---
title: "Berkshire put another $330 million into Bending Spoons, which paid $1.8 billion for $17.5 billion Miro"
description: "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."
publisher: "The Inference"
section: "Deals"
published: 2026-10-19T15:08:22.462Z
modified: 2026-10-19T15:08:22.462Z
canonical: https://theinference.org/article/berkshire-put-another-330-million-into-bending-spoons-which-paid-1-8-billion-for-17-5-billion-miro
language: en
keywords: "Berkshire Hathaway, Bending Spoons, M&A, Software, Valuation"
---

# 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.

On October 14, 2026, [Berkshire Hathaway](https://theinference.org/markets/companies/berkshire-hathaway) bought 10 million newly issued [Bending Spoons](https://theinference.org/markets/companies/bending-spoons) shares at $33 each, [a $330 million private placement](https://finance.yahoo.com/markets/stocks/articles/berkshire-hathaway-invests-further-330-131300833.html) that lifted its stake to 4% [1][2]. Bending Spoons is a Milan-based [serial acquirer of faded software brands](https://theinference.org/article/bending-spoons-hunts-fallen-unicorns-most-of-its-growth-is-bought). The stock jumped about 41% that day [3][4].

The placement came on top of [$600 million Berkshire put into the July 1 Nasdaq listing at $29 a share](https://startupfortune.com/berkshire-hathaway-deepens-its-unusual-bet-on-roll-up-firm-bending-spoons/); its brands run from [Evernote](https://theinference.org/markets/companies/evernote) and [Vimeo](https://theinference.org/markets/companies/vimeo) to [AOL](https://theinference.org/markets/companies/aol) [1][2][5]. 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](https://finance.yahoo.com/markets/stocks/articles/why-bending-spoons-stock-soared-175909355.html) [3][12].

## Two unicorns sold at scrap prices

On September 10, 2026, Bending Spoons [agreed to buy Miro, the online whiteboard company, for $1.355 billion](https://www.businesswire.com/news/home/20260910065427/en/Bending-Spoons-enters-into-a-definitive-agreement-to-acquire-Miro-for-%241.355-billion) for the business, about $1.79 billion for the shares once [Miro](https://theinference.org/markets/companies/miro)'s cash is counted, against the $17.5 billion Miro was marked at in January 2022 [5][6][7]. Miro brings about $600 million of annual recurring revenue, nearly 90% of it from business and enterprise customers, and almost 4 million paying users [5][6].

Bending Spoons closed an earlier purchase, [Airtable](https://theinference.org/markets/companies/airtable), 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 [7][8]. On October 12 the staff learned that [a large portion of the pre-acquisition team would leave by the end of the week](https://hoodline.com/2026/10/airtable-guts-pre-acquisition-staff-weeks-after-1-3b-san-francisco-sale/) with substantial separation packages [3][8].

*Chart: **Two pandemic-era unicorns sold for a fraction of their peak marks** Paired bars comparing Miro and Airtable: peak private valuation versus 2026 sale equity value, in billions of dollars*

*Equity value including net cash at sale versus peak private valuation; Miro peaked in January 2022, Airtable in December 2021. Sources: company announcements and press reports, September to October 2026. [5][7][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](https://www.msn.com/en-us/money/general/at-bending-spoons-the-numbers-are-the-real-mind-bender/ar-AA2c0Bz6); between 2022 and 2025 Evernote's revenue rose 30% while its user count fell 48% [3][9]. 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](https://wtop.com/news/2026/08/bending-spoons-q2-earnings-snapshot/), 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 [9][10][11].

*Chart: **Revenue has more than doubled in a year, almost all of it bought** Column chart of Bending Spoons quarterly revenue with operating margin by quarter, from the first quarter of 2025 to the second quarter of 2026*

*Reported revenue and operating margin by calendar quarter, from the company's SEC filings; the fourth quarter of 2025 was not reported on this basis. Acquisitions drive the revenue step-ups. Source: Bending Spoons SEC filings, retrieved 19 October 2026. [14]*

Miro's $600 million sits differently, in corporate budgets with renewal dates and with substitutes buyers already know, among them Canva, [Figma](https://theinference.org/markets/companies/figma) and [Microsoft](https://theinference.org/markets/companies/microsoft) [6]. Bending Spoons chief executive [Luca Ferrari](https://theinference.org/markets/people/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.

*Chart: **Existing subscription revenue shrank in every disclosed year** Column chart of Bending Spoons net revenue retention by year, 2023 through the first quarter of 2026, all below 100 percent*

*Net revenue retention on the company's own definition, from the IPO prospectus; below 100% means a chunk of the prior year's subscription revenue went away, and Bending Spoons stopped disclosing the metric after the IPO. Source: Wall Street Journal, September 2026. [9]*

## 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 [3][5]. 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 [4][13].

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.

## Takeaway

Berkshire's second Bending Spoons cheque is a bet that Miro's enterprise customers renew; the company's own retention numbers, below 100% in every disclosed period, say the existing base keeps eroding.

## Sources

1. [Business Wire via Yahoo Finance, Berkshire Hathaway invests further $330 million in Bending Spoons following $600 million IPO investment, 14 October 2026](https://finance.yahoo.com/markets/stocks/articles/berkshire-hathaway-invests-further-330-131300833.html)
2. [Startup Fortune, Berkshire Hathaway Deepens Its Unusual Bet on Roll-Up Firm Bending Spoons, 19 October 2026](https://startupfortune.com/berkshire-hathaway-deepens-its-unusual-bet-on-roll-up-firm-bending-spoons/)
3. [Briefs.co, Bending Spoons Doubles Down on Software Deals as Berkshire Piles In, 18 October 2026](https://www.briefs.co/news/bending-spoons-doubles-down-on-software-deals-as-berkshire-p/)
4. [Yahoo Finance, Berkshire Hathaway CEO Greg Abel Leads Huge Investment In Bending Spoons, 18 October 2026](https://finance.yahoo.com/markets/stocks/articles/berkshire-hathaway-ceo-greg-abel-132040584.html)
5. [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)
6. [TechCrunch, Bending Spoons to buy collaboration tools maker Miro for $1.36B, 90% less than its 2022 valuation, 10 September 2026](https://techcrunch.com/2026/09/10/bending-spoons-to-buy-collaboration-tools-maker-miro-for-1-36b-90-less-than-its-2022-valuation/)
7. [Forbes, Bending Spoons Buys Miro At 90% Discount As SaaS Unicorns Sell For Scraps, 10 September 2026](https://www.forbes.com/sites/josipamajic/2026/09/10/bending-spoons-buys-miro-at-90-discount-as-saas-unicorns-sell-for-scraps/)
8. [Hoodline, Airtable Guts Pre-Acquisition Staff Weeks After $1.3B San Francisco Sale, 14 October 2026](https://hoodline.com/2026/10/airtable-guts-pre-acquisition-staff-weeks-after-1-3b-san-francisco-sale/)
9. [The Wall Street Journal via MSN, At Bending Spoons, the numbers are the real mind-bender (Jonathan Weil), 11 September 2026](https://www.msn.com/en-us/money/general/at-bending-spoons-the-numbers-are-the-real-mind-bender/ar-AA2c0Bz6)
10. [The Associated Press via WTOP, Bending Spoons: Q2 Earnings Snapshot, 13 August 2026](https://wtop.com/news/2026/08/bending-spoons-q2-earnings-snapshot/)
11. [Bending Spoons S.p.A., quarterly figures from its SEC filings, retrieved 19 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002004711)
12. [The Motley Fool via Yahoo Finance, Why Bending Spoons Stock Soared 27% This Week, 16 October 2026](https://finance.yahoo.com/markets/stocks/articles/why-bending-spoons-stock-soared-175909355.html)
13. [Barron's via MSN, Why Berkshire's $930 million Bending Spoons buy is such a curveball (Andrew Bary), 14 October 2026](https://www.msn.com/en-us/news/other/why-berkshire-s-930-million-bending-spoons-buy-is-such-a-curveball/ar-AA2efg0u)
14. [Bending Spoons, quarterly figures from its SEC filings, retrieved 19 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002004711)


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Berkshire put another $330 million into Bending Spoons, which paid $1.8 billion for $17.5 billion Miro — The Inference. Canonical: https://theinference.org/article/berkshire-put-another-330-million-into-bending-spoons-which-paid-1-8-billion-for-17-5-billion-miro