<p>Over 13 years after its founding, one of the defining startup companies of the past decade finally makes its public debut — and boy was it a big one. But for all the hype (and all the legitimately great things Airbnb has accomplished), this is a company that looks very different today than in the past. Even before COVID, Airbnb's once-exponential bookings growth had declined to linear levels while the company's costs continued to balloon at accelerating rates. What’s going on here? Are public investors smart to bet on a permanent shift in travel behavior coming out of the pandemic? Or is this a case of unrealistic expectations? As always, we dive in. </p><p><br></p><p></p><p><strong>Sponsors:</strong></p><ul><li>Legora: <a href="https://bit.ly/acquiredlegora">https://bit.ly/acquiredlegora</a></li><li>Vanta: <a href="https://bit.ly/acquiredvanta">https://bit.ly/acquiredvanta</a></li><li>ServiceNow: <a href="https://bit.ly/acquiredservicenow26">https://bit.ly/acquiredservicenow26</a></li><li>Statsig: <a href="https://bit.ly/acquiredstatsig26">https://bit.ly/acquiredstatsig26</a></li></ul><p><br></p><p><strong>More Acquired!</strong></p><ul><li><a href="https://www.acquired.fm/email">Get email updates</a> with hints on next episode and follow-ups from recent episodes</li><li><a href="http://acquired.fm/slack">Join the Slack</a></li><li><a href="https://pod.link/acquiredlp">Subscribe to ACQ2</a></li><li><a href="https://www.acquired.fm/store">Merch Store</a>!</li></ul><p><br>© Copyright 2015-2026 ACQ, LLC</p><br><p>Playbook Themes from this episode are available on our website at <a href="https://www.acquired.fm/episodes/airbnb">https://www.acquired.fm/episodes/airbnb</a></p><p><br></p><p>Carve Outs:</p><ul><li>David — San Francisco Ballet's Nutcracker: <a href="https://www.sfballet.org/productions/nutcracker-online/">https://www.sfballet.org/productions/nutcracker-online/</a></li><li>Ben — Star Wars Lofi HipHop: <a href="https://open.spotify.com/playlist/5iu1sp3UBb1rjf8KNKETtJ?si=WxPdJcRpSnelHN9qh0xYSw"> https://open.spotify.com/playlist/5iu1sp3UBb1rjf8KNKETtJ?si=WxPdJcRpSnelHN9qh0xYSw</a></li></ul>