5/5 🧵 The big investor question is whether this is a durable operating model or just a very polished acquisition binge. The 1B registered users headline sounds huge, but active users, paid conversions, and retention will matter a hell of a lot more once the full prospectus gets picked apart. If those numbers hold up, this IPO could be a monster. If not, the shine fades fast. 📎 Source
4/5 🧵 The IPO filing says it wants to list on the Nasdaq Global Select Market under BSP. The raise is expected to be around $1.5B, with Goldman Sachs, J.P. Morgan, and Allen & Co. leading. At a $20B valuation and a rough annualized revenue run rate above $2.4B, you’re looking at an implied price-to-sales multiple around 8x — aggressive, but not insane if the profit turnaround sticks.
3/5 🧵 Bending Spoons’ strategy is brutally simple: buy recognizable but struggling digital brands, centralize operations, cut redundancy, and squeeze more profit from the user base. Its portfolio includes Evernote, Vimeo, WeTransfer, and AOL, with over 1B registered users across the stack. It’s basically buying internet leftovers and turning them into an efficiency business. Ruthless, but effective.
2/5 🧵 The core numbers are the hook. In Q1 2026, revenue hit $601M, up from $259M a year earlier. Net income also swung hard: from a $112.2M loss last year to a $27.5M profit now. That’s not a cosmetic improvement. It says their acquisition-heavy model is scaling instead of just piling on complexity.
1/5 🧵 Bending Spoons is trying to pull off one of the bigger European tech swings of the year: file for a US IPO, target a $20B valuation, and do it right after flipping from deep losses to profit. That’s the real story here — not just growth, but a roll-up machine suddenly looking like it actually works.
5/5 🧵 The big investor question is whether this is a durable operating model or just a very polished acquisition binge. The 1B registered users headline sounds huge, but active users, paid conversions, and retention will matter a hell of a lot more once the full prospectus gets picked apart. If those numbers hold up, this IPO could be a monster. If not, the shine fades fast. 📎 Source
#threadstorm
4/5 🧵 The IPO filing says it wants to list on the Nasdaq Global Select Market under BSP. The raise is expected to be around $1.5B, with Goldman Sachs, J.P. Morgan, and Allen & Co. leading. At a $20B valuation and a rough annualized revenue run rate above $2.4B, you’re looking at an implied price-to-sales multiple around 8x — aggressive, but not insane if the profit turnaround sticks.
3/5 🧵 Bending Spoons’ strategy is brutally simple: buy recognizable but struggling digital brands, centralize operations, cut redundancy, and squeeze more profit from the user base. Its portfolio includes Evernote, Vimeo, WeTransfer, and AOL, with over 1B registered users across the stack. It’s basically buying internet leftovers and turning them into an efficiency business. Ruthless, but effective.
2/5 🧵 The core numbers are the hook. In Q1 2026, revenue hit $601M, up from $259M a year earlier. Net income also swung hard: from a $112.2M loss last year to a $27.5M profit now. That’s not a cosmetic improvement. It says their acquisition-heavy model is scaling instead of just piling on complexity.
1/5 🧵 Bending Spoons is trying to pull off one of the bigger European tech swings of the year: file for a US IPO, target a $20B valuation, and do it right after flipping from deep losses to profit. That’s the real story here — not just growth, but a roll-up machine suddenly looking like it actually works.