Today I’m doing something a little different and sharing a piece from Money Machine Newsletter. I thought it would be useful to bring a different investing perspective to Consume Your Own Tech Investing, so I’ll let him take it from here.
BSP -3.79%↓ has been buying the software selloff.
Airtable raised money at an $11 billion pre-money valuation in 2021. Bending Spoons’ 2026 deal implied about $2.25 billion in equity value.
About 80% lower. And the business was still growing.
Bending Spoons keeps buying software businesses while investors argue about what AI will do to them.
The bet is on familiar products people already pay for. Buy at a lower price, rebuild operations, and use the cash to fund the next deal.
Airtable had roughly $480 million in annual recurring revenue, growing more than 20%. The $1.285 billion enterprise value worked out to about 2.7 times ARR.
Bending Spoons buys to hold. That makes the work after the acquisition matter: better products, better pricing, lower costs.
In Q2, Bending Spoons reported $704 million in revenue and $381 million in adjusted operating income.
CEO Luca Ferrari says self-hosted AI models handle 99% of requests and tokens. Frontier APIs handle the hardest tasks or check the cheaper models’ work.
Every acquisition needs people to rebuild the product, pricing, infrastructure, and sales operation. If AI lets the same core team handle more of that work, Bending Spoons can take on more acquisitions without growing the team at the same rate. That’s the capacity bet.
Most of Q2’s revenue growth came from acquisitions. Organic revenue grew 3%. At the end of Q2, before the IPO proceeds, net debt was $4.09 billion and leverage was 2.4 times.
Bigger deals leave more room for things to go wrong. Integrations can slip. Customers can resist price increases. Interest payments can eat into the cash available for the next acquisition.
Now look at the stock.
BSP went public at $29, closed its first day at $40.50, and later touched $58.94. It closed at $32.80 on Sep 24, 2026.
That’s 13% above its IPO price and 44% below its high.
We’re watching BSP’s organic growth, customer retention, leverage, and the price we’d be willing to pay.
In fact…
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