Episode summary
Vimeo Owner Bending Spoons Files for US IPOs as Sales Rise | Bloomberg Intelligence
Bloomberg Intelligence
· · 23 min · Hosts: Paul Sweeney, Scarlet Fu · Guests: Bailey Lipschultz, Greg Pendy, Diana Rosero Pena, Zachary Mider
Summary
Bending Spoons’ filing for a U.S. IPO set the tone for an episode dominated by public-market appetite for unconventional growth stories. The Milan-based company, which owns Vimeo and AOL, is pitching itself as a portfolio operator that buys businesses, cuts costs and uses scale to grow monthly active users. The hosts and Bloomberg News reporter Bailey Lipschultz noted that investors are still trying to understand the company’s long-term value, especially as AI and the relevance of legacy assets like AOL and Vimeo come into focus.
The discussion then shifted to SpaceX, where demand for the planned IPO appears strong and the deal’s size is reshaping how investors think about the broader space economy. Greg Pendy said the listing is drawing attention to launch, satellite connectivity, lunar infrastructure and space-based data centers, while also highlighting how companies such as Rocket Lab, Planet Labs and Intuitive Machines could be valued on very different timelines.
Later, Diana Rosero Pena said Campbell’s quarter was solid but still pressured by tariffs, aluminum costs and inflation risks tied to oil and fertilizer. Zachary Mider closed with a deep dive on the ETF tax loophole, arguing that a long-standing technical provision has become a major fiscal drain, costing roughly $48 billion a year and potentially more if policy changes expand its use.
Key takeaways
- Bending Spoons is pitching investors on a roll-up strategy built around Vimeo, AOL and other acquired platforms, but the hosts said many investors still do not know how to value it.
- Bailey Lipschultz said SpaceX’s IPO is unusually large and could tighten trading float further if strategic buyers take a big share.
- Greg Pendy said SpaceX is helping reprice the entire space sector, including Rocket Lab, Planet Labs and Intuitive Machines.
- Diana Rosero Pena said Campbell’s earnings were fine, but aluminum tariffs, oil and other inflation pressures remain a concern.
- Zachary Mider said ETF tax treatment has grown from a small loophole into a roughly $48 billion annual cost to the government.
Notable quotes
“It's a reference to the Matrix. Uh, formed in 2013 and and kind of the whole pitch is from the from the movie that it's kind of like the world is illusion”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts or watch us live on YouTube. There's another company. Have you heard of Bending Spoons?
No. — All right. Well, Bending Spoons has also filed for a US IPO. Billy Lip Schultz has heard about it and he has reported on it and he joins us now. He's our senior equities reporter. Billy, Bending Spoons, what is this company? And it's a reference to the Matrix, isn't it?
It's a reference to the Matrix. Uh, formed in 2013 and and kind of the whole pitch is from the from the movie that it's kind of like the world is illusion. But you don't know Bending Spoons.
I don't think anyone really knows what Bending Spoons is. They're a Milan based company. the things that you do know them for.
They do own Vimeo. They do own AOL. They own a number of these other companies and kind of their whole pitch is acquire a company, clean it up, fit it into the pro uh broader portfolio, maybe lay off some people, cut some costs, uh and really build out that way.
I was talking to an investor this morning on the on the the IPO flip because that'll mean it kind of kicks off the process. I was kind of like, walk me through your quick thoughts on this company. And he was like, it's similar to IA, the Barry Diller company, which got renamed to people.
And he was like, again, we haven't quite done the work. We're all focused on SpaceX right now, but the broader pitch is it's a portfolio company to an extent.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- us ipo pipeline
- european tech listings
- spacex ipo demand
- consumer staples earnings
- etf tax loophole
Companies and tickers mentioned
- CPB
- Bending Spoons
- SpaceX
- Campbell Soup Company
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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