We argue that topological matrix models (matrix models of the Kontsevich type) are examples of exact open/closed duality. The duality works at finite N and for generic `t Hooft couplings. We consider in detail the paradigm of the Kontsevich model for two-dimensional topological gravity. We demonstrate that the Kontsevich model arises by topological localization of cubic open string field theory on N stable branes. Our analysis is based on standard worldsheet methods in the context of non-critical bosonic string theory. The stable branes have Neumann (FZZT) boundary conditions in the Liouville direction. Several generalizations are possible.