MILAN, August 4, 2026 – Bending Spoons (NASDAQ:BSP) has entered into a definitive agreement to purchase Airtable in an all-cash transaction, marking a significant move in the software consolidation space. The deal assigns Airtable an equity value of $2.25 billion, but after accounting for approximately $965 million in net cash on Airtable's balance sheet, the enterprise value stands at $1.285 billion.
This disparity between equity and enterprise value is central to understanding the acquisition's financial logic. The net cash position represents 43% of the equity valuation, meaning investors are effectively paying $1.285 billion for the operational business. Based on Airtable's annual recurring revenue (ARR) of roughly $480 million as of June 2026, the enterprise value translates to a multiple of 2.7x ARR, while the equity multiple is 4.7x.
Transaction Breakdown
The following table summarizes the key valuation metrics:
- Equity value: $2.250 billion
- Net cash: $965 million
- Enterprise value: $1.285 billion
- ARR (June 2026): ~$480 million
- EV/ARR multiple: 2.7x
- Equity/ARR multiple: 4.7x
The acquisition price also compares to Bending Spoons' IPO proceeds. The company raised approximately $997.6 million in gross primary proceeds from its IPO in July 2026, and the equity consideration is 2.26 times that amount, while the enterprise value is 1.29 times. The IPO generated $1.68 billion overall including secondary sales, but Bending Spoons did not benefit from those proceeds.
Sharp Valuation Correction
The deal highlights a dramatic decline in private-market valuations for high-growth software companies. Airtable was valued at $11 billion in its December 2021 Series F round, which included a $735 million investment. The current equity value of $2.25 billion represents a 79.5% drop from that pre-money valuation. After adjusting for the net cash, the enterprise value is even lower relative to the 2021 figures.
Airtable has continued to grow, with ARR increasing over 20% year-over-year to $480 million in June 2026. The company serves over 500,000 organizations, including 80% of the Fortune 100. Bending Spoons CEO Luca Ferrari expressed commitment to investing in Airtable for the long term, while Airtable founder Howie Liu highlighted the resources and long-term commitment as crucial for advancing AI initiatives.
Market Reaction and Context
Premarket trading on Nasdaq began at 14:02 CEST, with Bending Spoons shares previously closing at $36.22. The stock has gained 24.9% since its IPO price of $29.00 but is down 10.6% from its first-day close of $40.50. The company's market capitalization is estimated at $23.0 billion, making the Airtable equity deal roughly 9.8% of its market cap.
This acquisition is Bending Spoons' first since its Nasdaq debut on July 1, following earlier purchases of AOL and Eventbrite. The company has completed over 50 acquisitions and sees a pipeline of over 1,000 potential targets. The deal is subject to regulatory approval, and risks include financing gaps, staff retention challenges, and operational integration issues.
For investors, the key takeaway is the execution risk. Bending Spoons is acquiring a business with strong growth at a discounted multiple, but the challenge lies in sustaining profitability and successfully integrating Airtable's operations. The market will watch closely as the company aims to turn this discounted rate into sustainable long-term value.
