Bending Spoons Files for US IPO, Aims for $20 Billion Valuation
1h ago|4 min readStandard
Fazen Markets Editorial Desk
Collective editorial team · methodology
ipobending-spoons
Fazen Markets Editorial Desk
Collective editorial team · methodology
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Italian software developer Bending Spoons S.p.A. filed for an initial public offering in the United States on 8 June 2026. The company, known for acquiring and scaling consumer apps like Evernote and Meetup, is targeting a valuation near $20 billion, according to a filing published by the U.S. Securities and Exchange Commission. The move follows a $340 million private funding round in late 2025 that valued the firm at $12.5 billion. A successful IPO would mark one of the largest-ever U.S. listings by a European technology company.
The IPO filing arrives as the market for new technology listings shows signs of recovery after a prolonged drought. The last major U.S. tech IPO from a European company was Swedish fintech Klarna in 2025, which debuted at a $28 billion valuation. The current macro backdrop features moderating inflation and the Federal Reserve holding its benchmark rate at a target range of 4.50% to 4.75%. This relative stability has renewed investor appetite for growth stories.
Bending Spoons triggered the filing now after achieving consecutive quarters of adjusted EBITDA profitability. The company reported a 42% year-over-year revenue increase in its most recent fiscal quarter. The catalyst chain is clear: proven profitability, a large private funding round to solidify the balance sheet, and a window of receptive public market conditions. The firm's model of acquiring underperforming software assets and applying its proprietary operational technology has attracted significant late-stage capital.
The S-1 filing reveals several key financial metrics. Annualized revenue for the last quarter reached $1.8 billion. Adjusted EBITDA margin expanded to 18%, up from 7% two years prior. The company holds $1.2 billion in cash and equivalents against $850 million in long-term debt. Bending Spoons employs over 1,400 people, with more than 70% in engineering and product roles.
The valuation jump from its last private round is substantial. The targeted $20 billion public valuation represents a 60% premium to the $12.5 billion private mark set just eight months ago. This growth outpaces the Nasdaq Composite Index, which is up 12% year-to-date. A comparison of key financial ratios shows the firm's premium. It seeks a price-to-sales multiple of approximately 11x, based on annualized revenue, versus the 8x average for the software application sector.
| Metric | Bending Spoons (FY 2025) | Software Sector Median |
|---|---|---|
| Revenue Growth (YoY) | 42% | 19% |
| EBITDA Margin | 18% | 22% |
| Cash / Debt Ratio | 1.41 | 0.85 |
The listing's second-order effects will resonate across several sectors. Direct beneficiaries include early investors like Durable Capital Partners and Cox Enterprises, which stand to realize large paper gains. Publicly traded peers with similar acquisition-heavy models, like Unity Software (U) and AppLovin (APP), could see positive sentiment and valuation re-ratings, potentially adding 5-10% to their share prices. The IPO also validates the "studio" model in tech, potentially increasing M&A interest in smaller app developers.
A key risk is the company's reliance on a continuous pipeline of acquirable assets. The strategy of buying and turning around legacy software faces natural scalability limits. If the market for such assets becomes more competitive or expensive, future growth rates could decelerate sharply. Current positioning data shows hedge funds are net long the software sector, with notable inflows into exchange-traded funds like IGV. The IPO could attract capital away from other high-growth, non-profitable tech names as investors rotate into a profitable, scaled story.
The IPO roadshow will begin the week of 23 June 2026, with pricing expected in mid-July. Key catalysts include the Fed's July 30-31 FOMC meeting, which will provide an updated rate outlook that could affect risk appetite. Bending Spoons' own first public earnings report, due in late August, will be scrutinized for post-IPO execution.
Levels to watch include the final IPO pricing relative to the $20 billion target. A pricing above range would signal strong demand, while a discount could dampen sentiment for upcoming tech listings. For secondary market performance, initial support for the stock will likely be established around its first-day closing price. Resistance may form at a market cap of $22-24 billion, a level that would imply a further expansion of its valuation multiple.
The IPO provides retail investors access to a unique European growth story previously confined to private markets. Retail participation will likely be through brokerage platforms offering IPO access programs or by buying shares once they begin trading on the Nasdaq. Investors should note the company's premium valuation, which prices in continued high growth. Its performance will serve as a barometer for retail sentiment toward profitable, acquisition-driven tech firms outside the traditional FAANG cohort.
The targeted $20 billion valuation places Bending Spoons among the largest software IPOs of the past five years. It surpasses the 2024 debut of DataBricks at $18 billion but remains below Klarna's 2025 entry at $28 billion. Its forward price-to-sales ratio of 11x is higher than the sector median but below the 15x multiples commanded by hyper-growth SaaS leaders during the 2021 peak. The valuation reflects a hybrid model blending software margins with private-equity-style operational improvement.
Large European tech firms have a mixed history with U.S. listings. Success stories include Spotify, which went public via direct listing in 2018, and Adyen, which listed in Amsterdam but trades actively on U.S. OTC markets. Notable struggles include the 2021 IPO of British food-delivery firm Deliveroo, which fell sharply post-listing. A successful Bending Spoons debut could encourage other large European unicorns, such as German AI firm Aleph Alpha, to consider U.S. exchanges over local venues, seeking deeper liquidity and higher multiples.
The Bending Spoons IPO tests investor conviction in a profitable, acquisition-driven software model at a premium valuation.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
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