Bending Spoons agreed to pay $1.355 billion for Miro; AI agents made 6.3 million unbilled calls in September
Miro's boards took about 6.3 million calls from AI agents in September, traffic that carries no disclosed price. Bending Spoons agreed to pay $1.355 billion, about 2.3 times recurring revenue, for the canvas underneath; the debt funding it comes due in 2031.
Vincent Jiang · 2 min read
Six million calls in September, none of them billed
In September, AI agents made about 6.3 million calls into Miro's$1.79B — Miro, private, latest valuation $1.79B shared boards 12. The MCP server that opened in February has now handled more than 19 million of them, monthly volume up 34.9 times between February and August, across fifteen connected AI clients 12. In August, 57 percent of calls were an agent reading a board and then acting on it 2.
Both disclosures count the calls; neither prices them 12. What is billed is the older line: about $600 million of annual recurring revenue, nearly 4 million paying users, and more than 750 customers above $100,000 a year 3.
What the buyer agreed to: 2.3 times revenue
On September 10, Bending Spoons−1.63% — Bending Spoons, down 1.63 percent today agreed to pay a $1.355 billion enterprise value for that business, about 2.3 times its recurring revenue, and $295 million of the sellers' proceeds went straight into newly issued buyer shares 34. Closing is expected in the fourth quarter 3. Airtable$1.285B — Airtable, private, latest valuation $1.285B had gone the same way five weeks earlier, at $1.285 billion, 2.7 times a revenue line its 2021 round had valued at $11.7 billion 4.
Miro and Airtable each sold for about a tenth of their last private round valuations
Data
| Value | |
|---|---|
| Miro 2022 round | $17.5B |
| Airtable 2021 round | $11.7B |
| Miro 2026 deal, 2.3x ARR | $1.36B |
| Airtable 2026 deal, 2.7x ARR | $1.29B |
Debt due 2031 under a 53-times stock
The money is borrowed. Bending Spoons syndicated a $1.25 billion dollar term loan B add-on and a €395 million euro add-on, both due 2031 and both upsized past target, after Moody's lifted the borrower to Ba3 and S&P to BB- 5.
The equity spent the week arguing over what it bought. The stock rose 23.3 percent in seven days to $41.07, or 53.1 times earnings on $359.3 million of trailing free cash flow 6. It then gave back 7.45 percent on October 8 with the Nasdaq, and Simply Wall St's community splits between 39 percent undervalued and 14 percent overvalued 67.
The seller's own warning is the short case
In Turin on October 7, the CEO who just sold made the bear argument himself: AI bolted onto existing teams and processes will not deliver its productivity gains, the workflow has to be designed from first principles 81. Agent calls are usage, not revenue.
Luca Ferrari's answer came two days later: falling software valuations are a buying opportunity, and AI disruption feeds his firm on two fronts 9. The sides are lined up: BSP shareholders, including the $295 million of rolled-in Miro sellers, against the syndicate holding loans due 2031. The fourth-quarter close, and the first revenue print that consolidates Miro, will decide which side got 2.3 times right.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
