SaaS Metrics Weekly — 2026-05-12
Hightouch raised at a $2.75B valuation this week, making a bold statement that SaaS isn't dead — just evolving. Salesforce set its Q1 FY2027 earnings date while announcing a $25B buyback program. Meanwhile, public software valuation multiples data for May 2026 shows clear segmentation across infrastructure, vertical, and horizontal categories as the market continues to digest AI disruption narratives.
SaaS Metrics Weekly — 2026-05-12
Earnings & Revenue Reports
No SaaS-specific quarterly earnings from fresh sources (post-2026-05-05) met the strict factual sourcing threshold this week. The broader Q1 2026 earnings season is approximately two-thirds complete and shaping up to be the best since 2021, according to Motley Fool analysis.
Salesforce — Q1 FY2027 Earnings Date Set
- Upcoming Event: Salesforce announced its Q1 FY2027 earnings release and conference call for late May 2026
- Capital Return: The board approved a $25 billion stock buyback program in March
- Takeaway: The buyback signals management confidence at a time when SaaS valuations have been hammered by AI disruption fears; the upcoming earnings call will be closely watched as a read on enterprise software demand.
Funding & Deals
Hightouch Raises at $2.75B Valuation
| Company | Round/Deal | Amount | Valuation | Lead Investor |
|---|---|---|---|---|
| Hightouch | Growth Round | Not disclosed | $2.75B | Not disclosed |
Hightouch, a data activation and AI startup, closed a major funding round this week at a $2.75 billion valuation, moving into a larger San Francisco office as its founders publicly push back against "SaaS is dead" narratives. The deal is one of the largest SaaS-adjacent raises of the week and a signal that investors are still betting on the category — particularly where AI enhances rather than replaces software workflows.
Market Pulse
- Software Multiples (May 2026): Public software valuation multiples show "clear segmentation across infrastructure, vertical, and horizontal categories, with significant dispersion in both revenue and EBITDA multiples reflecting varying market maturity and profitability profiles."
- Sector Sentiment: Mixed-to-cautious. The B2B SaaS sector has faced pressure in 2026, with the iShares Expanded Tech-Software ETF (BATS: IGV) having plunged more than 21% year-to-date through Q1. Recovery signals are patchy.
- Notable Moves: B2B SaaS valuation multiples report (Finerva, updated this week) notes that market caps in the SaaS space were slashed by 57% on average during the 2022 crash and the sector is still recalibrating. Public investors appear to currently value software companies with a sharper eye on profitability and AI integration than pure growth.
Industry Moves
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Liftoff / IPO Market: PitchBook data cited this week confirms that no venture-backed SaaS unicorns filed to go public in Q1 2026, and Liftoff withdrew its planned IPO. Databricks, Anthropic, and OpenAI are still watched closely for later in 2026, but the IPO window for SaaS remains effectively closed for now — a stark contrast to the ZIRP-era boom years.
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SaaS Industry Return to Fundamentals: A Forbes Tech Council analysis published this week argues that SaaS companies are "returning to fundamentals" after years of high-liquidity premium valuations — with cost control, retention, and AI governance now the defining challenges rather than pure revenue growth. The piece notes the shift is structural, not just cyclical.
What to Watch Next Week
- Salesforce Q1 FY2027 Earnings (late May 2026): The exact date falls in the coming weeks — Salesforce's results will be the most-watched SaaS earnings print of the spring. Investors will scrutinize AI Agentforce adoption metrics and subscription revenue growth.
- IPO Watch — Databricks, Anthropic, OpenAI: All three remain on investor watch lists for potential public market debuts later in 2026. Any formal S-1 filing from any of them would immediately reshape sentiment across the entire SaaS/AI sector.
- Software Valuation Multiple Updates: With Q1 2026 earnings season winding down, updated NTM revenue and EBITDA multiple datasets from trackers like Multiples.vc and Finerva are expected to reflect the full impact of the earnings season — watch for whether AI-native SaaS companies have begun to reprice meaningfully above horizontal SaaS peers.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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