SaaStr: $40-50B Captured by Anthropic + OpenAI Annually — Quantifies 70% of SaaS Growth Deceleration

SaaStr·high signal

SaaStr analysis reveals Anthropic grew from $9B to $19B ARR in months (adding $6B in February 2026 alone) while OpenAI runs at $25B, together collecting $40-50B in annualized enterprise spend — roughly 5-6% of the $800-900B global enterprise software market. SaaS median growth fell to 12.2% by Q4 2025 (from 21% in 2023), NRR compressed to 101%, and the SaaS index fell 6.5% as the S&P rose 17.6%. The thesis: this is budget exhaustion — deals delayed, procurement tighter — rather than product death.