We conducted a 10-year longitudinal study of the formation and change of an organization’s identity over its complete life-cycle, from birth to death. Over this time, the organization (“Rebelient”) went through several identity transitions wherein members of the organization came to understand that who they wanted to be as an organization was not possible because of differing expectations held by various inside and outside stakeholder groups. Discrepancies arising from those difficult-to-meet expectations led to repeated cycles of adaptive sensemaking, as members sought to understand what was happening. Our analysis of Rebelient’s identity transitions focuses primarily on a subtle form of adaptive sensemaking (semantic sensemaking) as a way not only to advance our understanding of intangible processes involved in identity transitions, but also to investigate an underexplored realm of sensemaking. Our findings have implications for the study of both organizational identity and adaptive sensemaking. Keywords: identity formation and change, sensemaking, organizational change, qualitative research