Allbirds had a hit a decade ago with its Wool Runner shoes, but after a $4 billion IPO in 2021, the business never turned a profit, and sales dropped nearly 50 percent between 2022 and 2025. The company recently announced it would sell off its name and assets for $39 million to American Exchange after closing the remaining stores. That shell listing, however, still has some use as the Financial Times points out, and now CEO Joe Vernachio has announced a plan to raise $50 million from an unnamed investor, which will turn NewBird AI into "a fully integrated GPU-as-a-Service (GPUaaS) and AI-native cloud solutions provider."
NewBird AI expects …
This article was originally published by The Verge and written by Richard Lawler.
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