Casper Sleep Inc.

Who owns Casper Sleep?
Casper Sleep Inc. is owned by Carpenter Co., a privately held polyurethane foam manufacturer headquartered in Richmond, Virginia. Carpenter acquired Casper in October 2024. Before that, Durational Capital Management owned Casper from January 2022 after taking it private from the NYSE.

Is Casper Sleep publicly traded?
No. Casper went public on the NYSE in February 2020 at $12 per share under the ticker CSPR. Private equity firm Durational Capital Management took the company private in January 2022 for approximately $156 million, or $6.90 per share. Carpenter Co., the current owner, is also privately held.

What was Casper's IPO valuation?
Casper priced its IPO at $12 per share in February 2020, below the expected $17 to $19 range. The IPO valued the company at approximately $476 million, well below the $1.1 billion valuation Casper had achieved in private funding rounds. The stock traded below the IPO price for most of its public life.

How much did Carpenter Co. pay for Casper?
The purchase price for Carpenter Co.'s acquisition of Casper Sleep in October 2024 was not publicly disclosed. Carpenter acquired Casper from Durational Capital Management, which had paid approximately $156 million to take Casper private in January 2022.

What is Casper's annual revenue?
Casper's last publicly reported annual revenue was approximately $497 million, from its 2020 annual report. The company has not disclosed revenue since being taken private. Third-party data aggregators estimate similar figures, but current revenue under Carpenter ownership is not independently verified.

What happened to Casper Canada?
Casper sold its Canadian operations to Sleep Country Canada Holdings in 2023 for $20.6 million. Casper Canada now operates as a separate entity under Sleep Country ownership, with its own product lineup and marketing. The Canadian business is distinct from the US brand now owned by Carpenter Co.

Does Casper use fiberglass in its mattresses?
Current Casper mattress models, including the Casper One, use rayon-based fibers as a flame barrier rather than fiberglass. Older models were the subject of a 2024 consumer complaint about fiberglass content. Casper has stated that its current products are fiberglass-free.

Casper was founded in 2014 by Philip Krim, Neil Parikh, T. Luke Sherwin, Jeff Chapin, and Gabe Flateman in New York City. The five founders combined backgrounds in consumer products, design, and technology. Krim had previously operated mattress retail businesses, while Chapin was a former IDEO designer. The team developed a single foam mattress designed to appeal to a broad range of sleepers.

The company launched with $1.85 million in seed funding and quickly attracted venture capital. A $13 million Series A round in 2014 was followed by a $55 million Series B in 2015 led by IVP. Casper raised additional rounds from investors including Target Corporation, Norwest Venture Partners, and Lerer Hippeau. By 2019, total funding exceeded $300 million at a reported $1.1 billion valuation, making Casper one of the most highly valued direct-to-consumer startups.

Casper's early growth was driven by aggressive digital marketing. The company spent heavily on social media advertising, influencer partnerships, and podcast sponsorships. Casper became one of the most recognized bed-in-a-box brands, though its customer acquisition costs remained high. Revenue reportedly reached $400 million by 2018, though the company remained unprofitable.

In 2016, Casper partnered with Target Corporation, placing its mattresses in Target stores. The partnership gave Casper early physical retail exposure and helped drive brand awareness. Target also invested in Casper's funding rounds. Casper later expanded its retail presence with its own stores, starting with a New York City location in 2018.

Casper filed for an IPO in 2019 and went public on the NYSE in February 2020. The IPO priced at $12 per share, below the expected $17 to $19 range, and the stock opened below the offer price. The disappointing debut reflected investor skepticism about the direct-to-consumer mattress model. Casper reported a net loss of $93 million in 2019, and the path to profitability was unclear.

The COVID-19 pandemic initially boosted online mattress sales as consumers sheltered at home. However, Casper's stock continued to decline, trading below $5 per share for much of 2020 and 2021. The company struggled with high customer acquisition costs, competition from dozens of bed-in-a-box imitators, and the structural challenges of selling a low-frequency, high-consideration product online.

In November 2021, Durational Capital Management announced a take-private deal at $6.90 per share, valuing Casper at approximately $156 million. The transaction closed in January 2022, and Casper delisted from the NYSE. Under Durational's ownership, Casper cut costs, closed retail stores, reduced headcount, and sold its Canadian operations to Sleep Country Canada in 2023 for $20.6 million.

In October 2024, Carpenter Co. acquired Casper from Durational Capital. Carpenter, founded in 1948 and headquartered in Richmond, Virginia, is one of the world's largest polyurethane foam manufacturers. The acquisition gave Carpenter a direct-to-consumer mattress brand and gave Casper access to integrated foam production. Under Carpenter, Casper launched the Casper One mattress, which Consumer Reports named its top-rated all-foam mattress of 2026.

Casper mattresses use CertiPUR-US certified foams. This certification verifies that foams are made without ozone depleters, certain flame retardants (PBDEs, TDCPP, TCEP), mercury, lead, other heavy metals, formaldehyde, and phthalates regulated by the Consumer Product Safety Commission. Certified foams also meet low VOC emission standards for indoor air quality (less than 0.5 parts per million).

The Casper One mattress is fiberglass-free, using rayon-based fibers as a flame barrier. Older Casper models were the subject of consumer complaints about fiberglass content, with a viral social media post in December 2024 drawing attention to the issue. Casper has moved away from fiberglass in current models.

Casper mattress covers incorporate recycled polyester from plastic bottles and upcycled cotton. The company has made efforts to use more sustainable materials but does not hold certifications like GOTS organic or GOLS latex that some competitors offer.

Casper operates a mattress recycling program for returned products, partnering with local charities and recycling centers. Returned mattresses are picked up and donated or recycled rather than sent to landfills. Under Carpenter Co., Casper has access to foam manufacturing with greater material control, and Carpenter has published information about Casper Core+ foam technology developed with sustainability considerations.

Specific carbon footprint data, environmental impact metrics, or sustainability reports for Casper are not publicly disclosed under private ownership.

Casper has received recognition from consumer testing organizations and media. The Casper One was named Consumer Reports' top-rated all-foam mattress of 2026, a significant endorsement from the independent testing organization. Wirecutter has tested Casper mattresses and considers them decent, though the publication notes that Casper products tend to be expensive relative to the features offered.

In its earlier years, Casper was named one of TIME's Best Inventions and received recognition from Fast Company for innovation. Entrepreneur magazine recognized Casper for company culture. Casper Canada, under separate Sleep Country ownership, won Product of the Year 2025 in the Mattress-in-a-Box category for the Casper Wave Hybrid Snow.

Casper has faced controversies related to product materials, financial performance, and marketing. The most notable recent controversy involved fiberglass in mattresses. In December 2024, a TikTok video about fiberglass in a Casper mattress went viral, receiving nearly 500,000 views. The user reported skin rashes and home contamination from fiberglass in her mattress. Casper has stated that current models use rayon-based fibers rather than fiberglass, though older models may have contained fiberglass as a flame barrier.

Casper's IPO was controversial in the venture capital and startup community. The company raised over $300 million at a $1.1 billion valuation, then went public at a valuation below $500 million. The disappointing IPO was widely cited as evidence of the challenges facing venture-backed direct-to-consumer companies. Casper's stock traded below the IPO price for most of its public life.

The company's profitability was questioned throughout its public and private life. Casper reported net losses of $93 million in 2019 and continued losing money through 2021. High customer acquisition costs, aggressive marketing spending, and the low-frequency nature of mattress purchases made profitability difficult to achieve. Under Durational Capital and now Carpenter Co., the company has focused on cost reduction, though current financial performance is not publicly disclosed.

No major Consumer Product Safety Commission recalls have been issued for Casper mattresses as of August 2026.