JP Morgan: 'Largest Non-Recessionary Software Repricing in Three Decades' as Market Revises 2030 Per-Seat Revenue Down

SaaS Capital·high signal

JP Morgan analysts characterized the current SaaS valuation compression as the largest non-recessionary software repricing in 30 years. The core thesis: markets are revising downward their estimate of how much per-seat revenue will exist in 2030, driven by AI agents reducing the number of human users organizations need. SaaS valuations hit decade-plus lows in Q1 2026, with the repricing affecting all software companies indiscriminately rather than distinguishing potential winners from losers.