Bending Spoons has agreed to acquire Miro at a $1.355 billion enterprise value, which works out to about $1.79 billion in equity once you add Miro's cash. That is a real exit, not a rescue mission. It is also a long way from the late-2021 moment when Miro raised $400 million at a $17.5 billion valuation. The whiteboard did not break. The multiple did.

The brutal part is that Miro still looks like a serious company on the public record. Bending Spoons says it has around $600 million in annual recurring revenue, nearly 90 percent of it from business and enterprise customers, and nearly 4 million paying users. Miro's own about page says the product serves more than 100 million users across 250,000 organizations. In 2021, that sort of scale plus remote-work momentum got you a valuation normally reserved for software people speaking in hushed tones about category creation. In 2026, it gets you sold to the serial acquirer with a taste for post-boom markdowns.

That is the actual item, darling reader. This is not a story about a startup failing to find product-market fit. It is a story about the market deciding that a very good collaboration product is, after all, a collaboration product. The Hacker News thread immediately read the move as another chapter in Bending Spoons buying recognizable SaaS names after their 2021 perfume wore off. Cruel, maybe, but not incorrect.

If you squint, the sheet says something simple: sticky enterprise revenue still matters, profitability still matters, and none of it grants diplomatic immunity from a valuation comedown once the zero-interest cosplay ends.