Airtable, the no-code platform once valued at $11.7 billion during the peak-everything era of 2021, just sold for $1.285 billion in cash. The buyer is Bending Spoons, an Italian software company that went public barely a month ago and is already shopping like it got a Costco membership.
The all-cash deal values Airtable’s equity at roughly $2.25 billion when you factor in its net cash position. Still, that’s a brutal markdown from where the company sat just five years ago.
The deal mechanics and what Airtable actually is
Airtable serves more than 500,000 organizations. A full 80% of Fortune 100 companies are customers. Its annual recurring revenue sits at approximately $480 million, growing at a clip exceeding 20% year-over-year.
Airtable essentially combines spreadsheet functionality with database power, letting non-technical teams build custom workflows and applications without writing code. Founded in 2012, it carved out a significant niche in the no-code/low-code movement that’s become central to how companies handle digital operations.
Bending Spoons listed on the Nasdaq on July 1, 2026, raising roughly $1.68 billion in its IPO. This Airtable pickup is its first acquisition as a public company. Earlier in 2026, Bending Spoons bought AOL in January and Eventbrite in March.
Why the valuation cratered
At $480 million in ARR, the $1.285 billion enterprise value represents roughly a 2.7x revenue multiple. Airtable’s peak valuation of $11.7 billion in 2021 reflected revenue multiples north of 20x that growth-stage SaaS platforms routinely commanded at the time.
The deal still requires customary regulatory approvals and is expected to close later in 2026. Both companies will operate independently until then.
What this means for investors and the broader market
Bending Spoons raised $1.68 billion in its IPO and is already spending $1.285 billion of it on a single acquisition within weeks of listing. The acquisition adds $480 million in ARR growing above 20% to its portfolio, alongside AOL and Eventbrite, meaning Bending Spoons is absorbing three major brands in a single year.