MILAN, August 4, 2026, 14:02 CEST
- Airtable holds an equity valuation of $2.25 billion, which equals an enterprise value of $1.285 billion after accounting for net cash.
- Net cash implied stands at roughly $965 million, representing 43% of the equity value.
- Premarket trading on the Nasdaq was underway. Bending Spoons previously settled at $36.22.
Bending Spoons NASDAQ:BSP has reached a definitive agreement to purchase Airtable in an all-cash deal. The transaction assigns Airtable an equity value of $2.25 billion and an enterprise value of $1.285 billion.
That discrepancy forms the narrative for investors. Airtable possesses roughly $965 million in net cash, representing 43% of its equity valuation.
This means the operational business is valued at approximately 2.7 times recurring revenue for June, while the equity headline figure indicates around 4.7 times.
Transaction value breakdown
| Measure | Value | Investor calculation |
|---|---|---|
| Estimated equity value | $2.250 billion | Total for shareholders |
| Minus: estimated net cash | $0.965 billion | Equity value less enterprise value |
| Enterprise value | $1.285 billion | Price for the ongoing business |
| Annual recurring revenue, June 2026 | About $0.480 billion | Company figure |
| Enterprise value to ARR | 2.7x | $1.285 billion divided by $480 million |
| Equity value to ARR | 4.7x | $2.250 billion divided by $480 million |
Figures are based on transaction values and revenue numbers reported by the company.
The Italian publications featured distinct headlines as they focused on different figures. TopLegal emphasized the enterprise value, whereas EconomyUp spotlighted the equity value. Each approach is accurate.
Bending Spoons is yet to secure funding for the larger equity portion. Its statement did not reveal details of the financing structure.
The consideration equals 2.3 times the company’s gross primary IPO proceeds. Airtable’s enterprise value stands at 1.3 times the amount raised from those proceeds.
Comparison of acquisition size and Bending Spoons’ IPO
| Measure | Value | Comparison |
|---|---|---|
| Primary shares issued by Bending Spoons | 34.399 million | — |
| IPO offering price | $29.00 | — |
| Total gross primary IPO proceeds | $997.6 million | Base |
| Net proceeds to company after underwriting and before expenses | $953.9 million | Prospectus amount |
| Airtable’s equity valuation | $2.250 billion | 2.26x total gross primary proceeds |
| Airtable’s enterprise valuation | $1.285 billion | 1.29x total gross primary proceeds |
The IPO generated $1.68 billion overall, factoring in shares sold by current shareholders. Bending Spoons did not gain proceeds from these secondary share sales.
The deal also highlights a sharp correction in private-market valuations. Airtable was valued at $11 billion in its 2021 Series F fundraising prior to the infusion of fresh capital.
The present equity value has dropped by 79.5%. This comparison is cautious, as the previous valuation did not include the $735 million investment from the round.
Airtable lowers its valuation
| Valuation marker | Value | Change from 2021 |
|---|---|---|
| Pre-money valuation in December 2021 | $11.000 billion | Base level |
| Equity value at acquisition, August 2026 | $2.250 billion | Declined 79.5% |
| Implied drop | $8.750 billion | — |
| Enterprise value in August 2026 | $1.285 billion | Net-cash adjustment factored in |
Airtable’s total funding reached $1.36 billion following its 2021 investment round.
A lower entry price has accompanied Airtable’s expansion. The company’s ARR reached roughly $480 million in June, marking an annual increase of over 20%.
Bending Spoons Chief Executive Luca Ferrari stated the company is “committed to investing in Airtable for the long run.” Airtable founder Howie Liu pointed to “resources and the long-term commitment” as crucial to advancing its AI initiatives. StreetInsider.com
Airtable reports that over 500,000 organisations use its platform, including 80% of Fortune 100 companies.
Bending Spoons’ most recent deal marks its first acquisition since debuting on Nasdaq on July 1. The company previously acquired AOL in January and Eventbrite in March.
At the time of the IPO, Ferrari stated that over 1,000 companies appeared to be viable targets. Bending Spoons has carried out upwards of 50 acquisitions.
Bending Spoons ended trading on Monday at $36.22, which is 24.9% higher than its initial public offering price. The shares are down 10.6% compared to their first closing price after going public.
Market landscape for Bending Spoons
| Market marker | Value | Performance |
|---|---|---|
| IPO price on July 1 | $29.00 | Reference |
| Close on first trading day | $40.50 | Gained 39.7% from IPO |
| August 3 closing price | $36.22 | Gained 24.9% from IPO |
| Change since debut close | — | Declined 10.6% |
| Initial market cap estimate | About $23.0 billion | Assumes no change to shares |
| Equity value to estimated market cap from deal | About 9.8% | Early estimate |
The market capitalization estimate adjusts the previously reported $25.7 billion debut value to reflect Monday’s closing price.
Nasdaq premarket trading opened at 14:02 CEST. The main session will start at 09:30 EDT, providing the initial verdict for the cash session.
Risks: Completion is subject to regulatory approval. Potential issues include financing gaps, staff retention challenges or operational disturbances, which may reduce the perceived valuation discount.
Execution, rather than price tag, is now the main test. Bending Spoons is acquiring over 20% ARR growth at an enterprise value multiple of 2.7, but will need to turn that discounted rate into sustainable profit.
Related articles: NASDAQ:BSP
Further analysis
Are Airtable’s prices appealing enough to generate value?
Airtable’s enterprise value of $1.285 billion reflects a multiple of around 2.7 times its $480 million ARR. The company saw ARR growth exceeding 20% through June. No information was provided regarding EBITDA, quantified synergies, or an earnings-accretion goal. The deal’s completion depends on regulatory clearances expected later this year. Securities and Exchange Commission
Is Bending Spoons able to finance Airtable without increasing leverage?
The transaction, which is all-cash, values gross equity at about $2.25 billion. Bending Spoons entered its stock market debut with close to $4.4 billion in debt. The company secured €1.49 billion in new and upsized credit lines last week. Specifics on funding sources and leverage following the deal have not been disclosed. AP News
What proportion of Bending Spoons’ expansion is due to organic growth?
First-quarter revenue surged 132% to $601.3 million, primarily driven by acquisitions. Organic growth accounted for just 6%. The adjusted operating income margin stood at 51%, while the reported operating margin was 20%. Investors are looking for proof that revenue from acquisitions can translate into sustained cash flow.
Is there sufficient potential for gains in the stock following its IPO surge?
The consensus price target of $39.80 represents a 9.9% premium over Monday’s close of $36.22. Shares are trading 24.9% higher than the $29 IPO price. Price targets range between $35 and $45, with six analysts assigning a Buy rating and four recommending Hold. Forecasts put 2026 revenue at $2.90 billion and adjusted EPS at $1.16, implying a valuation of approximately 31 times projected earnings. These estimates were issued before Airtable. StockAnalysis
