Allbirds pivots from footwear to AI infrastructure
The sneaker brand is still selling its intellectual property and footwear assets to the American Exchange Group, but it will be shifting its focus to AI compute infrastructure in its new life
Allbirds has announced a definitive agreement with an institutional investor for a 50 million US dollars convertible financing facility. The agreement is expected to close in the second quarter of the year and will fund the company’s shift towards AI computing infrastructure, including plans to develop a GPU-as-a-Service (GPUaaS) platform and cloud solutions.
This follows the company’s previously announced deal to sell its brand and footwear assets to the American Exchange Group, who will continue to operate the label.
Following the transaction, the listed entity is expected to rebrand as ‘NewBird’, signalling a full strategic shift away from footwear manufacturing. At a special meeting scheduled for May 2026, shareholders will be asked to approve elements of the financing, with a potential special dividend also under consideration.
According to the company, proceeds from the facility will primarily be used to acquire high-performance GPU assets. Over time, as the company grows its Neocloud platform, it will evaluate strategic M&A opportunities.
Image Credits: ouispeakfashion.com
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