AI is eating the world

In 2021, public SaaS was 7.5x bigger than the top 10 private enterprise software cos.

🌊Today, the top 10 private are 1.4x bigger than all 115 public B2B cos combined.

Anthropic alone ($1T on secondaries) is worth more than half the entire public B2B universe.

The top 10 private = $2.55T. All 115 public Pure SaaS companies = $1.88T.

Three AI labs drove 73% of the 2025 value creation in private software.

Meanwhile, public B2B has lost $2.4T in market cap since October. Multiples compressed from 15.2x NTM revenue to 3.1x.

The new playbook (usage-based pricing, 200%+ growth, $1M+ ARR per employee, staying private longer) is minting a generation of $100B+ companies in 24 months. #SaaStr