Bending Spoons listed on NASDAQ on July 15, 2026, at a valuation above $18 billion, rising 40% on its first day. Reporting since has traced the company to a $10,000 keyboard-app acquisition in 2014, with acquired businesses supplying at least 90% of revenue since; it has never sold a material business and its core team is roughly 800 people. Cost efficiencies account for about 50% of value creation and org optimization 30-35%, with headcount cuts reaching 80%+ in some deals. Berkshire disclosed an additional $330 million on October 14, taking its stake to 4 percent. The discussion now turns on leverage: almost $5 billion in long-term debt, with Q2 interest expense of $109 million at about 29% of adjusted operating…