SaaS Metrics Weekly — 2026-10-24
The SaaS market demonstrated robust health this week with Nasdaq and SAP delivering record-breaking earnings driven by AI adoption and cloud acceleration. In the venture capital space, OpenAI is reportedly raising $30 billion at a massive $1.25 trillion valuation ahead of a potential IPO, while OpenAI's competitor Town achieved unicorn status just four months after launch.
SaaS Metrics Weekly — 2026-10-24
Earnings & Revenue Reports
Nasdaq (NDAQ) — Q3 2026 Results
- Revenue: $1.5 billion (13% YoY growth, 14% organic growth)
- ARR/Key Metric: Record $3.4 billion ARR; Solutions revenue grew 18% organically
- Guidance: Updated 2026 non-GAAP expense guidance to $2.55B-$2.58B
- Takeaway: Nasdaq's execution remains strong, with index inflows hitting a record $141 billion in the trailing 12 months. The company maintained a 22.5%-24.5% tax-rate range.
SAP (SAP) — Q3 2026 Results
- Revenue: Cloud revenue surged 25%
- Key Metric: Topped Q3 2026 estimates with accelerating cloud growth
- Takeaway: SAP's results were driven by AI adoption, which is fueling productivity gains across enterprise software. The company's cloud growth trajectory is accelerating, signaling strong demand for AI-integrated ERP solutions.
SS&C Technologies (SSNC) — Q3 2026 Results
- Revenue: Adjusted revenue rose 7.8%
- Key Metric: EBITDA margin reached 39.9%
- Guidance: Management raised full-year guidance
- Takeaway: SS&C Technologies demonstrated margin expansion and operational efficiency, prompting management to increase their full-year outlook.
Funding & Deals
| Company | Round/Deal | Amount | Valuation | Lead Investor |
|---|---|---|---|---|
| OpenAI | New Raise | $30B | $1.25T | N/A |
| Slingshot Insurance | Seed | $27M | N/A | Rally Ventures, Skyward Group |
| TypeSafe AI | Series A | $870M | N/A | N/A |
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OpenAI: The AI giant is reportedly working on a new $30 billion raise at a $1.25 trillion valuation ahead of its IPO. If successful, this would break records as the most highly valued private company ever.
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Slingshot Insurance: A Minneapolis-based AI-native embedded insurance startup, Slingshot is emerging from stealth with $27 million in seed funding to build an insurer for small policies sold at checkout.
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TypeSafe AI: This AI startup led the startup tape this week with an $870 million Series A round, highlighting the continued investor appetite for specialized AI solutions.
Market Pulse
- Sector Sentiment: The "SaaSpocalypse" appears to be over, with public software stocks returning to green at the index level. However, gains are not evenly distributed across the sector.
- Notable Moves: Salesforce was up 9% on a clean earnings beat.
- Valuation Multiples: Average SaaS spend is reported at $55.7 million on a flat 305-app portfolio, with 79% of companies hitting renewal increases.
Industry Moves
- OpenAI: Working on a massive $30B raise at a $1.25T valuation ahead of IPO — a potential record-breaking private market event.
- Town: The AI assistant startup secured a unicorn valuation just four months after launch via a $108 million Series B co-led by Forerunner Ventures and Menlo Ventures.
What to Watch Next Week
- S&P 500 Earnings Season: With the October 23 update already released, investors should continue monitoring Q3 EPS and revenue trends for SaaS-heavy sectors.
- OpenAI IPO Details: Keep an eye out for further announcements regarding OpenAI's potential IPO timeline and regulatory filings.
- Cloud Metrics Analysis: Jamin Ball's "Clouded Judgement" continues to track implied ARR metrics and CAC payback periods, offering critical insights into public SaaS health.
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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