Monday.com Among SaaS Stocks Hit Hard by Sector Downturn Into 2026

Monday.com has shed 70% of its peak value, landing it at the top of a grim list of SaaS casualties that analyst Shay Boloor has been tracking under the label "SAASpocalypse," a sector-wide reckoning that shows no sign of easing into 2026.

Boloor grouped Monday.com alongside HubSpot (HUBS) and Atlassian (TEAM) as emblematic of the severe drawdowns battering the category. All three were market darlings during the pandemic-era software boom, and all three have watched years of gains compress or disappear entirely. A 70% decline from peak is not a correction; it is a structural reset.

For Monday.com employees holding equity, the number carries real weight. MNDY stock became a meaningful part of compensation packages during the company's high-growth years, and those grants look very different at 70% below peak than they did at issuance. Refresh cycles and new hire packages are being priced into a fundamentally different environment than the one that defined the company's post-IPO identity.

The "SAASpocalypse" framing is pointed for a reason. It describes not just declining prices but a market reassessment of what SaaS businesses are actually worth when interest rates are elevated, growth is no longer automatically rewarded, and enterprise buyers are scrutinizing software spend more carefully than they have in a decade. Monday.com built its trajectory on aggressive expansion, a broad work-OS pitch, and a self-serve motion that drove remarkable top-of-funnel numbers. That story has not collapsed, but it is being repriced against a much harsher macro backdrop.

HubSpot and Atlassian face similar dynamics. HubSpot's growth tied to marketing and CRM spend has faced headwinds as companies cut go-to-market budgets. Atlassian's collaboration tools compete in a crowded space where Microsoft and others have bundled aggressively. Monday.com sits in overlapping territory with both, which means the competitive pressure compounds the valuation reset.

The sector pressure continuing into 2026 matters because it is no longer possible to frame these declines as temporary dislocations waiting for a snap-back. For a company like Monday.com, which has been investing heavily in AI product development and enterprise expansion, the question is whether operational progress can outrun a market that has stopped giving SaaS the benefit of the doubt.