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Bending Spoons, the Italian company that has quietly bought up a string of familiar internet brands, has set the terms for one of the more closely watched technology listings of the year. The Milan-based firm is marketing 58 million shares at $26 to $28 each, a range that would raise as much as $1.62 billion and value the company at roughly $19 billion at the top end. The shares are expected to begin trading on the Nasdaq under the ticker BSP in early July, giving public investors their first chance to buy into a business most people have never heard of but whose products they almost certainly use.
The company’s strategy is what makes it unusual. Rather than building new apps from scratch, Bending Spoons acquires established digital products, often ones that have lost momentum, and runs them more efficiently under a single roof. Its portfolio reads like a tour of the consumer internet, including AOL, the video platform Vimeo, the events service Eventbrite, the note-taking app Evernote, the file-sharing tool WeTransfer, the video software Brightcove and StreamYard, the route-planning app Komoot, the photo tool Remini, and the time-tracking app Harvest. In all, the company has completed more than 50 acquisitions, and those ten brands alone generated more than 80 percent of its revenue in the first quarter, a sign of how much weight its biggest properties carry.
The numbers behind the listing show why investors are paying attention. Revenue in the first quarter of 2026 more than doubled to $601 million from $259 million a year earlier, and the company swung from a $112 million loss to a $27.5 million profit, a turn from red to black that suggests its buy-and-optimize model is starting to scale. Monthly active users have climbed to about 500 million from 111 million at the end of 2023, and the number of paying customers has tripled to roughly 9 million, the kind of reach that lets a lean team carry many products at once. That financial improvement underpins the valuation, which at roughly $19 billion would be a sharp step up from the $11 billion the company was worth just eight months ago, when it raised $710 million from investors including T. Rowe Price, Baillie Gifford, and Cox Enterprises.
The most striking detail in the filing has less to do with the deal than with how the company now operates. According to its SEC paperwork, the share of code changes across its engineering organization that were authored or co-authored by artificial intelligence rose from under 10 percent in the first quarter of 2025 to more than 90 percent a year later, with roughly 70 percent written entirely by AI. Few companies have put a number that specific on how much of their software is now machine-written, and for a firm whose entire model depends on running many products with a lean team, that level of automation is central to the efficiency story it is selling to investors.
The timing places Bending Spoons inside a broader rebound in US listings. After a long stretch in which few companies chose to go public, 2026 has brought a wave of new offerings, led by enormous deals but also drawing in mid-sized profitable businesses like this one. A company built on acquiring and tightening up existing products is a different proposition from a money-losing startup chasing growth, and its arrival signals that the recovered IPO market has room for businesses selling discipline and cash flow rather than just ambition.
There are reasons for caution that investors will weigh against the growth. A roll-up strategy depends on a steady supply of acquisitions at sensible prices and on the company’s ability to keep improving the products it buys without alienating their users, and the heavy reliance on AI-written code, while efficient, is a relatively new way to run an engineering organization at scale. The leap in valuation from $11 billion to $19 billion in under a year also leaves less room for error, since the company now has to grow into a price that already reflects a great deal of optimism.
If the offering prices within its range and trades well, Bending Spoons will become one of the more unusual public companies on the Nasdaq, a holding company for aging internet brands that runs them with a fraction of the staff such products once required. The debut will test whether public investors value that model as highly as private backers have, and whether a business that has stayed deliberately out of view can hold up under the scrutiny that comes with a stock ticker. The first trades in early July will start to answer it.