Sapphire Ventures: Top 10 Private AI Companies ($1.93T) Now Outvalue Entire Pure SaaS Public Index ($1.88T)

SaaStr·high signal

Sapphire Ventures' 2026 Software x AI report reveals ten private companies (led by Anthropic at $380B) now carry a combined $1.93T valuation, exceeding the entire Pure SaaS Public Index at $1.88T. Public SaaS median NTM revenue multiple collapsed to 3.1x — down 80% from December 2020's peak of 15.2x. Enterprise software captured 52% of all VC in 2025 ($263B total), with 14 rounds of $1B+. The most striking stat: 80+ AI-native companies have crossed $100M+ ARR, compressing the traditional 5+ year timeline to under 18 months.