Bending Spoons on Wall Street: valued at $18.4 billion
The Milan-based company has placed 58 million shares at $29, above the initial price range. Its business model is based on the acquisition and revitalisation of digital platforms
It’s like a school-leaving exam, except there are billions at stake. Today, the doors to Wall Street are opening for the former Milan-based start-up Bending Spoons. And no, this cannot be just another day. The company closed its IPO above the price range, raising $1.68 billion. A considerable sum, especially given that the flotation comes at a delicate time for the software sector, which is still reeling from fears that artificial intelligence could throw traditional business models into crisis.
Indeed, software companies have been virtually absent from the US IPO market this year. It is precisely against this backdrop that the debut of Bending Spoons takes on a significance that extends beyond the company itself.
A hybrid model
It must be said that Bending Spoons’ business model is actually quite hybrid. It is something halfway between private equity and a tech company. Over the years, the Milan-based firm has pursued a fairly clear strategy: buying struggling digital companies and reviving them, cutting staff and overhauling the technology from scratch. From 2025 to the present day, the group has acquired the Brightcove streaming platform, the Vimeo video service, the long-established AOL brand and Eventbrite ticketing platform. All of these companies have a distinguished history, but for various reasons, they have since seen their momentum slow.
But let’s get back to the IPO. The Milan-based company and the selling shareholders placed 58 million shares at $29 each, above the indicated price range of $26 to $28. Advisers to the transaction included JPMorgan (lead joint global coordinator and stabilisation agent) and Goldman Sachs International, which acted as joint lead book-running manager for the placement. Based on the number of shares in circulation as stated in the listing documents, the IPO values Bending Spoons at $18.4 billion.
A very unusual story
A very significant figure for an Italian company with a very unusual history. Starting with the name, which comes from a scene in the film The Matrix.
The start-up was born from the ashes of Evertale, a digital diary that failed in 2013. With the $40,000 remaining after the liquidation of that first project, the CEO, Luca Ferrari, and the co-founders launched what is now one of Europe’s leading technology companies.
