Markforged

Markforged was founded in 2013 by Greg Mark, an MIT-trained engineer who developed a method for 3D printing with continuous carbon fiber reinforcement. The company's printers could create parts strong enough for industrial use, attracting customers in aerospace, defense, and manufacturing.

The company merged with one (lowercase) Acquisition Corp in July 2021, raising capital to expand its product line and sales organization. Unlike many SPAC targets, Markforged had real revenue (~0M annually) and genuine technology.

But post-merger, growth decelerated sharply. The industrial 3D printing market proved more niche than the SPAC presentation suggested. Customers were slow to adopt additive manufacturing for production parts, preferring to use 3D printers primarily for prototyping. Competition from larger players like HP and Stratasys intensified.

An SEC investigation into the company's revenue recognition practices added to investor concerns. The stock dropped over 90% from its peak. Markforged has continued operating and has real technology, but the SPAC valuation was wildly disconnected from the company's actual market opportunity.