Vitals: Founded 2017, Peak Valuation $2.5 B (Oct 2019 Series D) SPAC IPO $2.3 B (Nov 2021), Dec 2023 → Chapter 11 filing (US) Apr 2024 → assets sold to Third Lane Mobility for ≈ $145 M; Bird exits public markets )

What Went Right

  1. Fastest U.S. startup to reach $1 B valuation—under 18 months.
  2. Operated in 350+ cities; huge first-mover network effect.

Where the Blood Flow Stopped

  1. Unit economics didn’t scale – scooter lifespan < 16 months; repairs ate margins.
  2. Seasonality shock – winter ridership fell 60 %; fixed costs kept ticking.
  3. Regulatory drag – city caps, fines, lawsuits → > $25 M annual compliance hit.
  4. Debt + SPAC pressure – public markets demanded profit; burn ≈ $20 M/Q.
  5. Litigation pile-up – 100+ injury lawsuits; insurance costs spiraled.

Prescription

✅ Prove per-unit margin in one key city before blitz-scaling.

✅ Model worst-season cash-flow—if winter kills you, fix pricing or fleet mix first.

✅ Treat regulation as a product feature—work with cities, not around them.

One Take-away

“Count the cost of each ride before buying a thousand bikes.”

Try it this week:

  1. Pick one product line.
  2. Calculate true profit per unit after support + season swings.
  3. Scale only if that number is green in the ugliest month.

Nominate the next unicorn for Sunday’s slab 👇

Disclaimer: discovery-stage analysis compiled from public sources; figures may update and errors are mine alone.