Bending Spoons seeks stock market listing

Bending Spoons, the Italian app studio behind Eventbrite, Vimeo, and WeTransfer, has submitted documents to go public in the U.S. The move follows a string of acquisitions and years of rapid expansion. The company’s latest filing with the Securities and Exchange Commission outlines its financial health and plans for an initial public offering this summer.

Revenue and User Growth

The company reported $1.31 billion in annual revenue, with Q1 2026 earnings hitting $601 million—a 132% jump from the same period in 2025. Subscriptions drive 84% of its income, reflecting a shift toward recurring revenue models. Monthly active users exceed 500 million, with 9 million paying customers across its platforms.

Its financials highlight a mix of steady growth and aggressive spending. The filing notes a $27.4 million profit in Q1 2026, though exact details on operating expenses remain sparse. The company’s valuation has surged from $2.8 billion in 2024 to $11 billion last year, with expectations of a $20 billion IPO valuation, as noted in the filing.

A History of Acquisitions

Bending Spoons has acquired over 50 companies, including major names like AOL, Evernote, and Brightcove. The strategy often involves buying underperforming businesses, streamlining teams, and rebranding them around subscription models. This approach has reshaped several industries, from video hosting to productivity tools.

“They pick targets that need work,” said one industry observer. “Then they cut costs, reinvent the product, and push for recurring revenue.” The tactic has proven profitable but not without risks. Some acquisitions have faced integration challenges, though the company has largely avoided major public missteps.

Smaller buys, like Komoot and WeTransfer, have helped diversify the portfolio. The focus on subscription-based services has become a unifying thread, even as holdings span music, travel, and communication tools.

Investor Backing and IPO Plans

Baillie Gifford, the Scottish investment firm, holds a significant stake. Other major backers include Cox Enterprises, Durable Capital Partners, and Fidelity. These institutions have backed Bending Spoons through multiple funding rounds, with the latest valuation reflecting confidence in its long-term strategy.

The IPO timing aligns with a broader trend of tech companies going public. SpaceX and Anthropic are also preparing for listings, though Bending Spoons’ path is distinct. Unlike some peers, it has avoided heavy reliance on venture capital, instead using acquisitions to fund growth.

“They’ve built a portfolio that’s both broad and deep,” noted an analyst. “The question is whether investors will see enough upside to justify the $20 billion valuation.” The filing does not specify the exact IPO date, but summer is the likely window.

Despite its scale, the company faces challenges. Regulatory scrutiny over data practices and competition from newer startups could complicate its public debut. Still, its track record of turning struggling businesses into profitable ventures remains a key selling point.