SaaS Is Dead? The Market Thinks So.

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Feb 25, 2026

They debate whether the recent sell-off means SaaS is finished and unpack the market’s bearish assumptions. They run a company-by-company health check on public SaaS names. They explore AI’s threat to seat-based and PLG pricing, plus why incumbents’ data moats matter. They also tackle valuation shifts, SaaS sprawl, security risks, and the tradeoffs of build versus buy.

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INSIGHT

DocuSign's Value Is Contract Data Not Signatures

Contract and signature tools like DocuSign must evolve from signing to extracting actionable contract data.
Kyle argues signing is trivial to replicate, but DocuSign's real strategic value is contract data as a system of record and insights.

INSIGHT

SaaS Multiples Repriced Around Investor Confidence

Public SaaS multiples collapsed to ~3x forward revenue, reflecting slashed confidence rather than uniform company weakness.
CJ points out median multiples shifted from ~6x (normal) and 10x (premium) down to 3x, pushing many public SaaS stocks into 'main street' valuation territory.

INSIGHT

PLG Prosumer Tools Are Most At Risk

PLG and prosumer SMB apps are the most punished by the sell-off because they're perceived as easy to replace or 'vibe-codeable.'
CJ and Kyle cite Asana, Figma, Monday-like tools and seat-based pricing as particularly vulnerable to efficiency gains from AI.

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