Purple Innovation
- 🦄Became a unicorn2018
- 📈Peak valuation$2.5 Billion ’21
- 💔Became a Unitard2022
- 💸Last valuation~$40.6M
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%. Glassdoor reviews from the slide described repeated layoff rounds with survivors absorbing the work of departed colleagues, a marketing leadership that churned almost yearly, and veterans lamenting the quirky challenger-brand voice fading as Purple repositioned as a premium mattress maker. By the mid-2020s it was a micro-cap worth around $50M.
Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.
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%)
