Gemini Space Station Exits UK, EU and Australia, Cuts 25% Workforce as Expenses Surge 40%
Gemini Space Station exited the UK, EU and Australia and cut 25% of its workforce within five months of its $398.4 million September 2025 IPO as operating expenses rose about 40% to $520–530 million. Shares fell from $28 at IPO to $6.585 by Feb. 17, 2026, a 76.48% drop.
1. IPO Promises and Projections
Gemini’s September 2025 IPO raised $398.4 million with offering documents forecasting 20–25% compound monthly user growth, over 63% of revenue from transaction fees and expansion into 60 countries.
2. Strategic Retreat and Restructuring
Within five months of the IPO, the company exited the UK, EU and Australia, cut 25% of its workforce, refocused from its core exchange product to a prediction market and saw its CFO, COO and CLO all depart.
3. Financial Impact and Share Decline
Operating expenses jumped approximately 40% year-over-year to $520–530 million, while shares fell from $28 at IPO to $6.585 by February 17, 2026, representing a 76.48% loss.
4. Lawsuit Allegations and Legal Timeline
A class action alleges that Gemini’s offering documents omitted known risks of an expensive and disruptive restructuring, with investors eligible to file for lead plaintiff status by May 18, 2026.