Is Bending Spoons stock worth buying? Valuation logic after its IPO and market divergence

In July 2026, an Italian tech company completed a highly anticipated initial public offering on Nasdaq. Bending Spoons S.p.A. (stock code: BSP) issued 58 million shares at $29 per share, raising a total of $1.68 billion. On its first day of trading, the stock closed at $40.50, up about 40% from the offering price. The company, whose core model is acquiring and turning mature digital assets into optimized products, received different ratings from several institutions after the IPO quiet period ended.

Why a company that “acquires mature internet assets” can draw market attention

Bending Spoons’ business model is relatively unique in the tech industry. The company does not focus on internally developing new products. Instead, it acquires mature digital businesses that are struggling or experiencing slowed growth, and uses technology to optimize operations and rebuild cost structures. Its portfolio includes more than 50 digital brands such as AOL, Vimeo, Eventbrite, Evernote, WeTransfer, StreamYard, and others. As of March 2026, the company’s products reach more than 500 million monthly active users, of which 9 million are paid subscription users.

This model was described by Bernstein analysts as a “hybrid of traditional private equity and tech operations.” Unlike M&A funds that focus primarily on financial leverage, Bending Spoons places greater emphasis on technology-driven operational transformation—deeply integrating and improving efficiency of acquired assets through its own tech stack and AI tools. In the first quarter of 2026, more than 90% of code submissions were completed with AI assistance, and the company’s revenue per employee reached an industry-leading level.

How the price swings in the first month reflect market expectations

Bending Spoons began trading on Nasdaq on July 1, 2026, on the Nasdaq Global Select Market. Its closing price on the first day was $40.50, and its market cap briefly reached about $25.2 billion. After that, the stock price went through a noticeable pullback.

As of July 27, 2026, BSP closed at $33.26, down 2.35% on the day. The intraday trading range was $32.00 to $34.97. On July 28, the share price fluctuated between $32.00 and $35.40. Since listing, BSP has cumulatively fallen by about 16% from its first-day closing price. The 52-week price range was $29.00 to $43.98. The average trading volume over the most recent five trading days was 3,308,887 shares.

This price action suggests that after early IPO enthusiasm, the market moved into a more cautious pricing phase. While price volatility in the first month after listing is not unusual, given the company’s special business model and financial structure, its valuation logic is worth further examination.

Can the financials support the current valuation level

Bending Spoons’ financial growth trajectory is relatively strong. Full-year 2025 revenue was $1.31 billion. In the first quarter of 2026, revenue reached $601 million, up 132%, doubling from $259 million in the same period of 2025. Gross profit in the same period was $408 million, with a gross margin of about 68%. Net profit swung from a loss of $112 million in the first quarter of 2025 to a profit of $27.47 million. Subscription revenue accounted for 84% of total revenue, net revenue retention was 94%, and the average retention period for subscription users was 8 years.

However, the company’s leverage level is also notable. At the time of the IPO, Bending Spoons held total debt of nearly $4.4 billion. Measured by the first-quarter 2026 revenue of $601 million and net profit of $27.47 million, its leverage ratio is at a relatively high level. The company plans to use IPO proceeds to continue pushing forward new acquisitions.

Goldman Sachs assigned a “Buy” rating to BSP after the IPO quiet period ended, with a target price of $43. The firm expects the company’s total revenue compound annual growth rate from 2026 to 2031 to be about 36%, with about 7% coming from organic growth and the remainder from M&A contributions. However, the company’s current price-to-earnings ratio is about 271x. Both Wells Fargo and Mizuho have set upside expectations of about 32%. Meanwhile, JPMorgan gave a “Neutral” rating with a target price of $35; Jefferies rated it “Hold” with a target price of $38. Evercore ISI gave a “In line with the broader market” rating with a target price of $36.

Does AI-driven operational transformation create a sustainable competitive advantage

The core logic of Bending Spoons is: use AI technology to rebuild costs and improve efficiency for acquired assets. The company believes the spread of AI not only increases enterprises’ demand for operational transformation, but also expands the scope of potential acquisition targets—those digital assets that could benefit from platform-based operations.

A key assumption behind this logic is whether Bending Spoons’ AI transformation capabilities are exclusive or have a significant lead. Evercore ISI raised an opposing view worth paying attention to: if AI technology allows potential acquisition targets to optimize operations on their own, then Bending Spoons’ “room for transformation” would shrink, acquisition valuations could rise, and future investment returns may face compression.

In other words, Bending Spoons’ business model is essentially “buying inefficient assets and injecting efficient operating capabilities.” But if operational efficiency across the entire industry improves broadly due to AI, this arbitrage space may gradually narrow. This is a proposition that needs to be validated over a longer cycle.

Is there structural risk between high leverage and ongoing acquisitions

Bending Spoons’ business model relies heavily on continuous M&A to drive growth. The company has identified more than 1,000 potential acquisition targets, with a combined revenue scale of about $400 billion. However, each acquisition means additional debt or equity dilution.

A total debt of nearly $4.4 billion cannot be ignored under today’s interest-rate environment. The net profit of $27.47 million in the first quarter of 2026, relative to the scale of debt, leaves a limited margin of safety. Whether the company can quickly improve the cash flow of acquired assets through operational transformation—thereby covering debt costs and supporting the next round of acquisitions—is the core question in assessing its sustainability.

In addition, Bending Spoons’ portfolio includes multiple traditional internet brands, which face competitive pressure from emerging platforms within their respective arenas. Brands such as AOL and Evernote may have user bases, but their growth prospects and user stickiness need to be re-evaluated in the context of industry shifts.

How Gate provides investors with a trading channel for Bending Spoons stock

For investors who are interested in Bending Spoons’ performance in US-listed markets, Gate has launched a real US stock trading service. It supports trading more than 10,000 US stocks and ETFs, including BSP. The service is enabled through a strategic cooperation with the licensed broker Alpaca, covering listings on the New York Stock Exchange and Nasdaq.

Gate’s US stock trading support uses USDT settlement, so users can participate without converting to USD. The minimum investment threshold is 0.01 share, suitable for investors with different budget sizes. Holdings correspond to the economic rights of real shares, including corporate actions such as cash dividends, stock dividends, stock splits, and reverse splits, which are automatically handled according to platform rules. Trading fees start as low as 0.023%, with no platform fees and no hidden charges.

Gate connects directly to the US securities market infrastructure through compliant broker channels, with a clear and transparent trading path. Users can trade after completing account registration and transferring USDT to a stock account.

Summary

Bending Spoons’ IPO provides the market with a sample to observe a “technology-driven M&A integration” model. The company has demonstrated strong execution in revenue growth and operational efficiency improvement, but its high leverage level, high valuation multiples, and the potential impact of AI becoming widespread create structural factors that cannot be ignored. Institutional ratings show a split pattern of “six Buys and four Holds,” reflecting that the market has not yet reached a consensus on its future path. For investors, evaluating Bending Spoons’ value requires balancing the growth narrative against financial risks. Its first quarterly report afterward will be a key milestone to test its integration capabilities and cash flow generation efficiency.

FAQ

Q: What is Bending Spoons’ stock ticker? Which exchange is it listed on?

A: Bending Spoons S.p.A.’s stock ticker is BSP, listed on the Nasdaq Global Select Market on July 1, 2026.

Q: What was Bending Spoons’ IPO offering price, and how did it perform on the first day?

A: The IPO offering price was $29 per share, and the stock closed at $40.50 on the first day of trading, up about 40% from the offering price.

Q: What is Bending Spoons’ main business?

A: The company focuses on acquiring and transforming distressed mature digital assets, improving efficiency and cash flow through AI technology and operational optimization. Its brands include AOL, Vimeo, Eventbrite, Evernote, and others.

Q: What is Bending Spoons’ financial condition like?

A: In the first quarter of 2026, revenue was $601 million, up 132%; net profit was $27.47 million. But the company holds total debt of nearly $4.4 billion.

Q: How do you trade Bending Spoons stock on Gate?

A: Gate has launched real US stock trading services, supporting trading for more than 10,000 US stocks and ETFs such as BSP. Users can trade using USDT, with a minimum starting point of 0.01 share.