--- title: "Bending Spoons agreed to pay $1.355 billion for Miro; AI agents made 6.3 million unbilled calls in September" description: "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." publisher: "The Inference" section: "Deals" published: 2026-10-09T15:09:18.604Z modified: 2026-10-09T15:09:18.604Z canonical: https://theinference.org/article/bending-spoons-agreed-to-pay-1-355-billion-for-miro-ai-agents-made-6-3-million-unbilled-calls-in-september language: en keywords: "M&A, SaaS, AI Agents, Valuations, Bending Spoons, Miro" --- # 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. ## Six million calls in September, none of them billed In September, AI agents made about 6.3 million calls into [Miro](https://theinference.org/markets/companies/miro)'s shared boards [1][2]. [The MCP server that opened in February](https://finance.yahoo.com/technology/ai/articles/momentum-grows-miro-mcp-users-130000643.html) has now handled more than 19 million of them, monthly volume up 34.9 times between February and August, across fifteen connected AI clients [1][2]. 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 [1][2]. What is billed is the older line: [about $600 million of annual recurring revenue](https://www.businesswire.com/news/home/20260910065427/en/Bending-Spoons-enters-into-a-definitive-agreement-to-acquire-Miro-for-%241.355-billion), 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](https://theinference.org/markets/companies/bending-spoons) 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 [3][4]. Closing is expected in the fourth quarter [3]. [Airtable](https://theinference.org/markets/companies/airtable) 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]. *Chart: **Miro and Airtable each sold for about a tenth of their last private round valuations** Bar chart of four stated valuations in billions of dollars: Miro's 2022 round at $17.5B and Airtable's 2021 round at $11.7B, against the 2026 agreed enterprise values of $1.355B for Miro (2.3x ARR) and $1.285B for Airtable (2.7x ARR).* *Last private round valuations beside Bending Spoons' agreed 2026 enterprise values, in billions of US dollars; bar labels carry each deal's stated enterprise value to annual recurring revenue at announcement. [3][4]* ## 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](https://www.streetinsider.com/Corporate+News/Bending+Spoons+closes+%241.25B+term+loan+add-on+to+fund+Miro+deal/27106894.html) 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 [6][7]. ## 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](https://thenextweb.com/news/miro-andrey-khusid-ai-productivity-gains-redesign-work-wave-by-vento) [8][1]. Agent calls are usage, not revenue. [Luca Ferrari](https://theinference.org/markets/people/luca-ferrari)'s answer came two days later: [falling software valuations are a buying opportunity](https://www.bloomberg.com/news/articles/2026-10-09/bending-spoons-ceo-sees-buying-opportunities-in-saaspocalypse), 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. ## Takeaway Bending Spoons bought Miro at 2.3 times revenue while the product's 6.3 million September agent calls carry no disclosed price: the Q4 close and the first consolidated revenue print decide whether the buyer or the lenders got it right. ## Sources 1. [WebProNews, "Miro CEO Andrey Khusid Warns AI Productivity Gains Vanish Without Work Redesign", 8 October 2026](https://www.webpronews.com/miro-ceo-andrey-khusid-warns-ai-productivity-gains-vanish-without-work-redesign/) 2. [Miro press release via Business Wire and Yahoo Finance, "Momentum Grows for Miro MCP as Users Embrace the Canvas for AI Collaboration", 29 September 2026](https://finance.yahoo.com/technology/ai/articles/momentum-grows-miro-mcp-users-130000643.html) 3. [Business Wire, "Bending Spoons enters into a definitive agreement to acquire Miro for $1.355 billion", 10 September 2026](https://www.businesswire.com/news/home/20260910065427/en/Bending-Spoons-enters-into-a-definitive-agreement-to-acquire-Miro-for-%241.355-billion) 4. [The Builder Media, "Bending Spoons acquisition of Miro: 90% below its peak", 8 October 2026](https://thebuildermedia.com/bending-spoons-acquisition-miro-airtable/) 5. [StreetInsider, "Bending Spoons closes $1.25B term loan add-on to fund Miro deal", 25 September 2026](https://www.streetinsider.com/Corporate+News/Bending+Spoons+closes+%241.25B+term+loan+add-on+to+fund+Miro+deal/27106894.html) 6. [Simply Wall St via Yahoo Finance Australia, "Bending Spoons (BSP) Stock Still Looks Cheap As Shares Jump 23%", 8 October 2026](https://au.finance.yahoo.com/news/bending-spoons-bsp-stock-still-171555841.html) 7. [Investing.com, "Why is Bending Spoons stock sliding today?", 8 October 2026](https://www.investing.com/news/stock-market-news/why-is-bending-spoons-stock-sliding-today-93CH-4939622) 8. [The Next Web, "Miro CEO says companies must redesign work around AI, not bolt it on", 7 October 2026](https://thenextweb.com/news/miro-andrey-khusid-ai-productivity-gains-redesign-work-wave-by-vento) 9. [Bloomberg, "Bending Spoons CEO Sees Buying Opportunities in SaaSpocalypse", 9 October 2026](https://www.bloomberg.com/news/articles/2026-10-09/bending-spoons-ceo-sees-buying-opportunities-in-saaspocalypse) --- Bending Spoons agreed to pay $1.355 billion for Miro; AI agents made 6.3 million unbilled calls in September — The Inference. Canonical: https://theinference.org/article/bending-spoons-agreed-to-pay-1-355-billion-for-miro-ai-agents-made-6-3-million-unbilled-calls-in-september