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⚠ The Other Half Is Newer Than Five YearsModerate threat

Bending Spoons (BSP) — threat to the moat

Airtable and Miro will add more recurring revenue than Bending Spoons earned in all of 2024, and none of it carries the ten-year tenure the moat argument rests on.

The tenure statistics describe the base Bending Spoons bought between 2021 and 2025. The businesses it has bought since are changing the mix faster than any of those numbers can keep up with.

Revenue contributed by the 2026 arrivals in their first weeks ($M)294AOL, Jan to Jun91Eventbrite, Mar to Jun27Tractive, May to JunBending Spoons Form 424B4 Note 5; stub periods from each acquisition date
A third of a billion from three new names.

AOL contributed $294 million of revenue in its first six months, Eventbrite $91 million from 10 March to 30 June, and Tractive $27 million from 18 May1. Airtable closed on 4 September2 with annual recurring revenue of approximately $480 million3, and Miro, with around $600 million of annual recurring revenue, is expected to close in the fourth quarter4. Between them, those two will add more recurring revenue than Bending Spoons earned in the whole of 20245.

The composition of the base is therefore moving away from the thing the tenure figure measures. Eventbrite's revenue is ticketing rather than subscription, which is why other revenue jumped from $25.958 million in 2025 to $74.728 million in the second quarter of 2026 alone67. The company itself says subscriptions were the primary source of revenue for all of its businesses with the exception of Eventbrite8.

The newest arrivals also moved the balance sheet in Italy. Long-lived tangible and operating-lease assets in Italy went from $9.155 million at the end of 2025 to $48.139 million at 30 June 2026910, while those in the United States fell from $28.389 million to $24.884 million11. The revenue is becoming more American and the infrastructure more Italian.

None of this is bad. It does mean that the 8.0-year average tenure and the 28% ten-year share are statistics about yesterday's portfolio. Both are reported quarterly, and the share of subscription revenue from customers of at least five years is the number that will show whether the newer, larger businesses dilute the oldest and best part of the base.

References
  1. ReportedAOL contributed $294 million of revenue in its first six months, Eventbrite $91 million from 10 March to 30 June, and Tractive $27 million from 18 May.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Note 5 business combinations, the acquisition history and the pro-forma financial information. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  2. ReportedAirtable closed on 4 September with annual recurring revenue of approximately $480 million, and Miro, with around $600 million of annual recurring revenue, is expected to close in the fourth quarter.
    Bending Spoons press release, Form 6-K exhibit 99.1: completion of the Airtable acquisition, the first since the Nasdaq listing. — September 2026 · publ. 4 September 2026 · source ↗
  3. ReportedAirtable closed on 4 September with annual recurring revenue of approximately $480 million, and Miro, with around $600 million of annual recurring revenue, is expected to close in the fourth quarter.
    Bending Spoons press release, Form 6-K exhibit 99.1: definitive agreement to acquire Airtable at an enterprise value of $1.285 billion, with annual recurring revenue of approximately $480 million and more than 500,000 organisations using the platform. — August 2026 · publ. 4 August 2026 · source ↗
  4. ReportedAirtable closed on 4 September with annual recurring revenue of approximately $480 million, and Miro, with around $600 million of annual recurring revenue, is expected to close in the fourth quarter.
    Bending Spoons press release, Form 6-K exhibit 99.1: definitive agreement to acquire Miro at an enterprise value of $1.355 billion, with annual recurring revenue of around $600 million, 250,000 organisations and nearly 4 million paying users, expected to close in the fourth quarter of 2026. — September 2026 · publ. 10 September 2026 · source ↗
  5. ReportedBetween them, those two will add more recurring revenue than Bending Spoons earned in the whole of 2024.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the audited consolidated financial statements, the Q1 2026 interim and the MD&A on results of operations and tax. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  6. ReportedEventbrite's revenue is ticketing rather than subscription, which is why other revenue jumped from $25.958 million in 2025 to $74.728 million in the second quarter of 2026 alone.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business and MD&A sections on revenue by type and by geography. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  7. ReportedEventbrite's revenue is ticketing rather than subscription, which is why other revenue jumped from $25.958 million in 2025 to $74.728 million in the second quarter of 2026 alone.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
  8. ReportedThe company itself says subscriptions were the primary source of revenue for all of its businesses with the exception of Eventbrite.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business and MD&A sections on revenue by type and by geography. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  9. ReportedLong-lived tangible and operating-lease assets in Italy went from $9.155 million at the end of 2025 to $48.139 million at 30 June 2026, while those in the United States fell from $28.389 million to $24.884 million.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the Platform: people, hiring, compensation and culture. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  10. ReportedLong-lived tangible and operating-lease assets in Italy went from $9.155 million at the end of 2025 to $48.139 million at 30 June 2026, while those in the United States fell from $28.389 million to $24.884 million.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
  11. ReportedLong-lived tangible and operating-lease assets in Italy went from $9.155 million at the end of 2025 to $48.139 million at 30 June 2026, while those in the United States fell from $28.389 million to $24.884 million.
    Bending Spoons unaudited condensed consolidated financial statements for the quarter and half-year ended 30 June 2026, Form 6-K exhibit 99.2 - income statement, balance sheet, cash flow, revenue disaggregation, debt note, segment note and the initial-public-offering note. — Q2 2026 · publ. 13 August 2026 · source ↗
Sources
Generated October 20, 2026