---
title: "Bending Spoons raised Evernote's top plan 92% to $250 in the week it took $1.5 billion of notes to market"
description: "Bending Spoons lifted Evernote's top annual tier from $130 to $250, a 92 percent rise, in the same week it took $1.5 billion of senior secured notes to market through subsidiaries it will not guarantee. Repayment rides on subscribers who stay, and only the company reports how many do."
publisher: "The Inference"
section: "Applications"
published: 2026-10-28T13:07:13.567Z
modified: 2026-10-28T13:07:13.567Z
canonical: https://theinference.org/article/bending-spoons-raised-evernote-s-top-plan-92-to-250-in-the-week-it-took-1-5-billion-of-notes-to-market
language: en
keywords: "Bending Spoons, Evernote, Subscriptions, Debt, Pricing"
---

# Bending Spoons raised Evernote's top plan 92% to $250 in the week it took $1.5 billion of notes to market

> Bending Spoons lifted Evernote's top annual tier from $130 to $250, a 92 percent rise, in the same week it took $1.5 billion of senior secured notes to market through subsidiaries it will not guarantee. Repayment rides on subscribers who stay, and only the company reports how many do.

[Evernote](https://theinference.org/markets/companies/evernote), the note-taking app, raised its top annual plan from $130 to $250, with no grace period announced for existing subscribers [1][7]. The 92 percent rise became public in the same week the app's owner, the Milan serial acquirer [Bending Spoons](https://theinference.org/markets/companies/bending-spoons), took [$1.5 billion of senior secured notes](https://finance.yahoo.com/markets/stocks/articles/bending-spoons-announces-proposed-offering-074800358.html) to market [1][2].

Senior secured notes are debt backed by the issuers' assets and first in line for repayment; here the issuers are two subsidiaries, and the parent says it will not guarantee their debt [2]. The pricing and the borrowing are one plan: the notes will be serviced by subscription revenue from acquired apps, and Evernote is the cleanest public record of how that revenue is made.

## Tenure is the asset, and the filing says so

Bending Spoons bought Evernote in 2023 for what a June securities filing calls its 200 million accounts and "robust subscriber retention": customers with an average tenure of 7.2 years, thousands of stored notes and personalized workflows [1]. Those figures describe switching cost. A customer with years of notes and a workflow built around them is expensive to move, and Bending Spoons paid for that stickiness.

*Chart: **Evernote's top annual tier has gone from $70 to $250 under Bending Spoons** Column chart of Evernote's highest annual tier: $70 in 2023 at acquisition, $130 after the 2023 hike, $250 in October 2026.*

*Top annual tier, US dollars per year, as reported in Bending Spoons' securities filing and press coverage [1][2]*

## Half the conversions now start with hitting a limit

Since the takeover, Bending Spoons has run [more than 200 pricing and feature experiments](https://arstechnica.com/gadgets/2026/10/from-cheap-tool-to-premium-subscription-when-a-beloved-apps-price-skyrockets/) [1]. Revenue per monthly active user is now two and a half times its 2022 level, and an app that had been unprofitable for years was reportedly at record profitability by late 2024 [1]. The most effective change was friction: half of all Evernote conversions in 2025 came from users hitting a usage limit, after previously paywalled features were opened up with caps attached [1].

Registrations, which shrank for three straight years before the deal, then grew in 2024 and 2025 [1]. Every number in that defense is published by the company itself, and [no independent churn figure exists for the $250 tier](https://theinference.org/article/raters-lift-bending-spoons-debt-to-bb-while-the-number-that-tests-its-28b-value-stays-hidden) [1][7].

*Chart: **Evernote registrations returned to growth once the price ladder started** New Evernote registrations fell roughly 20 to 23 percent a year through 2023, then rose 29 percent in 2024 and 20 percent in 2025.*

*Year-over-year change in new user registrations, per Bending Spoons' securities filing [1][8]*

## Noteholders and Berkshire are betting users stay

Bending Spoons listed on Nasdaq in July. [Berkshire Hathaway](https://theinference.org/markets/companies/berkshire-hathaway) put $600 million into the listing and [another $330 million](https://www.cnbc.com/2026/10/14/berkshire-hathaway-investment-bending-spoons.html) two weeks ago, lifting it to a 4 percent stake [3].

The portfolio runs from [AOL](https://theinference.org/markets/companies/aol), [Vimeo](https://theinference.org/markets/companies/vimeo) and [WeTransfer](https://theinference.org/markets/companies/wetransfer) to the AI photo app Remini [4]. The purchase of [Miro](https://theinference.org/markets/companies/miro), the online whiteboard company, closed the day before the notes were announced, and the proceeds are earmarked for more deals, which chief executive [Luca Ferrari](https://theinference.org/markets/people/luca-ferrari) calls the source of the overwhelming majority of the company's growth [2][4][5]. Noteholders, Berkshire and the equity all sit on the same bet. The market's first read was skeptical: [BSP](https://theinference.org/markets/companies/bending-spoons) shares [fell before the bell when the offering was announced](https://finance.yahoo.com/markets/stocks/articles/bending-spoons-plans-1-5-083509949.html) [6].

## The moat being priced is the one AI erodes

Bending Spoons describes itself as improving acquired products by "leveraging Artificial Intelligence and data technologies" [4]. The moat it is monetizing is accumulated personal context, and that is the asset AI makes portable: if an assistant can search an archive, summarize it and rebuild the workflow in a rival app, tenure stops protecting the price.

That erosion is a projection, not a measured result, and it is the reason the extraction window may be shorter than the notes' 2032 maturity suggests [2]. Two disclosures will test the plan. The notes' [final coupon and terms are still to be set at pricing](https://www.marketscreener.com/news/bending-spoons-operations-s-p-a-announces-proposed-offering-of-1-500-million-senior-secured-notes-ce785cdddf8af024) [2], and Bending Spoons' next filing will carry the first registration and retention figures covering the $250 tier [1]. Both come from the company whose plan depends on them, and until they arrive, whoever renews at $250 is paying the coupon [2][1].

## Takeaway

Bending Spoons raised Evernote's top plan 92 percent to $250 in the same week it offered $1.5 billion of senior secured notes through subsidiaries it will not guarantee; subscription retention, reported only by the company, services the debt, and AI could shorten the window before the notes' 2032 maturity.

## Sources

1. [Ars Technica, From cheap tool to premium subscription: When a beloved app's price skyrockets, 27 October 2026](https://arstechnica.com/gadgets/2026/10/from-cheap-tool-to-premium-subscription-when-a-beloved-apps-price-skyrockets/)
2. [Bending Spoons S.p.A. via GlobeNewswire on Yahoo Finance, Bending Spoons announces proposed offering of senior secured notes, 27 October 2026](https://finance.yahoo.com/markets/stocks/articles/bending-spoons-announces-proposed-offering-074800358.html)
3. [CNBC, Bending Spoons skyrockets 41% as Berkshire Hathaway makes $330 million investment, 14 October 2026](https://www.cnbc.com/2026/10/14/berkshire-hathaway-investment-bending-spoons.html)
4. [MarketScreener (S&P Capital IQ), Bending Spoons Operations S.p.A. Announces Proposed Offering of $1,500 Million Senior Secured Notes, 27 October 2026](https://www.marketscreener.com/news/bending-spoons-operations-s-p-a-announces-proposed-offering-of-1-500-million-senior-secured-notes-ce785cdddf8af024)
5. [The Next Web, Berkshire Hathaway puts another $330m into Bending Spoons, 17 October 2026](https://thenextweb.com/news/berkshire-hathaway-bending-spoons-330m-stake)
6. [MT Newswires via Yahoo Finance, Bending Spoons Plans $1.5 Billion of Debt Offerings; Shares Down Pre-Bell, 27 October 2026](https://finance.yahoo.com/markets/stocks/articles/bending-spoons-plans-1-5-083509949.html)
7. [BozokMedia, Evernote Raises Prices: From $130 to $250 Annual Subscription, 27 October 2026](https://www.bozokmedia.com/en/technology/2026/10/27/evernote-raises-prices-from-130-to-250-annual-subscription-329507/)
8. [Tech Trends Today, Evernote's Top Annual Plan Jumps From $130 to $250, 27 October 2026](https://trendstoday.now/news/technology/evernote-s-top-annual-plan-jumps-from-130-to-250-33f4bb99/)


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Bending Spoons raised Evernote's top plan 92% to $250 in the week it took $1.5 billion of notes to market — The Inference. Canonical: https://theinference.org/article/bending-spoons-raised-evernote-s-top-plan-92-to-250-in-the-week-it-took-1-5-billion-of-notes-to-market