Bending Spoons, the Milan-based company that acquires and revitalizes stagnating tech brands, saw its shares jump nearly 40% on its first day of trading on July 1, 2026, closing at $40.50 against an IPO price of $29. The offering raised $1.68 billion and gave the 13-year-old company a market capitalization of $25.7 billion — more than double its last private valuation of $11 billion.
The debut came as traditional SaaS companies have faced investor pressure over concerns that AI-built software could displace their businesses. Bending Spoons’ strong opening suggests some investors see a different kind of software company as better positioned to weather that environment.
The company has built its portfolio by acquiring well-known but struggling tech brands — including AOL, Eventbrite, Evernote, Meetup, and Vimeo — and turning them profitable through cost-cutting, new features, and price increases. Unlike private equity firms that follow a similar playbook, Bending Spoons has stated it has no plans to sell its acquired businesses. Subscriptions accounted for 84% of its revenue last year.
Its financials show a sharp improvement. Bending Spoons reported $601 million in revenue and $27.4 million in net income for Q1 2026, compared to a $112 million net loss on $259 million in revenue during the same period the prior year, according to SEC filings.
The IPO delivered a significant financial outcome for the company’s five co-founders: Luca Ferrari, Francesco Patarnello, Matteo Danieli, Luca Querella, and Tomasz Greber. Before the offering, Baillie Gifford was the largest outside shareholder, with smaller stakes held by Renaissance Partners, Cox Enterprises, Durable Capital Partners, Fidelity, and T. Rowe Price.
Bending Spoons is not alone in its approach. Other firms — including Constellation Software, Curious, Tiny, SaaS.group, Arising Ventures, and Calm Capital — also pursue the strategy of acquiring, fixing, and holding stalled software companies, a model sometimes referred to as targeting “venture zombie” companies.
Source: TechCrunch