A quarter trillion dollars evaporated. But the diagnosis was wrong.
In February 2026, a 48-hour sell-off wiped roughly $285 billion from SaaS valuations. Wall Street called it the SaaSpocalypse. The narrative was simple: AI agents will replace software, the per-seat model is dead, and the incumbents are finished. I disagree with this narrative. The real story is that SaaS is not dead, but the interface is. The most forward-thinking SaaS companies are no longer selling you a user interface. They are selling you access to capabilities that an AI agent can call on your behalf.
— SaaSpocalypse Is Dead - The Future Of SaaS Is SaaS · Forbes