Berkshire put another $330 million into Bending Spoons, which paid $1.8 billion for $17.5 billion Miro
Berkshire Hathaway's $330 million top-up lifted the software roll-up about 41% in a day; by Friday's close it stood at $47.07, down 15.6%. The equity now rides on whether Miro's $600 million of enterprise revenue survives a price-reset playbook that has begun pushing out Airtable's staff.
Vincent Jiang · 3 min read
On October 14, 2026, Berkshire Hathaway−0.30% — Berkshire Hathaway, down 0.30 percent today bought 10 million newly issued Bending Spoons−2.61% — Bending Spoons, down 2.61 percent today shares at $33 each, a $330 million private placement that lifted its stake to 4% 12. Bending Spoons is a Milan-based serial acquirer of faded software brands. The stock jumped about 41% that day 34.
The placement came on top of $600 million Berkshire put into the July 1 Nasdaq listing at $29 a share; its brands run from Evernote$200M — Evernote, private, latest valuation $200M and Vimeo$1.38B — Vimeo, private, latest valuation $1.38B to AOL$1.4B — AOL, private, latest valuation $1.4B 125. By Friday's close the stock sat at $47.07, down 15.6% on the day and near a $30 billion market value, after a week that was up 27% through Thursday 312.
Two unicorns sold at scrap prices
On September 10, 2026, Bending Spoons agreed to buy Miro, the online whiteboard company, for $1.355 billion for the business, about $1.79 billion for the shares once Miro's$1.79B — Miro, private, latest valuation $1.79B cash is counted, against the $17.5 billion Miro was marked at in January 2022 567. Miro brings about $600 million of annual recurring revenue, nearly 90% of it from business and enterprise customers, and almost 4 million paying users 56.
Bending Spoons closed an earlier purchase, Airtable$1.285B — Airtable, private, latest valuation $1.285B, the San Francisco no-code app builder, on September 4 at a $1.285 billion enterprise value, roughly a tenth of the $11.7 billion Airtable carried at its December 2021 peak 78. On October 12 the staff learned that a large portion of the pre-acquisition team would leave by the end of the week with substantial separation packages 38.
Two pandemic-era unicorns sold for a fraction of their peak marks
- Peak private valuation
- 2026 sale, equity value
Data
| Peak private valuation | 2026 sale, equity value | Change | |
|---|---|---|---|
| Miro | $17.50B | $1.79B | -89.8% |
| Airtable | $11.70B | $2.25B | -80.8% |
Price resets worked on consumers. Miro's buyers are enterprises
The method is the price increase. After Bending Spoons bought Evernote, the note-taking app, the annual personal plan went from $70 to $130; between 2022 and 2025 Evernote's revenue rose 30% while its user count fell 48% 39. Evernote's customers were individuals on personal subscriptions, not companies on contracts.
The reported numbers carry the same squeeze. Second-quarter revenue was $704 million, up 126%, and net income $177 million, but growth excluding acquisitions was 3% and net revenue retention, the share of last year's subscription revenue still coming in, printed between 91% and 95% in every disclosed period, so the existing base keeps eroding 91011.
Revenue has more than doubled in a year, almost all of it bought
- Revenue
- Operating margin (%)
Data
| Revenue | Operating margin (%) | |
|---|---|---|
| Q1 '25 | $258.95M | -$1.8M |
| Q2 '25 | $311.1M | $32.3M |
| Q4 '25 | — | — |
| Q1 '26 | $601.32M | $20M |
| Q2 '26 | $704.16M | $34.1M |
Miro's $600 million sits differently, in corporate budgets with renewal dates and with substitutes buyers already know, among them Canva, Figma−0.33% — Figma, down 0.33 percent today and Microsoft+0.80% — Microsoft, up 0.80 percent today 6. Bending Spoons chief executive Luca Ferrari says retention is now in the high 90s, without giving a figure 9. Berkshire's purchase moved the share price for a day. The valuation itself depends on whether Miro's customers renew.
Existing subscription revenue shrank in every disclosed year
Data
| Net revenue retention | |
|---|---|
| 2023 | %93 |
| 2024 | %91 |
| 2025 | %95 |
| Q1 2026 | %94 |
Two dates decide the trade
The bull case carries evidence too. Mizuho analysts called the Berkshire add-on a vote of confidence, and some Miro holders are rolling $295 million of their proceeds into Bending Spoons stock 35. Warren Buffett has handed Berkshire's chief executive job to Greg Abel, who oversees its equity portfolio with investment manager Ted Weschler; which of them picked Bending Spoons is not clear, and Berkshire declined to comment 413.
The Miro purchase closes in the fourth quarter of 2026, and the first quarter that consolidates Miro will show whether $600 million of annual recurring revenue survives a price reset 5. If the resets bite, the losers are already in view: Miro's 4 million paying users and the corporate buyers facing the hikes. Airtable's departing staff have already paid.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
