Two Fates in the Smart Bed Sector

创业邦 · wechat · 2026-07-18

This article contrasts two drastically different paths in the smart mattress industry: SleepNumber's legacy asset-heavy model versus Eight Sleep's lightweight + subscription model.

1) Why SleepNumber Collapsed

A former pioneer in smart beds known for adjustable firmness and sleep tracking.
After peaking in 2021 revenue, the company aggressively repurchased stock and expanded costly direct-to-consumer stores, driving up financial leverage.
As US housing and home goods demand weakened in 2024-2025, mattress shipments declined. Coupled with high interest expenses, the company was forced into bankruptcy restructuring.
The article notes it was ultimately sold for $415 million, far below its secured debt.

2) Why Eight Sleep is More Popular

Eight Sleep pursued an "add-on" strategy from the start, selling smart mattress covers to place over existing beds rather than selling heavy entire beds.
It offers sleep tracking, temperature regulation, and health management via hardware + software/subscription.
The article notes that in 2025, the company achieved positive free cash flow, saw revenue growth of over 200%, and attracted high-net-worth individuals in Silicon Valley.
It relies on subscription revenue in North America, but deliberately downplays subscriptions in China to focus on market expansion and building a data flywheel.

3) Industry Takeaways

Data scale alone isn't a moat; a continuous data stream and perceivable experience improvements are.
Smart mattresses are evolving from simple home goods into "health tech terminals."
Chinese players aren't just copying the US model; they are integrating into whole-home smart ecosystems or using more aggressive data loops to reinvent the sleep experience.
However, the article warns that if subscription growth slows and product iteration lags, these new "tech companies" could slide back into old, asset-heavy logic.

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Two Fates in the Smart Bed Sector

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