The (air) table has turned

Airtable has gone from Silicon Valley unicorn to SaaS-pocalypse casualty, with Bending Spoons agreeing to acquire the software company for $1.285 billion. The deal implies an equity value of $2.25 billion, including Airtable’s cash and cash equivalents: a significant decline from its $11.7 billion valuation in 2021. The valuation reset looks particularly stark against Airtable’s $480 million of ARR, growing at around 20% a year, and its customer base, which includes 80% of Fortune 100 companies. For Airtable’s early backers, it is a painful reminder that when valuations bend, buyers increasingly hold the leverage.