Evaluating only voxeljet AG (Consumer Segment)’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Market collapse.
Key Events Timeline
FOUNDING
Ingo Ederer founds voxeljet in Augsburg, Germany, developing binder jetting technology for industrial sand casting molds.
FUNDING
voxeljet IPO on NYSE raises $84M; stock immediately surges 140% on day one as 3D printing mania peaks.
DOWN ROUND
Stock falls from $56 peak to under $5; US service center expansion fails to generate projected revenues; layoffs begin.
SHUTDOWN
voxeljet trades near $3, losing 95% of peak value; consumer and broad-market ambitions permanently abandoned for niche industrial focus.
Full Analysis
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Documented cause
voxeljet AG, listed on NYSE in October 2013 raising $84M in its IPO with a peak market cap of $750M, saw its stock collapse 90% by 2016 as the 3D printing bubble burst. CEO Ingo Ederer struggled to transition from industrial sand casting printing to broader markets. The company's US expansion stalled, revenue growth disappointed analysts, and the NYSE listing became a liability. By 2018 voxeljet traded near $3, losing most investor value.
Lesson
“IPO valuations built on sector hype rather than fundamentals create catastrophic investor losses when bubbles burst.”