Bending Spoons surges 40% on first day of trading amid SaaS slump

Bending Spoons, the Milan-based company that has quietly assembled a collection of internet nostalgia acts like AOL, Evernote, and Vimeo, closed its first day of public trading at $40.50 per share. That’s roughly 40% above its $29 IPO price, giving the company a market capitalization of approximately $25.7 billion.

The IPO raised $1.68 billion from 57.97 million shares sold. For a company most consumers have never heard of, that’s a remarkable entrance.

The business model: digital estate flipping at scale

The company’s portfolio reads like a time capsule of the internet’s various eras. AOL, acquired in 2025. Vimeo, the platform filmmakers loved and nobody else used. Eventbrite, picked up for around $500 million. Evernote, the note-taking app that peaked sometime around 2015. Meetup. WeTransfer. Brightcove.

The financial results suggest the approach is working. Full-year 2025 revenue hit $1.31 billion. First-quarter 2026 revenue came in at $601 million, up from $259 million in the same period a year earlier.

CEO Luca Ferrari and his co-founders now hold stakes collectively valued at roughly $8.9 billion.

The blockchain angle, and why it’s mostly a footnote

Bending Spoons has launched something called Bending Spoons xStock, or BSPx, described as a tracker certificate designed to mirror the company’s stock performance on selected blockchains. According to official disclosures, the company’s direct operational ties to blockchain technology remain minimal. BSPx appears to be more of a financial product, a tokenized representation of equity exposure, than a signal that Bending Spoons is pivoting toward Web3.

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