Tomasz Tunguz: SaaS multiples depressed but leaders remain strong

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Olga Shendetskaya

11.08.2026

Tomasz Tunguz: SaaS multiples depressed but leaders remain strong — SaaS multiples down, leaders stay strong

Tomasz Tunguz highlights that the collapse in SaaS has led to depressed valuation multiples. However, he points out that within almost every category, a leading company continues to perform well despite market challenges.

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Tomasz Tunguz has previously highlighted outsized growth at large cloud providers. He reported that Google Cloud's revenue grew 82% to $24.8 billion in Q2 2026. In another note, he cited Andy Jassy's estimate that AWS could reach $1 trillion in revenue.

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