WHAT JUST HAPPENED? Bending Spoons is going public with a model that runs counter to where much of tech investing is headed. Instead of chasing the next wave of artificial intelligence startups, the company is focused on rebuilding older, often overlooked internet platforms – and its IPO suggests investors are willing to back that approach.
The Milan-based firm raised $1.68 billion in its Nasdaq debut this week, with shares climbing 40% above the IPO price. The stock closed at $40.50, up from $29, giving the company a market value of about $25.7 billion. That's a significant jump from roughly $14.5 billion in 2025, following a funding round that included primary, secondary, and debt capital.
Bending Spoons has built its business by acquiring established but underperforming software companies and reworking them. Its portfolio includes names that still carry weight with users – Vimeo, Evernote, WeTransfer and, more recently, AOL.
"The upside of what we do is we buy these companies and rebuild them from scratch almost," Chief Executive Luca Ferrari told Bloomberg.
The changes are usually sweeping rather than incremental. The company typically cuts costs, shifts operations to its engineering teams and retools the product. Ferrari has been clear that its approach is not subtle.
