The Great SaaS Reset: From 30x Euphoria to AI-Driven Repricing

2026-03-11

Figma lost 80% of its market cap. Salesforce trades below 4x revenue. The "10x ARR Club" used to have 60% of public SaaS companies in it. Now it's 5%. Not every SaaS company is dying the same death. There are two kinds emerging, and the difference between them is whether a customer would rather rebuild from scratch than rip you out.