Bending Spoons Eyes $20B Nasdaq Debut After SEC Filing
Bending Spoons just filed for a US IPO, targeting a roughly $20 billion valuation as the app roll-up heads to Nasdaq.
Key Takeaways
- Bending Spoons targets a roughly $20 billion Nasdaq valuation, nearly double its worth eight months ago.
- Revenue hit $1.31 billion in 2025 on an 84% compound annual growth rate, mostly from subscriptions.
- The roll-up model relies on buying underperforming apps and cutting costs, a strategy that draws scrutiny over layoffs.
Italian app studio Bending Spoons has filed to go public in the United States. The Milan-based group submitted a Form F-1 to the Securities and Exchange Commission.
It plans to list ordinary shares on the Nasdaq under the ticker BSP. According to The Next Web, reports put its target valuation at around $20 billion.
That figure is nearly double its worth eight months ago. The Next Web reported the company was valued at $11.7 billion in a recent equity raise.
The filing shows why investors are paying attention. According to TechCrunch, Bending Spoons ended the year with $1.31 billion in revenue.
Growth has been fast and steady across recent years. The Next Web reported revenue rose from $387 million in 2023 to $671 million in 2024.
That marks a compound annual growth rate of 84%. According to TechCrunch, the company generated $601 million in the first quarter, a 132% jump.
Subscriptions drive the bulk of that business. TechCrunch reported they account for 84% of revenue, with $27.4 million in Q1 profit.
The reach behind those numbers is large. According to TechCrunch, the company has over 500 million monthly active users and 9 million paying customers.
What sets Bending Spoons apart is how it grows. The Next Web reported it behaves like a private-equity firm with an in-house engineering team.
It buys established but underperforming products, then strips out costs and runs them at scale. According to TechCrunch, it has made over 50 acquisitions to date.
Those purchases include Evernote, Vimeo, WeTransfer, Eventbrite, AOL, Komoot, and Brightcove. The Next Web reported it acquired Vimeo last November for about $1.38 billion.
The model is lucrative but blunt for staff. According to The Next Web, acquisitions are routinely followed by deep layoffs.
The choice of New York over Europe is itself a signal. The Next Web reported the continent's biggest tech firms still gravitate to US markets for deeper capital.
Founded in 2013 and led by Luca Ferrari, the firm keeps founder control through special shares. According to The Next Web, Ferrari said adjusted earnings should roughly double to about $1.4 billion this year.
The listing places Bending Spoons among other names preparing to debut this summer. According to TechCrunch, that group includes SpaceX and Anthropic.
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