Sapphire Ventures' 2026 Software x AI Report documents 80+ AI-native companies crossing $100M ARR (many in under 18 months), enterprise software capturing 52% of all VC in 2025 ($263B, +64% YoY), and extreme funding concentration with the top 5 deals claiming 30% of enterprise VC. Simultaneously, public SaaS has shed $2.4T in market cap since October 2025, with Pure SaaS NTM multiples compressing to 3.1x (decade low, -80% from 2020 peak), as markets explicitly discount AI revenue claims from incumbent vendors like Salesforce, Adobe, and ServiceNow despite their own large ARR figures. The structural divergence, private AI-native companies at 40x+ ARR multiples versus public legacy SaaS at 3.1x, is a direct signal for financial institutions on where rent is settling and whether incumbent software revenue models are credible in an AI environment.
470 other tracked developments touching the same claims.