Software stocks split 280 points along pricing lines

DigitalOcean's stock is up 227% in 2026, Klaviyo's is down 52%, and the difference comes down to how they charge customers, per SaaStr's recap.

That's part of a roughly 280-point spread across the public software index, and it doesn't sort by category. Infrastructure, security, and collaboration tools all show up on both sides of the split.

The pricing line

On the winning side: DigitalOcean +227%, Datadog +76%, CrowdStrike +55%, Okta +41%, Twilio +33%. SaaStr groups these as consumption-priced, businesses that charge for usage rather than seats.

On the losing side: Klaviyo -52%, HubSpot -46%, Monday.com -45%, Zscaler -39%, Atlassian -36%. All still priced mostly per seat, per the same recap.

Security alone makes the case that category doesn't explain the split. CrowdStrike is up 55% and Zscaler is down 39%. Same market, opposite pricing model, opposite year.

Pricing model is a bigger risk factor for software stocks than what a company actually sells. That's not how anyone modeled SaaS risk two years ago. The old habit of sorting winners and losers by infra versus security versus collaboration is out of date. Watch whether the seat-priced laggards start bolting on usage-based tiers before their next earnings call.

SaaStr framed this as the 'SaaSpocalypse' officially ending at the index level in its July 19 recap. Half the basket named above is still deep red.