A Little Financial Magic…
All it takes is a spoonful of Berkshire.
On Wednesday, Bending Spoons BSP ( ▲ 4.32% ) , a little-known Italian technology company, revealed that Berkshire Hathaway had agreed to invest another $330 million in its business.
Wall Street loved the recipe.
Shares surged roughly 41% in a single session, adding a little magic to a stock that only made its Nasdaq debut in July.
So what exactly is Bending Spoons, and why has one of the world’s most famous investment firms taken such an interest?
Let’s dig in.⇩
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A $930 Million Spoonful.
Bending Spoons seems to have caught Berkshire Hathaway’s appetite.
When the Italian company went public in July, Berkshire quietly invested $600 million at the IPO.
Three months later, it came back for seconds.
→ First helping: $600 million at the July IPO.
→ Second helping: $330 million for another 10 million shares.
→ Total commitment: $930 million, giving Berkshire roughly 4% ownership.
And Wall Street wasted little time reacting.
Bending Spoons shares surged approximately 41% on Wednesday, closing at $53.46 — their biggest one-day gain since the company’s July debut.
But this wasn’t a typical Berkshire purchase.
The company trades at nearly 10 times forward sales, a valuation more commonly associated with high-growth technology businesses than traditional value investments.
And there’s another mystery.
✱ The identity of the person behind Berkshire’s latest technology bet remains unclear.
What is clear is that Berkshire has taken a meaningful stake in a company most investors probably hadn’t heard of until this week.
Its products, however, are another story. ↓
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Meet the Internet’s Collector.
You might not recognize the name Bending Spoons.
But chances are, you’ve heard of a few companies it owns.
→ AOL: The internet pioneer that once introduced millions of Americans to the World Wide Web.
→ Evernote: The note-taking app that became a favorite among productivity enthusiasts.
→ Vimeo: The video platform known for its creative and professional users.
→ Eventbrite: The ticketing platform for concerts, conferences, and events.
→ WeTransfer: The file-sharing service used to send large files.
→ Airtable: The software platform that helps businesses organize projects and workflows.
Quite the collection.
Based in Milan, Bending Spoons has built its business around acquiring established technology companies rather than creating every product from scratch.
The formula is straightforward.
Buy recognizable digital businesses → improve their operations → generate cash → fund the next acquisition.
And unlike traditional private equity firms, which often buy companies with the intention of selling them a few years later, Bending Spoons takes a different approach.
And… the company has never sold a material business.
It’s a strategy that sounds remarkably familiar.
After all, Berkshire Hathaway spent decades building an empire by acquiring businesses and holding them for the long term.
Bending Spoons is applying a similar philosophy to software, subscriptions, and digital platforms.
And the shopping spree is far from over.↓
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The Acquisition Machine…
In September, the company agreed to acquire Miro, an AI-powered collaboration platform, in a deal valued at approximately $1.36 billion.
Miro brings something particularly attractive to the table: around $600 million in annual recurring revenue — subscription revenue expected to repeat each year.
And Bending Spoons has ambitious plans for the rest of its business.
According to guidance issued in August:
→ 2026 revenue: $2.78 billion–$2.82 billion, representing approximately 114% annual growth.
→ Adjusted operating income: $1.46 billion–$1.51 billion, up roughly 142% at the midpoint.
✱ At the midpoint, that implies an adjusted operating margin of approximately 53% — meaning about 53 cents of adjusted operating profit for every dollar of revenue.
Not bad for a company collecting yesterday’s internet favorites.
But there’s an important distinction.
Buying revenue isn’t the same as growing it.
When Bending Spoons acquires another business, that company’s sales can become part of its reported revenue. The figures provided don’t separate growth from acquisitions and growth generated by businesses it already owned.
That makes the company’s acquisition strategy particularly important.
Bending Spoons needs to keep finding businesses worth buying, improving their economics, and generating enough cash to help finance the next deal.
And Berkshire has just agreed to provide another $330 million toward that ambition.
But the price Berkshire negotiated tells another interesting story. ↓
Berkshire Got a Different Price.
Berkshire negotiated a private placement — an agreement to purchase newly issued shares directly from Bending Spoons at a set price.
And that price was considerably lower than where the stock finished trading Wednesday.
→ Berkshire’s purchase price: $33 per share.
→ Wednesday’s closing price: $53.46 per share.
→ The difference: $20.46, or approximately 62% more than Berkshire agreed to pay.
That’s quite a gap.
For its $330 million commitment, Berkshire will receive 10 million new shares, assuming the transaction closes as expected.
At Wednesday’s closing price, those shares would have a market value of approximately $535 million.
✱ That’s roughly $205 million more than Berkshire’s purchase cost, although the transaction hasn’t closed and those shares aren’t freely tradable.
But …
Berkshire negotiated its $33 price before the announcement sent the stock soaring.
The agreement also involves newly issued shares, which increases the total share count and slightly dilutes existing shareholders’ ownership percentages.
So this isn’t quite the same as finding a 38%-off coupon for shares on the Nasdaq.
Still, the contrast is striking.
Berkshire agreed to invest at $33. Public investors subsequently pushed the stock above $53.
And that brings us to the biggest question surrounding Berkshire’s unusual investment.↓
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