这家曾被誉为"制造业颠覆者"、巅峰市值近60亿美元（约合人民币430亿元）的技术先锋，在提交破产 保护时市值已缩水至不足5000万美元。作为曾经在行业内熠熠生辉的明星企业，其陨落之路令人唏嘘， 这背后所反映出的不仅仅是企业自身的问题，更与整个行业的发展态势息息相关。 3D打印行业在过去一段时间经历了投资过热的阶段。随着技术的不断进步和市场对制造业创新的需求 增加，大量资本涌入该行业，推动了众多企业的快速发展，Desktop Metal便是在这一浪潮中崛起的典型 代表。 本文来自微信公众号：投中网 （ID：China-Venture），作者：黎曼，原文标题：《曾经430亿市值的明 星公司，破产了》，题图来自：AI生成 2025年7月28日，一则重磅消息在3D打印行业乃至整个财经领域掀起波澜：金属3D打印机制造商 Desktop Metal根据美国破产法第11章申请破产保护。 一、全球市值最高的3D打印公司 Desktop Metal成立于2015年，总部位于美国马萨诸塞州。其创立有着深厚的技术和行业背景支撑。创始 人团队堪称豪华，包括A123Systems的创始人兼Northbridge Venture Par ...

Core Viewpoint - The bankruptcy of Desktop Metal, a leading player in the 3D printing industry, signals potential decline in the sector, reflecting not only the company's issues but also broader industry challenges [2][15]. Company Overview - Desktop Metal was founded in 2015 in Massachusetts, USA, by a team with strong technical backgrounds, including founders from A123Systems and several MIT professors [4][5]. - The company initially focused on developing metal binder jetting technology, which allowed for compact equipment and fast printing speeds, appealing to diverse environments [5][6]. Capital and Market Dynamics - Desktop Metal experienced a surge in capital investment, raising $438 million by 2020 and achieving a valuation of $2.5 billion [6]. - The company went public via a SPAC merger in December 2020, reaching a peak valuation of nearly $60 billion despite minimal revenue [6][8]. Aggressive Expansion and Challenges - Following its IPO, Desktop Metal engaged in aggressive acquisitions, spending $370 million on six acquisitions between 2022 and 2024 to expand its market presence [8][9]. - However, the integration of acquired technologies proved problematic, with only 32% of patents translating into production technologies, leading to operational inefficiencies [9][10]. Financial Struggles - The company's financial health deteriorated significantly, with cumulative losses exceeding $1 billion from 2021 to 2023, and a 217% increase in management expenses due to failed integrations [10][12]. - By 2024, Desktop Metal faced severe cash flow issues, reporting a free cash flow of -$48 million and only $110 million in cash reserves [10][12]. Bankruptcy and Industry Implications - In April 2024, Desktop Metal agreed to be acquired by Nano Dimension for $179.3 million, a fraction of its peak valuation [12][13]. - Following the acquisition, Desktop Metal filed for Chapter 11 bankruptcy in July 2025, highlighting the financial strain from previous management decisions [12][13]. - The situation serves as a cautionary tale for the 3D printing industry, emphasizing the need for effective commercialization of technology and prudent financial management [15].