Crossover Research Analyst Reveals Unpublished August Thesis: SaaS Multiples Down 50%+ Since Prediction
X/Twitter·high signal
A Crossover Research analyst revealed they wrote an unpublished thesis in August 2025 warning that AI would compress SaaS valuations — but stayed quiet because the funds being warned were key clients. Since then, software multiples have fallen over 50%, with Salesforce, ServiceNow, and other enterprise SaaS names hit hardest. The tweet gained 1,600+ likes and 206 retweets, resonating with the broader market narrative as the SaaS Capital Index fell from 16.9x ARR peak to 3.8x by March 2026.