In 2010, three engineering graduates were traveling through Indonesia to celebrate finishing school, and they decided to build a company together.
That first company, an AI diary app called Evertale, failed. The company that grew out of the wreckage now has one of the world’s most respected investors writing a second check.
The company is Bending Spoons, and the investor is Berkshire Hathaway.
In October 2026, Warren Buffett’s Berkshire Hathaway disclosed a sizable investment in Bending Spoons (BSP).
Valued at a market cap of $18 billion, Bending Spoons acquires and transforms digital businesses in the Americas, Europe, and other international markets.
The Italian-based serial acquirer designs and develops software and platforms that support acquisitions, transformations, and ongoing optimizations.
Berkshire doubles down on Bending Spoons
Berkshire Hathaway will invest $330 million in Bending Spoons, raising its stake to 4%. Soon after the announcement, Bending Spoons stock surged 44% over two trading days.
Berkshire first invested $600 million at the July 2026 initial public offering (IPO). This week, it announced a private placement where Bending Spoons will issue 10 million ordinary shares at $33 each.
The IPO price was $29, according to Co-CFO Enrico Martinelli, so Berkshire paid about 14% more this round. At the time of writing, BSP stock trades at $56.
CEO and Co-Founder Luca Ferrari said Berkshire has been “a longstanding inspiration” for the company.
Co-Founder Francesco Patarnello said the investment will add financial flexibility for future acquisitions.
A failure that shaped the playbook
The first startup, Evertale, was an AI diary app. The founders raised $1 million and hired a team of 10. By mid-2013, they had almost no revenue and about four months of cash left.
Also Read: Bending Spoons targets software giants in huge capital deployment
They were forced to shut down the company and used the last $40,000 to start Bending Spoons.
According to the company’s prospectus letter, the founders learned a simple lesson: Luck matters far less than it seems in running a business well.
So they built a playbook. The business model hinged on acquiring digital businesses, transforming them, and reinvesting the cash in other target companies.
The first acquisition was valued at just $10,000.
The numbers behind the Bending Spoons bet
In Q2 of 2026:
- Bending Spoons reported revenue of $704 million, up 126% year over year.
- It reported adjusted operating income of $381 million, which indicates a 54% margin.
- Organic sales grew 3%, so most of the revenue growth is tied to acquisitions.
Since early 2023, Bending Spoons has spent nearly $6 billion on 15 acquisitions.
Each deal had to clear a 25% annual return hurdle before debt, and 65% after debt. Revenue climbed from $387 million in 2023 to $1.31 billion in 2025.
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Full-year revenue guidance sits between $2.78 billion and $2.82 billion, which excludes the pending $1.29 billion Airtable deal.
Data compiled by TIKR shows that revenue is projected to expand from $2.90 billion in 2026 to $6.21 billion in 2028. By comparison, earnings are forecast to rise from $1.40 to $2.86.
If BSP stock trades at 25x forward earnings, below its current 33.5x multiple, it could surge 26% over the next 15 months.
What could slow it down
Ferrari named three things on the call that could cap growth, and noted which ones worry him most.
- Targets: Not a worry for now. The company has found more than 1,000 digital businesses it could buy, with nearly $400 billion in combined revenue.
- People: The real headwind is staff, which it calls Spooners, and is its scarcest resource, even as revenue per Spooner topped $4 million annualized.
- Capital: Eased for now. The IPO raised $1.10 billion net, and new term loans added more room. The recent investment from Berkshire will boost the liquidity position as well.
Airtable would be the fifth business Bending Spoons has bought in 12 months.
Ferrari called that the higher end of what feels ideal, though he said there is room for a little more if the right deal appears.
Berkshire eyes discipline
Berkshire isn’t betting on a growth stock, given that organic sales rose 3% in Q2. Instead, it remains optimistic about the business model and a robust operating margin.
Read the prospectus letter to see why Berkshire might be interested.
The founders say they learned from Henry Singleton and Tom Murphy, two executives known for smart capital decisions.
They even write that, one day, the best acquisition might be their own shares. Berkshire thinks about money that way, too.
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However, this investment comes with certain risks.
Bending Spoons ended Q2 with a net debt of $4.1 billion and a leverage ratio of 2.4x. Its interest expense more than tripled to $109 million.
Moreover, two businesses, Remini and Splice, also reported a revenue decline.
Ferrari said Remini’s existing users are staying put, but new ones are harder to win in a crowded market for AI image and video tools.
Asked whether returns could fade, Ferrari told investors: “Stay prudent, assume some deterioration.”
Ferrari didn’t oversell the story, and that’s why I find it credible. He told investors to expect some slippage in returns.
The real test is Airtable and the deals after it. The key question is whether the company can earn the same returns on bigger bets.
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