Allbirds Rebrands as NewBird AI, Pivots from Shoes to GPU Cloud Computing
Allbirds, the sustainable footwear company that went public in 2021 at a $4 billion valuation, is rebranding as NewBird AI and pivoting to GPU-as-a-service cloud computing. In a surprising move, the company sold its shoe business to American Exchange Group for $39 million in late March 2026 and secured $50 million in convertible financing.
How it Got Here
Allbirds’ decline has been steep and public. Revenue fell from $298 million in 2022 to $152 million in 2025, a roughly 50% drop over three years. The company lost $77 million in 2025. In February 2026, it closed all its full-priced retail stores in the United States. The stock also faced issues, trading below $1 for more than 30 consecutive days, which led to a reverse stock split to maintain its Nasdaq listing.
The Pivot
With the shoe business sold, Allbirds is positioning itself as a GPU-as-a-service provider, planning to acquire high-performance GPUs and lease them to enterprises and AI developers facing compute shortages. They envision becoming a "fully integrated GPU-as-a-Service and AI-native cloud solutions provider" through what they call a "neocloud platform."