Leading Public Software Companies Now Down ~50% Over the Last Six Months

SaaStr·medium signal

A companion SaaStr analysis documents the leading public software names collectively down roughly 50% over the trailing six months — the steepest sustained repricing of the cohort on record. The driver is no longer a fear of AI but the realization that AI-enhanced workers reduce seats rather than add them, compressing the per-seat NRR engine. For builders, this is the financial expression of the seat-to-outcome transition playing out in real time.