Bending Spoons’ IPO: A $25 Billion Market Cap Hides the Real Story
Bending Spoons, the Milan-based tech conglomerate, went public on the Nasdaq this week with a market capitalization over $25 billion, more than double its previous private valuation of $11 billion. While the stock price has since slumped, investor appetite for its playbook and portfolio remains strong. This mirrors what happened to Facebook in 2012, when the company’s IPO was met with both enthusiasm and skepticism. However, Bending Spoons’ strategy is more akin to private equity, with a focus on making acquired brands more financially successful through tech and AI, as well as price hikes and layoffs.
This approach has been successful, with Bending Spoons reporting $1.31 billion revenue in 2025. However, the company’s market capitalization indicates that investors anticipate even more. The user base of Bending Spoons itself has grown significantly in its 13 years of existence, and particularly in the last couple of years. As of March 2026, its portfolio served over 500 million monthly active users and more than 9 million monthly paying customers.
The company’s focus on efficiency and revenue overlaps with private equity strategies, but Bending Spoons claims a key difference: it “aims to hold forever, and has never sold an acquired business.” This approach has been successful, with the company’s revenue per full-time equivalent Spooner increasing from $1.12 million in 2023 to $2.57 million in 2025.
The Mechanics Behind Bending Spoons’ Acquisition Strategy
Bending Spoons’ acquisition strategy is centered around identifying popular products that it can improve inside and out, and buying them from owners who have reached their limits in some way. This approach was long orthogonal to VC, and Bending Spoons remained bootstrapped for years. However, it eventually raised equity financing several times, including in 2022, 2024, and 2025. The company’s focus on efficiency and revenue overlaps with private equity strategies, but Bending Spoons claims a key difference: it “aims to hold forever, and has never sold an acquired business.”
Bending Spoons is not a passive owner, making changes to the products’ user experience and features, as well as to the underlying tech; monetization strategy, including pricing; and team organization, including headcount. While this focus on efficiency and revenue overlaps with private equity strategies, Bending Spoons claims a key difference: it “aims to hold forever, and has never sold an acquired business.”
The company’s acquisition strategy is also driven by its focus on AI, which it believes will enable it to accomplish more with fewer people. This is evident in its decision to acquire companies like Filmic, which is known for its popular video- and photo-editing apps. Bending Spoons laid off the entire staff of Filmic in December 2023, highlighting the company’s willingness to make tough decisions in order to achieve its goals.
Winners, Losers, and Disrupted Parties
Bending Spoons’ acquisition strategy has been successful, but it has also led to controversy. The company’s decision to lay off staff and make changes to its free plan has been met with criticism from some of its users. However, the company’s focus on efficiency and revenue has also led to significant growth, with its revenue per full-time equivalent Spooner increasing from $1.12 million in 2023 to $2.57 million in 2025.
The company’s acquisition strategy has also disrupted the tech industry, with some companies feeling the pressure to adapt to Bending Spoons’ approach. The company’s focus on AI and efficiency has also led to the creation of new job categories, such as AI engineer and data scientist. However, the company’s decision to lay off staff and make changes to its free plan has also led to job losses in some areas.
Bending Spoons’ acquisition strategy has also led to the creation of new opportunities for some companies. The company’s focus on AI and efficiency has led to the creation of new partnerships and collaborations, with some companies feeling the pressure to adapt to Bending Spoons’ approach. However, the company’s decision to lay off staff and make changes to its free plan has also led to controversy and criticism from some of its users.
The Skeptical Case
While Bending Spoons’ acquisition strategy has been successful, there are also concerns about the company’s approach. Some critics argue that the company’s focus on efficiency and revenue has led to a lack of innovation and creativity. Others argue that the company’s decision to lay off staff and make changes to its free plan has been too aggressive, leading to controversy and criticism from some of its users.
Another concern is that Bending Spoons’ acquisition strategy is not sustainable in the long term. The company’s focus on AI and efficiency has led to significant growth, but it is not clear whether this approach will continue to be successful in the future. Additionally, the company’s decision to lay off staff and make changes to its free plan has led to controversy and criticism from some of its users, which could ultimately harm the company’s reputation and growth.
The Signal to Watch Next
One signal to watch next is Bending Spoons’ ability to continue to grow and adapt in a rapidly changing tech industry. The company’s focus on AI and efficiency has led to significant growth, but it is not clear whether this approach will continue to be successful in the future. Additionally, the company’s decision to lay off staff and make changes to its free plan has led to controversy and criticism from some of its users, which could ultimately harm the company’s reputation and growth.
Another signal to watch is the company’s ability to integrate its acquired companies and technologies into its existing portfolio. Bending Spoons has acquired several companies in recent years, including Filmic, Evernote, and Vimeo. The company’s ability to integrate these companies and technologies into its existing portfolio will be crucial to its long-term success.
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By Priya Nair, AI & Startup Reporter at TrendFlashy
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