Bending Spoons files for Nasdaq IPO, targets $20 billion valuation

Bending Spoons has moved from Milan dealmaker to Wall Street story. The company filed for a Nasdaq initial public offering on Monday and is targeting a valuation of at least $20 billion, a bet that investors will pay up for a business built on buying mature digital brands, tightening operations and pushing more users into recurring subscriptions.

The company’s portfolio already spans Evernote, komoot, Meetup, Remini, StreamYard, Vimeo and WeTransfer, and its public pitch is blunt: it acquires and improves iconic products. Founded in 2013 in Milan by Luca Ferrari, Francesco Patarnello and Matteo Danieli, Bending Spoons says it has completed more than 50 acquisitions and identified more than 1,000 digital businesses that could become future targets.

The financial case for the listing is just as important as the strategy. For the quarter ended March 31, Bending Spoons reported net income of $27.5 million on revenue of $601 million, a sharp swing from the same period a year earlier, when it posted a net loss of $112 million on revenue of $259 million. Company materials say the business now has more than 500 million monthly active users and more than 9 million paying customers, a scale that helps explain why investors are focusing on its subscription-heavy model.

The IPO would also mark a striking jump in valuation. Bending Spoons raised $710 million in October 2025 at a valuation of about $11.7 billion, and the new target would nearly double that level. The company has also raised more than $600 million from backers including Baillie Gifford, Ryan Reynolds and Endeavor Catalyst. PitchBook has estimated that Bending Spoons carried about $4.36 billion in debt after its acquisition spree, underscoring how aggressively it has used capital to build scale.

Goldman Sachs, JPMorgan and Allen & Co are leading the offering, which the company wants to bring to market in late June if conditions hold. That timing fits a U.S. summer IPO window that has opened with a rush of deals as companies try to get out before volatility returns. Foreign tech groups often choose U.S. markets because software names can command higher valuations there, and Bending Spoons is stepping directly into that dynamic.

For investors, the filing is less a bet on a new app than on the economics of old ones. In an AI-obsessed market that still rewards profitable software and recurring revenue, Bending Spoons is pitching legacy internet assets as cash-generating platforms with room for renewal. If it prices near its target, the message to owners of older digital brands will be clear: age is not the problem, monetization is the opportunity.