SaaSpocalypse Officially Over at Index Level — But Gains Wildly Uneven: DigitalOcean +227% vs HubSpot -46%

SaaStr·high signal

SaaStr's analysis shows the public software basket is back to green for 2026, but the divergence is extreme. DigitalOcean leads at +227% YTD, followed by Datadog (+76%), CrowdStrike (+55%), and Okta (+41%). Meanwhile, HubSpot (-46%), Monday.com (-45%), and Klaviyo (-52%) remain deeply underwater despite strong underlying fundamentals — HubSpot posted 23% revenue growth with 83%+ gross margins. The dividing line: infrastructure and security companies (picks-and-shovels of AI buildout) are winning; application-layer companies priced on seat counts are losing.