SaaStr Index: Top 25 Public Software Companies Down 50.5% in Six Months — AI Spending Redirecting $450B From SaaS

SaaStr·high signal

The SaaStr.ai Index crossed -50.5% from October 2025 to April 2026, with Salesforce, ServiceNow, and Workday each down 30%+ in Q1 alone. The analysis attributes the crash to AI infrastructure capturing 75% of new hyperscaler spending (~$450B in 2026), money that previously flowed to traditional SaaS seats and modules. Palantir (+135% in 2025, 61% growth guidance) and DigitalOcean (+50% YTD) are the notable exceptions, suggesting the market is repricing software around AI-native infrastructure.