Ideas Weave Every Narrative with AI.
Airtable’s revenue grew to $480M, its customer base expanded to half a million, and its product became objectively better. Yet, its valuation collapsed by 81%. This is a masterclass in how macro shifts and AI disruptions erased billions in paper value, proving that market valuation is a bet on future narratives, not present performance.
Bending Spoons’ $1.3B acquisition of Airtable isn’t a rescue—it’s a Trojan horse. The buyer is known for gutting products and monetizing customer lists. Airtable’s 500,000+ organizations become a distribution channel for Bending Spoons’ own suite. Users should prepare for price hikes, feature cuts, and the slow unraveling of the platform they rely on.
Airtable is everywhere, yet it just sold for a mere $1.3 billion. With $500M in ARR and $1B in cash, this isn’t a success story—it’s a surrender. Bending Spoons’ acquisition signals a ruthless shift in SaaS: your favorite tools are no longer growth engines, but distressed assets waiting to be gutted for margin. Welcome to the era of enshittification.