βΒ $10.4 Million market cap Β· β99.6% from peak
The rise & fall
7 moments Β· 2015β2024
The key moments, with employee sentiment along the way.
2015
π±
2015
Founded in Utah by the Pearce brothers
Tony and Terry Pearce bet a stretchy 'hyper-elastic polymer' grid can unseat memory foam.
Wikipedia
Feb 2018
π¦
Feb 2018
Goes public via SPAC
Merges with Global Partner Acquisition Corp and takes the grid to Nasdaq as a unicorn challenger brand.
SEC filing
2021
π
2021
The peak: ~$2.5B in the sleep-at-home boom$2.5B
Pandemic demand sends the stock above $40 in early 2021, valuing the mattress maker in the multiple billions.
Macrotrends
2022
2022
The boom unwinds
Demand normalizes, costs surge and competitors pile in; Purple swings to losses.
SEC filing
2022
π
2022
Slips out of the club
The stock's slide carries the market cap far below $1B β on its way to roughly 2% of the peak.
Macrotrends
2022β24
π¬
From the inside Β· Glassdoor reviews, 2022β24
Glassdoor reviews from the slide described repeated layoff rounds with survivors absorbing the work of departed colleagues, marketing leadership that churned almost yearly, and veterans lamenting the quirky challenger-brand voice fading as Purple repositioned as a premium mattress maker.
Today
Today
Still in the club β and still trading
Live Β· PRPL Β· NasdaqGSas of 2026-09-17
$2.38βΌ 29.32% todayβ $10.4M cap Β· β99.6% from peak
π¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β; dated facts carry their source.
How it happened
Purple Innovation makes mattresses and cushions built around its stretchy 'hyper-elastic polymer' grid, and went public in 2018 via a SPAC merger with Global Partner Acquisition Corp. Pandemic-era demand sent its stock above $40 in early 2021, valuing it in the multiple billions; as demand normalized, costs surged and competition intensified, the company swung to losses and the stock fell roughly 98%. By the mid-2020s it was a micro-cap worth around $50M.
Source: Macrotrends / stockanalysis / SEC (SPAC merger with Global Partner Acquisition Corp Feb 2018; ATH ~$40-41 Jan-Feb 2021, market cap ~$2.5B+; ~$47M market cap June 2026, -98%)
Founders & leadership
RD
Rob DeMartini
CEO (appointed Dec 2021; ex-New Balance CEO)
Still there β Chief Executive Officer Β· LinkedIn β
Tony Pearce
co-founder (aerospace engineer; the polymer began in 1996 as wheelchair cushioning)
