The numbers behind the IPO
A compounding machine modeled on Singleton & Mark Leonard
Bending Spoons explicitly cites Teledyne's Henry Singleton and Constellation Software's Mark Leonard in its filing. The 'Playbook' is the operating system that turns acquisitions into compounding capital.
Revenue is bending the curve
Q1 2026 alone ($601M) is already 46% of all of 2025. Annualized at that pace, 2026 lands above $2.4B.
Revenue trajectory
$ millions · Annual + Q1 2026
Margin expansion
Consolidated income statement
$ thousands| Line item | 2023 | 2024 | 2025 | Q1 2026 |
|---|---|---|---|---|
| Revenue | $387,067 | $671,053 | $1,306,404 | $601,321 |
| Cost of revenue | $150,550 | $242,202 | $449,134 | $193,117 |
| Gross profit | $236,518 | $428,851 | $857,270 | $408,204 |
| R&D | $51,792 | $92,557 | $120,737 | $94,396 |
| Sales & marketing | $42,636 | $79,191 | $131,728 | $58,551 |
| G&A | $57,823 | $129,752 | $326,953 | $135,085 |
| Operating income | $84,267 | $127,352 | $277,851 | $120,171 |
| Interest expense | $17,173 | $32,605 | $142,601 | $93,184 |
| Net income (loss) | $160,643 | $88,997 | ($204) | $27,465 |
Interest expense jumped 4.4× in 2025 as acquisition debt loaded the balance sheet. Q1 2026 already back to a $27M GAAP profit.
Adjusted Operating Income
$ millions · 111% CAGR
Margin expansion
Adj. Op. Margin as % of revenue
16 acquisitions in 5 years
Grouped by year. Bending Spoons describes targets as 'great digital businesses with great products' — then rebuilds them from the inside. Click any card for category.
10 brands carry the business today
In Q1 2026, AOL, Brightcove, Eventbrite, Evernote, Harvest, komoot, Remini, StreamYard, Vimeo, and WeTransfer accounted for more than 80% of revenue.
WeTransfer
Pros & SMBsBrightcove
Large enterprise800,000 applications. 286 hires.
Bending Spoons calls its team 'Spooners.' The 2025 hiring funnel is one of the most selective in software — roughly 1 in 2,800 applicants make it through.
2025 hiring funnel
5.6× in 28 months
Built on debt — and OK with it
$4.36B of long-term debt to fund the acquisition spree. Bending Spoons calls this 'disciplined use of debt and incremental equity.'
A 14-bank syndicate for a foreign private issuer
Three U.S. bulge brackets lead with Allen & Company in the senior co-pilot seat. Eleven more banks ride along — heavy European representation.
Lead bookrunners
Joint bookrunners
Co-founders (Class A holders)
"We are still early in our journey."
How Bending Spoons stacks up vs the canonical compounders
Bending Spoons explicitly invokes Henry Singleton (Teledyne), Tom Murphy (Capital Cities), and Mark Leonard (Constellation Software) in its prospectus. Here's where they fit on the curve — and how fast they're moving.
Acquisitions per year
Compounders compared
| Company | Founded | Acquisitions | Latest revenue | Focus |
|---|---|---|---|---|
Bending Spoons Files F-1 today | 2013 | 16 over 5 yrs | $1.31B (2025) 84% CAGR | Consumer + SMB apps |
Constellation Software Cited by Bending Spoons | 1995 | 1,000 over 30 yrs | $9.7B (2024) 21% CAGR | Vertical market software |
IAC Sold Vimeo to BS in 2025 | 1995 | 50 over 30+ yrs | $3.8B (2024) | Consumer internet |
Berkshire Hathaway The original compounder | 1839 | 80 over 60 yrs | $372B (2024) | All industries |
"Then, like Singleton and Murphy, perhaps our best acquisition opportunity will be the shares of our own company."