Gemini Space Station Stock Sinks as C-Suite Exodus, International Retreat Draw Legal Scrutiny

Investors now face a U.S.-focused pivot that challenges confidence in the company’s IPO narrative.

Overview

Shares trade near $5.90, roughly 76% below the September 2025 IPO price and about 43% lower over the past month.
On Feb. 5, Gemini said it would exit the UK, EU and Australia and cut about 25% of staff, prompting a roughly 9% one-day drop.
On Feb. 17, the company announced the immediate departures of COO Marshall Beard, CFO Dan Chen and CLO Tyler Meade, with Beard also leaving the board, sending shares down about 13%.
Preliminary 2025 results showed revenue of $165–$175 million, slightly above one estimate, while adjusted EBITDA of negative $257–$267 million came in worse than forecast.
Hagens Berman opened a shareholder investigation into whether IPO disclosures misrepresented international expansion, while Mizuho reiterated an outperform rating with a $26 target and scenarios ranging from $8 to $43.