The Italian software company, Bending Spoons, performed strongly on the first day of the United States stock market, presenting a total of $40.50, up nearly 40 per cent from $29. The market value of the company, at closing prices, was about $25.7 billion, more than double its previous private fund-raising valuation of approximately $11.1 billion.
In this issue, Bending Spoons raised US$ 1,680 million. Thirteen years after its establishment, the company is based in Milan, Italy. As stock prices rose in the first day, the company, which had grown to acquire and integrate software assets, became the recently rarely strong new stock in the SaaS plate.
Quarterly performance to profit
The financial data disclosed by the company indicate that its asset consolidation strategy has begun to be reflected at the profit end. In the first quarter of 2026, Bending Spoons realized a profit of $601 million and a net profit of $27.4 million.
This compares to a net loss of $112 million from a corporate account of $259 million during the same period of the previous year. In other words, in a year, companies have not only achieved significant income growth but have also made a shift from loss to profit.
Highest share of subscription income
The main source of revenue for Bending Spoons is the subscription business. Last year, subscription revenues accounted for 84 per cent of the company ' s total revenue, indicating that its business model was highly dependent on a continuous fee-paying user rather than a one-time sale.
This structure usually means a more stable cash flow and makes it easier for the market to assess the value of its software portfolio with recurrent income.
The acquisition and integration model is in focus.
The strategy of Bending Spoons in recent years has been to acquire software companies whose growth has been stagnant or under pressure, and then to improve profitability by adjusting their operations. These are sometimes referred to as “venture zombie” companies.
In addition to Bending Spoons, investors and platforms that employ a similar “acquisition, restoration, possession” strategy include Consortium Software, Tiny, SaaS.group, etc. The significant increase in the first day of the market also reflects a high level of market interest in this path.
The five co-founders of Bending Spoons — Luca Ferrari, Francesco Patarnello, Matteo Danieli, Luca Querella and Tomasz Greber — will also receive significant book returns as a result of the company's listing.