AnitaB.org has cancelled the 2025 Grace Hopper Celebration, the world's largest gathering of women in technology, citing a funding shortfall that left the organization unable to cover basic operating expenses. Both individual registrations and corporate sponsorship commitments came in 'significantly below expectations,' a double failure that suggests the problem is structural, not cyclical. The cancellation is not just an event logistics story. GHC has been AnitaB.org's financial engine — the primary revenue source that funds the rest of the organization's programming and operations year-round. CEO Brenda Darden Wilkerson's statement that 'the circumstances leading to its cancellation have adversely affected our finances' and that the org is 'evaluating strategic alternatives' is as close to a going-concern warning as a nonprofit issues without filing paperwork. The sponsorship collapse is the more telling signal. Corporate DEI budgets have been slashed across the tech industry since 2023, as companies cut headcount, pulled back on ERG funding, and faced political pressure against diversity initiatives. GHC's sponsor base — historically dominated by the same large tech firms now conducting mass layoffs — was always a concentration risk. When the money dried up industry-wide, there was no diversified base to absorb the hit. The registration shortfall compounds the problem. GHC had already faced criticism in recent years for becoming oversized and impersonal, with attendance swelling past 30,000. Simultaneously, the conference drew controversy over attendance by men and non-binary individuals, creating internal community friction that may have dampened enthusiasm among its core constituency. A conference that depends on both mass attendance and elite sponsorship is fragile when both pillars erode simultaneously. The immediate fallout lands on thousands of attendees — many international — who now face non-refundable travel costs, visa complications, and lost professional development opportunities. AnitaB.org has committed to contacting registrants about refunds by October 26, but the language is carefully hedged: 'each person's circumstances may be different' signals that full refunds may not be possible given the financial distress. The twenty-year question is whether the mega-conference model for professional community building is viable when it depends on corporate goodwill that evaporates in downturns. GHC built real value — networking, mentorship, visibility — but housed it in a single annual event funded by sponsors whose commitment was always discretionary. That architecture created a community with no resilience against the exact scenario now playing out. Wilkerson's promise of 'further announcements in the coming weeks' likely involves some combination of staff reductions, asset sales, or a merger with another nonprofit. The community GHC built will persist in some form — the networks are real — but the institutional vehicle that sustained it may not survive 2025.