败局启示录：估值暴跌99%，孙正义押注的百亿独角兽为何沦为硅谷泡沫？

Core Insights - The article discusses the downfall of Plenty, a vertical farming startup that raised nearly $1 billion but filed for Chapter 11 bankruptcy after burning through $1 billion and experiencing a 99% drop in valuation [1][21]. Company Overview - Plenty was founded in 2014 and once had a peak valuation of $1.9 billion (approximately 13 billion RMB) [1]. - The company aimed to revolutionize agriculture with vertical farming, claiming to produce 900 to 1200 kg of tomatoes per square meter, using only 1% of the land required by traditional farming [12][28]. Financial Performance - Plenty's financial struggles were attributed to high infrastructure costs, particularly energy and lighting expenses, which made its business model unsustainable [2][19]. - The company raised significant funding, including $400 million in its E round in 2022, but continued to face rising operational costs [17][19]. Market Context - The vertical farming industry is facing a downturn, with several companies, including Plenty, Bowery Farming, and AeroFarms, filing for bankruptcy in 2023 [21][23]. - The article highlights that the vertical farming sector has seen a significant increase in investment, with global funding rising from $60 million in 2015-2016 to $414 million in 2017, marking a 560% increase [9]. Strategic Decisions - Plenty initially focused on building multiple farms but later shifted to a strategy of concentrating on high-margin crops like strawberries [20][26]. - The company faced management turmoil, leading to changes in leadership and strategic direction, which contributed to its instability [20][21]. Industry Challenges - The article emphasizes that vertical farming's high energy consumption and costs have made it economically unviable compared to traditional agriculture [19][28]. - The rapid pace of fundraising and expansion without a clear product strategy led to Plenty's downfall, as it struggled to achieve profitability [24][26].