SaaStr Declares the 'SaaSpocalypse Officially Over' — Public Software Back to Green at Index Level, But the Recovery Is Wildly Uneven

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After the Jan-Feb 2026 selloff that erased roughly $2T in software market cap, SaaStr now says the index has clawed back to green — but the gains are concentrated, not broad, with AI-native and agent-monetizing names recovering while seat-based laggards stay deeply underwater. This reframes the recent 'public software down ~50%' narrative: the bottom appears in, but the market is now pricing winners and losers separately by AI exposure. For builders, the signal is that 'AI-native vs AI-bolted-on' is now the primary valuation axis.