Due to growing public concerns regarding the consequences of disinformation and conspiracy theories, major tech companies have introduced policies to curtail them on their platforms. Until now, the academic debate has largely focused on whether these punitive policies are effective. In this study, we address the question of how de-platformed ‘conspiracy theorists’ themselves experience and deal with such socio-technological exclusion. Drawing on seminal theories in the symbolic interactionist tradition, we conceptualize conspiracy theories as stigmatized ‘knowledge’ and empirically study the ways that conspiracy theory producers manage their stigma after de-platforming. Particularly, we draw on an analysis of 22 in-depth, qualitative interviews, ethnographic observations with (former) conspiracy YouTubers and a digital ethnography. Our findings demonstrate that YouTubers respond to de-platforming by emphasizing the ‘silver linings’ of their exclusion and by accommodating, bypassing and reframing their ‘stigma’. De-platforming contributes to their legitimacy in the face of their audiences and enables them to carve out space to cultivate a new, stronger form of conspiracy capital and status. This study contributes to the literature on conspiracy theories from a cultural sociological perspective. It advances our understanding of how de-platforming may backfire, strengthening people’s beliefs and standing within their subculture.