled from the resale registration statement", "formula": "ChaChaCha SPAC B + Hedosophia entities + 010118 Management", "inputs": [ "S016" ], "result": 16025000, "unit": "shares", "expression": "10000000 + 5800000 + 225000", "recalculated": "2026-08-01" }, { "id": "C038", "label": "Return to a public SPAC shareholder who did not redeem, to July 31, 2026", "formula": "closing price on July 31, 2026 / the $10.00 subscription price, restated to the current share basis", "inputs": [ "S008" ], "result": -0.623, "unit": "percent-decimal", "expression": "3.77 / 10.0 - 1", "recalculated": "2026-08-02" }, { "id": "C039", "label": "Return from the first post-combination close to July 31, 2026", "formula": "closing price on July 31, 2026 / first post-combination close, both on the split-adjusted basis", "inputs": [ "S008" ], "result": -0.8722, "unit": "percent-decimal", "expression": "3.77 / 29.5 - 1", "recalculated": "2026-08-02" }, { "id": "C040", "label": "Compound annual return to a public SPAC shareholder who did not redeem", "formula": "(closing price / subscription price) raised to the reciprocal of the holding period in years, less one", "inputs": [ "S008" ], "result": -0.1593, "unit": "percent-decimal", "expression": "(3.77 / 10.0) ** (1 / 5.62) - 1", "recalculated": "2026-08-02" }, { "id": "C041", "label": "Decline from the highest close since the combination", "formula": "closing price on July 31, 2026 / highest close, both on the split-adjusted basis", "inputs": [ "S008" ], "result": -0.8949, "unit": "percent-decimal", "expression": "3.77 / 35.88 - 1", "recalculated": "2026-08-02" }, { "id": "C042", "label": "Value on July 31, 2026 of $10.00 redeemed at the vote and invested in the S&P 500", "formula": "$10.00 x (S&P 500 level on July 31, 2026 / level on the closing date)", "inputs": [ "S008" ], "result": 20.19, "unit": "USD", "expression": "10.00 * (1 + 1.0191)", "recalculated": "2026-08-02" }, { "id": "C043", "label": "Value on July 31, 2026 of $10.00 left in the shares", "formula": "$10.00 x (closing price on July 31, 2026 / the subscription price on the current share basis)", "inputs": [ "S008" ], "result": 3.77, "unit": "USD", "expression": "10.00 * 3.77 / 10.0", "recalculated": "2026-08-02" }, { "id": "C044", "label": "Redeeming and holding the index against holding the shares", "formula": "value of the redeemed alternative / value of the shares held", "inputs": [ "C042", "C043" ], "result": 5.36, "unit": "x", "expression": "20.19 / 3.77", "recalculated": "2026-08-02" }, { "id": "C045", "label": "Shares outstanding at the latest cover date, on the closing-date share basis", "formula": "shares outstanding at the cover date", "inputs": [ "S017" ], "result": 964736632, "unit": "shares", "expression": "964736632", "recalculated": "2026-08-02" }, { "id": "C046", "label": "Growth in shares outstanding since the combination closed", "formula": "latest shares outstanding on the closing-date basis / shares outstanding at closing, less one", "inputs": [ "C045", "S006" ], "result": 0.772, "unit": "percent-decimal", "expression": "964736632 / 544422565 - 1", "recalculated": "2026-08-02" }, { "id": "C047", "label": "Market capitalization at the July 31, 2026 close", "formula": "shares outstanding at the latest cover date x closing price", "inputs": [ "S017", "S008" ], "result": 3637057103, "unit": "USD", "expression": "964736632 * 3.77", "recalculated": "2026-08-02" }, { "id": "C048", "label": "Market capitalization against the cash the combined company retained at closing", "formula": "market capitalization / cash retained at closing", "inputs": [ "C047" ], "result": 3.6895, "unit": "x", "expression": "3637057103 / 985785000", "recalculated": "2026-08-02" }, { "id": "C049", "label": "Value at the July 31, 2026 close of the shares the sponsor received at conversion", "formula": "shares received at conversion, on the current share basis, x closing price", "inputs": [ "S006", "S008" ], "result": 39019500, "unit": "USD", "expression": "10350000 * 3.77", "recalculated": "2026-08-02" }, { "id": "C050", "label": "That value against the sponsor's cash at risk in the SPAC", "formula": "value of the converted shares / sponsor cash at risk", "inputs": [ "C049", "S001" ], "result": 4.2298, "unit": "x", "expression": "39019500 / 9225000", "recalculated": "2026-08-02" } ], "open_items": [ "The proxy does not define Adjusted Gross Profit or Adjusted EBITDA or reconcile either to a GAAP measure, so whether the projected measures use the definitions the annual reports later set out is not established." ], "revisions": [ { "date": "2026-08-01", "version": "0.1", "change": "Initial record built from the SPAC IPO prospectus and the completion Form 8-K.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.3", "change": "Added post-closing annual results from SEC XBRL company facts and a benchmark-relative trading series with split-adjusted and as-traded prices.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.4", "change": "Added the projected financial information presented in the definitive proxy statement and a variance analysis against reported revenue.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.5", "change": "Added redemption payment, business-combination expenses and direct confirmation of the full over-allotment exercise from the fiscal 2020 Form 10-K.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.6", "change": "Extended the projection comparison from revenue alone to Adjusted Gross Profit and Adjusted EBITDA, taken from the reconciliations in the fiscal 2021 and fiscal 2023 annual reports.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.7", "change": "Added the SEC staff review of the Form S-4, the sponsor-affiliated PIPE subscription of $160,250,000, and the proxy's statement that no third party valuation or fairness opinion was obtained.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.8", "change": "Constructed the fully diluted capitalization at closing from the warrants, the 2020 Incentive Award Plan reserve and the ESPP reserve.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.9", "change": "Added the valuation basis the proxy states and the transaction-cost breakdown the registrant gave the SEC staff.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.10", "change": "Identified the Sponsor Related PIPE Investors from the resale registration statement: ChaChaCha SPAC B, the Hedosophia entities and 010118 Management, reconciling to 16,025,000 shares.", "author": "Project research" }, { "date": "2026-08-02", "version": "0.1", "change": "Added an outcome-to-date section measuring the transaction from the perspective of a public SPAC shareholder through July 31, 2026, including the redemption counterfactual, dilution since closing and market capitalization against cash retained.", "author": "Project research" } ] }