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The Technologies With NamesThin moat

Bending Spoons (BSP) — moat facet

Bending Spoons has built seven named internal systems and says itself that the advantage is not in the code but in knowing what to build, which is know-how rather than a barrier.

The second pillar of what Bending Spoons calls its Platform is a set of internal systems it names and dates. Pico, Lumen and Abacus handle data ingestion, transformation and metrics, began in 2017 and processed more than 3.8 billion data points per day on average in the first quarter of 20261. Minerva, from 2019, estimates user lifetime value in real time2. Juno, from 2023, runs checkout, subscriptions, price changes and billing retries, and integrates payment data from the Apple App Store and Google Play Store3.

The named systems and what they measurePico, Lumen, Abacus, 20173.8bn data points a day, Q1 2026Minerva, 2019user lifetime value, updated in real timeJanus and Orion, 20173,000 experiments run in 2025Juno, 2023checkout, pricing, billing retriesRole Model, 2017tens of thousands of applications per managerAlt-Spooner, Q2 2026100bn tokens in the first three weeksForm 424B4, the Platform; Alt-Spooner from the Q2 2026 release
Seven systems, each with an output number.

Janus and Orion are the experimentation toolkit, and the output is the measure: more than 3,000 experiments were run in 20254. Role Model, the recruiting system, uses first-party assessments and models trained on post-hire performance, and helps each talent manager handle tens of thousands of job applications per year5. Alt-Spooner, introduced in the second quarter of 2026, gives every Spooner a personal artificial-intelligence agent on self-hosted open-weight models and processed over 100 billion tokens in the first three weeks6.

The deployment claim is what makes this a platform rather than a toolkit: most of the businesses adopt nearly all of the proprietary technologies, and the technologies are tightly integrated with one another, making their deployment across acquired businesses straightforward7.

Artificial intelligence runs through all of it. Bending Spoons began embedding AI within its proprietary technologies in 20198, uses models from several providers including Anthropic, Google and OpenAI, accesses them by interface or by hosting on infrastructure it controls, and designed its architecture to facilitate switching between providers with relative ease9. The share of pull requests authored or coauthored by AI rose from less than 10% in the first quarter of 2025 to more than 90% by the end of the first quarter of 2026, with around 70% authored by AI alone10.

The artificial-intelligence suppliers are deliberately interchangeable. Bending Spoons uses models from Anthropic, Google and OpenAI, reaching them either through each provider's interface or by hosting them on an IT infrastructure it controls11, with an architecture designed to facilitate switching between providers with relative ease12, and pricing generally based on the number of tokens used13. It also builds proprietary, narrow-purpose models14 where a general one is not needed.

The company knows what this is worth and what it is not. Its own sentence is that the moat lies not in the development cost15 but in knowing what to build. Experiments run per year is the output measure: 3,000 in 2025 is a real number, and a year in which it stops rising while the portfolio grows would mean the Platform has stopped scaling.

Moat trajectory: Widening

AI in nine of ten pull requests; Alt-Spooner rolled out to every Spooner.

The number that tests this moat
Reported
Pull requests authored or coauthored by AI
More than 90% at end-Q1 2026, from less than 10% a year earlier

How fast the engineering capacity is being multiplied; a plateau would cap how many transformations can run at once.

Source: Bending Spoons Form 424B4 prospectus ↗
⚠ Threats to the moat
⚠ THREAT 01
Modest Reliance on Technical Barriers
Bending Spoons says in writing that its products are cheap to replicate and that its customers do not stay because the alternatives are worse.
References
  1. ReportedPico, Lumen and Abacus handle data ingestion, transformation and metrics, began in 2017 and processed more than 3.8 billion data points per day on average in the first quarter of 2026.
    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: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  2. ReportedMinerva, from 2019, estimates user lifetime value in real time.
    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: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  3. ReportedJuno, from 2023, runs checkout, subscriptions, price changes and billing retries, and integrates payment data from the Apple App Store and Google Play Store.
    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: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  4. ReportedJanus and Orion are the experimentation toolkit, and the output is the measure: more than 3,000 experiments were run in 2025.
    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: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  5. ReportedRole Model, the recruiting system, uses first-party assessments and models trained on post-hire performance, and helps each talent manager handle tens of thousands of job applications per year.
    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 ↗
  6. ReportedAlt-Spooner, introduced in the second quarter of 2026, gives every Spooner a personal artificial-intelligence agent on self-hosted open-weight models and processed over 100 billion tokens in the first three weeks.
    Bending Spoons second-quarter 2026 results release, Form 6-K exhibit 99.1 - organic revenue growth, non-GAAP measures, net debt and leverage, the business transformations and guidance for the third quarter and the full year. — Q2 2026 · publ. 13 August 2026 · source ↗
  7. ReportedThe deployment claim is what makes this a platform rather than a toolkit: most of the businesses adopt nearly all of the proprietary technologies, and the technologies are tightly integrated with one another, making their deployment across acquired businesses straightforward.
    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: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  8. ReportedBending Spoons began embedding AI within its proprietary technologies in 2019, uses models from several providers including Anthropic, Google and OpenAI, accesses them by interface or by hosting on infrastructure it controls, and designed its architecture to facilitate switching between providers with relative ease.
    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: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  9. ReportedBending Spoons began embedding AI within its proprietary technologies in 2019, uses models from several providers including Anthropic, Google and OpenAI, accesses them by interface or by hosting on infrastructure it controls, and designed its architecture to facilitate switching between providers with relative ease.
    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: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  10. ReportedThe share of pull requests authored or coauthored by AI rose from less than 10% in the first quarter of 2025 to more than 90% by the end of the first quarter of 2026, with around 70% authored by AI 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 section on the Platform: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  11. ReportedBending Spoons uses models from Anthropic, Google and OpenAI, reaching them either through each provider's interface or by hosting them on an IT infrastructure it controls, with an architecture designed to facilitate switching between providers with relative ease, and pricing generally based on the number of tokens used.
    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: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  12. ReportedBending Spoons uses models from Anthropic, Google and OpenAI, reaching them either through each provider's interface or by hosting them on an IT infrastructure it controls, with an architecture designed to facilitate switching between providers with relative ease, and pricing generally based on the number of tokens used.
    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: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  13. ReportedBending Spoons uses models from Anthropic, Google and OpenAI, reaching them either through each provider's interface or by hosting them on an IT infrastructure it controls, with an architecture designed to facilitate switching between providers with relative ease, and pricing generally based on the number of tokens used.
    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: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  14. ReportedIt also builds proprietary, narrow-purpose models where a general one is not needed.
    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: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  15. ReportedIts own sentence is that the moat lies not in the development cost but in knowing what to build.
    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 ↗
Sources
Generated October 20, 2026