Bending Spoons IPO: Milan app studio files for U.S. public listing
Bending Spoons IPO filing signals U.S. debut for the Milan-based app studio after rapid growth, 500 million monthly users, $1.31B annual revenue and strong subscription income.
Bending Spoons has filed paperwork with the U.S. Securities and Exchange Commission to take the company public, marking a major step for the Milan-based developer behind a wide portfolio of consumer and enterprise apps. The filing, disclosed by the company, highlights a user base of roughly 500 million monthly active users and 9 million paying customers, positioning the planned Bending Spoons IPO as one of the higher-profile European tech listings targeting American investors.
Details of the SEC filing
Bending Spoons’ submission to the SEC outlines its recent financial results and business model as it seeks a U.S. listing. The company reported $1.31 billion in revenue for the latest fiscal year and said it generated $601 million in the first quarter, representing a 132% year-on-year increase.
The filing also discloses a Q1 profit of $27.4 million and notes that subscriptions account for roughly 84% of the company’s revenue, underscoring the significance of recurring customer payments to its financial profile.
Scale and customer base
The company emphasized its global reach in the filing, citing some 500 million monthly active users across its suite of apps. Of those users, about 9 million are paid subscribers, a figure the company uses to demonstrate the conversion of scale into revenue.
Bending Spoons’ portfolio spans consumer utilities and creative tools, with the firm increasingly focused on converting large free audiences into subscription customers through product changes and pricing strategies.
Financial performance and growth dynamics
Bending Spoons highlighted strong revenue momentum leading into the IPO process, with a reported $601 million in revenue for the first quarter and a substantial year-over-year increase. The company’s reliance on subscription income has enabled steadier revenue visibility, with subscriptions representing the majority of total revenue.
Profitability remains modest on an absolute scale despite rapid top-line growth, with the company reporting $27.4 million in profit for the most recent quarter noted in the filing. The figures signal both scale and the company’s push to improve margins as it integrates acquired businesses.
Acquisition strategy and notable purchases
A central pillar of Bending Spoons’ expansion has been aggressive acquisition activity; the company says it has completed more than 50 deals to date. Its acquisitions include names such as AOL, Eventbrite, Vimeo, Komoot, WeTransfer, Evernote and Brightcove, reflecting a mix of consumer and enterprise properties.
In its disclosure, Bending Spoons described a repeatable approach: acquire assets whose core businesses are underperforming, streamline operations, and pivot the products toward subscription models to restore profitability. That playbook has become a defining characteristic of its growth and a focal point for investors assessing the IPO.
Valuation history and investor base
Private-market valuations for Bending Spoons climbed sharply in recent years, with the company raising funds at an $11 billion valuation last year after a $2.8 billion mark in 2024. Media reports cited in the company’s filing period suggested the firm might seek a roughly $20 billion valuation in the public markets.
Major institutional backers disclosed in the filing include Baillie Gifford, which holds a significant stake, along with Cox Enterprises, Durable Capital Partners and Fidelity, among others. Those shareholders will be watched closely for any selling or lock-up arrangements following the IPO.
Timing, market context and next steps
The planned Bending Spoons IPO comes amid a busy window for large tech listings in the United States, with other high-profile companies also preparing public offerings. The company’s decision to list in the U.S. reflects a desire for deeper capital markets access and a broader investor base than available in its home market.
The SEC filing begins a review process that can take weeks to months before a registration becomes effective and a final offering price is set. Market participants will be watching for the company’s pricing target, the allocation of primary versus secondary shares, and any guidance the firm provides on capital use and integration of its acquisitions.
Bending Spoons’ public debut will test investor appetite for a subscription-driven app conglomerate built through acquisitions, and industry watchers will be closely following the company’s disclosures and the reception of its valuation in the public market.
