What Happened to Matterport?
Ticker: MTTRSPAC Year: 2021Merger: 2021
Return
-85.0%
Current Price
$5.5
Peak Price
$37.6
Trust Size
$295M
Summary
3D spatial mapping company promised to digitize every building on Earth. Alec Gores SPAC #6 took it public. Stock crashed 85% as the metaverse hype faded and enterprise adoption stalled.
What Happened
Matterport merged with Gores Holdings VI in July 2021, riding the wave of metaverse/digital twin hype. The company makes 3D cameras and software to create virtual walkthroughs of buildings. It hit $37 during peak metaverse mania but the addressable market was far smaller than projected. Revenue grew slowly, losses mounted, and the metaverse narrative collapsed. CoStar Group acquired Matterport for $5.50/share in 2024 â a fraction of its peak.
Key People
Timeline
2021-02
SPAC merger announced
2021-07
Merger completed
2021-11
Stock peaks at $37.60
2023-06
Stock below $3
2024-04
CoStar acquires for $5.50/share