Full Breakdown
Bending Spoons Files for Nasdaq IPO Valuing at Up to $20 Billion
6/9/2026, 3:19:09 AM
Core Event: Filing and Valuation Target
On June 8 2026 Bending Spoons filed a Form F-1 with the U.S. SEC to list ordinary shares on the Nasdaq Global Select Market under ticker “BSP.” The filing targets a valuation near $20 billion and aims for a launch by the end of June.
Acquisition-Driven Model and AI-Enabled Operations
Founded in 2013, Bending Spoons now runs a portfolio of over 50 digital businesses—AOL, Eventbrite, Vimeo, WeTransfer, Evernote, Brightcove and StreamYard. Its model buys underperforming apps, revamps pricing and features, and uses AI to cut costs, driving recurring subscription revenue that made up 93 % of 2025 sales.
Founders, Ownership Structure and Funding Partners
Co-founders Luca Ferrari (CEO), Matteo Danieli, Francesco Patarnello and Luca Querella hold five-vote Class A shares, preserving founder control. Investors such as Baillie Gifford, Ryan Reynolds, Endeavor Catalyst and Partech have supplied over $1.2 billion in equity and debt. Lead bookrunners are Goldman Sachs, J.P. Morgan and Allen & Company, with a syndicate including BofA, Wells Fargo, BNP Paribas, Mizuho, Société Générale and UniCredit.
Financial Results and User Base
For Q1 2026 the firm posted $601 million of revenue and $27.5 million net profit; Fortune reports $1.31 billion revenue and $278 million operating profit for 2025. Monthly active users exceed 500 million, with over 9 million paying subscribers and 95 % net revenue retention.
Significance for European Tech Listings
The IPO would rank among the largest U.S. listings by a European software group, following recent Nasdaq debuts by SpaceX and Anthropic and mirroring the trend of firms like Revolut and Klarna seeking higher valuations abroad. Analysts see it as a test of the buy-and-rebuild model under public-market scrutiny.
Official Statements & Responses
CEO Luca Ferrari wrote in the prospectus that the firm sees “a vast opportunity ahead” and has identified over 1,000 acquisition targets. Renaissance Capital’s Matt Kennedy described the IPO window as “active” and said issuers are “dancing while the music is playing” amid lingering volatility.
Criticism, Debt Concerns and Governance
Critics note that Bending Spoons often cuts staff after deals, such as a 75 % layoff at WeTransfer. S&P Global Ratings flagged a rising debt load that could increase leverage before earnings improve, while the dual-class share structure raises governance concerns about founder control.
Conflicting Reports & Gaps
Sources report different 2025 revenue figures: $1.31 billion (Fortune), $1.3 billion (TechFunding) and $1.6 billion (Renaissance). The IPO raise is estimated at up to $1.5 billion, while the valuation target remains around $20 billion. Share count and price range are still undisclosed.
Verbatim Quotes
- “We see a vast opportunity ahead. We've identified more than 1,000 digital businesses (both private and public) that could be attractive acquisition targets in the future,” — Luca Ferrari, CEO, Bending Spoons
- “But we don’t have any plans in the immediate future.” — Luca Ferrari, co-founder and CEO
- “We're expecting an active summer. The pipeline has been building for years, waiting for these conditions,” — Matt Kennedy, senior strategist, Renaissance Capital
- “Bending Spoons covered everything else that I’ve done, and then some.” — Tom Colicchio, chef and early investor
Upcoming Steps
The prospectus remains subject to SEC review; the company expects to price the shares and begin trading on Nasdaq by late June, pending market conditions.
