Bending Spoons is a high-yield, AI-enabled software compounder whose exceptional margins and acquisition runway are offset by severe leverage and execution risk.
Overview
Bending Spoons S.p.A. (BSP) is a Milan-based technology holding company that acquires neglected digital applications, centralizes their operations, cuts costs, raises prices and retains the assets under a perpetual-compounding structure. Its revenue is predominantly recurring: subscriptions represented 93% of FY2025 revenue and 84% in Q1 2026, while advertising contributed 12% and transactional services approximately 4% in Q1. The portfolio spans Evernote, WeTransfer, Remini, Vimeo, Brightcove, Meetup, Eventbrite, AOL, Tractive and the pending Airtable acquisition. **Financial momentum is exceptional:** revenue rose from $387.1 million in 2023 to $1.31 billion in 2025, while Q1 2026 revenue increased 132.3% year over year to $601.3 million and adjusted operating margin reached 51.2%. However, leverage is substantial, with $4.36 billion of debt, approximately $3.60 billion of net debt and only 1.3x GAAP interest coverage. The stock priced at $29.00, closed its first trading day at $40.50 and recently traded at $45.15. Near-term catalysts include Q2 results on August 13, 2026, Airtable regulatory approval and integration, deleveraging and sustained portfolio NRR above 95%.