MILAN — Bending Spoons filed a Form F-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for an initial public offering in the United States. The Milan, Italy-based technology company, where Luca Ferrari serves as chief executive officer, also applied to list on the Nasdaq Global Select Market under the ticker symbol "BSP."
Form F-1 is the registration document required by the SEC for foreign companies listing shares on a U.S. exchange. Goldman Sachs, J.P. Morgan, and Allen & Company are acting as global lead book runners for the offering. The underwriting syndicate includes BofA Securities, Jefferies, Wells Fargo Securities, Evercore, BNP Paribas, Mizuho, Société Générale, and UniCredit.
The company reported an increase in its financial performance. The company's revenue rose 95 percent year over year to $1.31 billion in 2025. Revenue more than tripled between 2023 and 2025. Operating profit increased to $278 million in 2025, up from $127 million in 2024.
For the first quarter of 2026, revenue was $601.3 million, compared with $258.9 million in the first quarter of 2025. Bending Spoons posted a $27.5 million net profit in the first quarter of 2026, which contrasts with a $112.2 million net loss in the same period of the previous year. Operating income reached $120.2 million in the first quarter of 2026, compared with a $4.6 million operating loss a year earlier.
The company, founded in 2013, has acquired a portfolio of more than 50 businesses, and has operationalized digital applications including AOL, Evernote, Vimeo, and WeTransfer. Ten of these businesses, including AOL, Brightcove, Eventbrite, Evernote, Harvest, komoot, Remini, StreamYard, Vimeo, and WeTransfer, generated over 80 percent of its revenue in the first quarter of 2026. Subscription revenue made up 93 percent of total sales in 2025, and net revenue retention was 95 percent in the same year. Advertising expenses accounted for 6 percent of total revenue in 2025, while organically acquired customers generated 79 percent of new-customer revenue. The company stated it selected the name "Bending Spoons" to reference bending a spoon with the mind, a concept popularized by the film The Matrix, to indicate a commitment to exceeding perceived limits.
Monthly active users increased to 500 million in March 2026 from 111 million in December 2023. Monthly paying customers tripled to 9 million in March 2026 from 3 million in December 2023. Revenue per employee more than doubled between 2023 and 2025, and the company attributed this increase partly to operational efficiencies from artificial intelligence. Artificial intelligence authored or co-authored under 10 percent of proposed software code changes in the first quarter of 2025, and this increased to more than 90 percent in the first quarter of 2026. Approximately 70 percent of proposed software code changes in the first quarter of 2026 were written entirely by artificial intelligence.