曾经430亿市值的明星3D打印公司，破产了

Core Viewpoint - Desktop Metal, once valued at nearly $6 billion, filed for Chapter 11 bankruptcy protection, reflecting not only its internal issues but also the broader challenges faced by the 3D printing industry [1] Company Overview - Desktop Metal was founded in 2015 in Massachusetts, backed by a strong team including founders from A123Systems and professors from MIT [2] - The company focused on metal binder jetting technology, launching its first production system, the Studio System, in 2017 at a price of $120,000 [3] Capital Market Dynamics - The company attracted significant investment, completing $438 million in private financing by 2020, with a valuation reaching $2.5 billion [4] - Desktop Metal went public via a SPAC merger in December 2020, achieving a valuation of $2.3 billion despite only $13 million in revenue for the first three quarters of 2020 [4][5] Aggressive Expansion - Following its IPO, Desktop Metal engaged in aggressive expansion, spending $370 million on six acquisitions between 2022 and 2024 [6] - Key acquisitions included EnvisionTEC for $300 million, expanding into the medical sector, and several other companies to build a comprehensive additive manufacturing solution [7][8] Financial Challenges - The aggressive acquisition strategy led to a 217% increase in management costs by 2023, while the core product's gross margin remained below 15% [9] - From 2021 to 2023, the company reported over $1 billion in net losses, with a stock price drop of 96% following the Federal Reserve's interest rate hikes [9][10] Bankruptcy and Acquisition - In April 2024, Desktop Metal agreed to be acquired by Nano Dimension for $179.3 million, a significant drop from its peak valuation [11] - Following the acquisition, Desktop Metal filed for bankruptcy protection in July 2025, citing past management decisions as a cause of its financial distress [12] Industry Implications - The bankruptcy of Desktop Metal serves as a warning for the 3D printing industry, highlighting the need for effective commercialization of technology and financial risk management [15] - The overall 3D printing sector is experiencing challenges, with many companies facing similar issues of technological bottlenecks and insufficient profitability [14]