SaaStr: Net New Customer Growth Reveals B2B Divergence — AI-Adjacent Cloudflare +40%, App SaaS Atlassian Adds Collapsed 77%

SaaStr·high signal

Jason Lemkin's analysis reveals net new customer growth as the most honest B2B health signal. AI-infrastructure-adjacent companies are accelerating: Cloudflare 22%→40% YoY, Twilio +7%→+42%, Snowflake +40% net-new adds, Palantir 35%→45%. Application SaaS is decelerating: Atlassian $10K+ customer adds dropped 77% in one quarter, HubSpot 23%→16%, MongoDB direct sales customers contracted from 7,500 to 7,000. The '2:1 rule' — revenue growth should be ≤2x customer count growth — exposes which companies grow from new logos vs milk existing ones.