Noteworthy Valuation Shifts (Early 2026)
- HubSpot: Down over 50% in the past 12 months.
- Microsoft: Recorded a 9% decline since the start of 2026, trading 21% below its annual high.
- ServiceNow: Dropped 30–40% as analysts debate the "death of SaaS" narrative.
- Adobe: Down 30–35% over 12 months despite shipping multiple AI features.
Despite this sell-off, some analysts, including Bank of America, argue the market reaction may be irrational, as AI infrastructure spending cannot continue if the very software it powers is allegedly dying.
Top Public SaaS Companies by Market Cap (2025–2026)
- Microsoft: The global leader in SaaS revenue, driven primarily by Microsoft 365 (productivity), Azure (cloud), and Teams (collaboration).
- Salesforce: Remains the dominant force in Customer Relationship Management (CRM) and has expanded into data and analytics through acquisitions like Slack and Tableau.
- Alphabet (Google): A major player via Google Workspace (Docs, Sheets, Drive) and its growing Google Cloud SaaS portfolio.
- Oracle: A leader in enterprise resource planning (ERP) and database software-as-a-service.
- SAP: The top European SaaS provider, focusing on SAP S/4HANA for enterprise operations and HR.
- ServiceNow: A specialized leader in digital workflow automation and IT service management (ITSM).
- Adobe: Dominates the creative and marketing software space through Adobe Creative Cloud.
- Shopify: The clear market leader for e-commerce infrastructure, powering millions of online merchants.
