TH
The Verge
4/15/2026
Allbirds shell company pivots to GPU-as-a-Service, raises $50M
Original: Allbirds announced a switch from shoes to AI and its stock jumped 600 percent
TL;DR
Allbirds, a shoes company that failed after its 2021 IPO, never turned a profit, saw sales drop 50% by 2025, and sold its assets for $39M. The remaining shell company, led by former CEO Joe Vernachio, is pivoting to become a GPU-as-a-Service provider and raising $50M under the name NewBird AI. The shell stock jumped 600% on the announcement.
- •Allbirds shoe company failed after $4B IPO, sold assets for $39M after profitless run
- •Shell company pivoting to GPU-as-a-Service cloud provider, raising $50M
- •Shell ticker surged 600% on new business plan announcement
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