The SaaSpocalypse: $500B IT/Security Stack vs. Vendor Lock-In
February 2026. $1 trillion in SaaS market cap vanishes across early-to-mid February. The $285 billion cybersecurity wipeout was triggered by Claude Cowork's legal automation launch on Feb 3 (the "SaaSpocalypse"), with a separate cybersecurity-specific selloff following Claude Code Security on Feb 20. And somewhere in the wreckage, a 15-year-old assumption quietly dies: that SaaS vendors can raise prices forever because their customers have nowhere else to go.
Michael Assraf · Mar 1, 2026897