Offerpad Solutions
🧟 ZombieTrust Size
$300M
Peak Price
$20.97
Current Price
$3.50
Return
-65.0%
Peak Market Cap
$3.0B
What Happened
iBuying real estate company that competed with Opendoor and Zillow Offers. Housing market crash destroyed the business model. Stock down 83% from peak.
Offerpad merged with Supernova Partners in September 2021 during peak iBuying hype. The company buys homes, renovates them, and resells — competing with Opendoor and Zillow Offers. When interest rates spiked in 2022, the housing market froze. Zillow shut down its iBuying entirely, writing off $500M. Offerpad survived but dramatically shrunk — buying 75% fewer homes and cutting staff. Revenue dropped from $2B to under $500M.
Projections vs. Reality
Projected Revenue
$4.0B
What they told investors
Actual Revenue
$470M
What actually happened
Hype-to-Reality Ratio: 12.0x
Key People
Brian Bair
CEO & Founder
Real estate veteran, pivoted to iBuying
Spencer Rascoff
SPAC Sponsor
Zillow co-founder, ironic given Zillow iBuying failure
Timeline
2021-03
SPAC merger announced
2021-09
Merger completed
2021-10
Stock peaks at $21
2022-10
Interest rates crush housing market
2024-01
Revenue down 75%, survival mode
📄 SEC Filings
View all EDGAR filings for Offerpad Solutions
Risk Scores
Dilution Score
62/100
Insider Profit Index
52/100
Hype-to-Reality Ratio
12.0x
Projected ÷ actual revenue