AeroFarms turned itself around after bankruptcy. Is it a sign that vertical farming can succeed?

After raising billions in funding, vertical farming companies have struggled. Plenty, a Silicon Valley-based startup backed by investors including Jeff Bezos and Eric Schmidt, filed for bankruptcy in March. Bowery, which was once valued at $2.3 billion, shut down last fall. Another startup, Fifth Season, shuttered its automated indoor farm in 2022. AeroFarms, a pioneer in the space, declared bankruptcy in 2023.

The basic business model—growing crops like leafy greens indoors on tall vertical towers—hasn’t proven that it can work.