Goldman Sachs Says AI‑SaaS Sell‑Off Overdone, Flags Figma and Atlassian as Value Picks

TL;DR: Goldman Sachs believes the AI‑induced sell‑off in SaaS stocks is excessive and points to Figma’s 41% revenue jump and Atlassian’s 32% rise as reasons to buy.

Context The wave of AI hype in 2026 turned into a panic for software‑as‑a‑service (SaaS) firms, a period investors dubbed the “Saaspocalypse.” Wall Street feared AI would erode subscription bases, sending many SaaS shares down sharply. Goldman Sachs’ CEO David Solomon warned that the reaction was “too broad,” insisting AI will create both winners and losers and that many companies can pivot successfully.

Key Facts Figma reported 2025 revenue of $1.1 billion, a 41% year‑over‑year increase driven by new customers and expanding AI features. The firm now charges for AI credit consumption, a revenue stream that began scaling after a quiet start. Forecasts project 2026 sales of $1.4 billion, maintaining double‑digit growth.

Atlassian posted fiscal Q3 2026 revenue of $1.8 billion, up 32% from the prior year. Despite a net loss of $98.4 million, the company’s balance sheet remains solid with $1.1 billion in cash and $5.7 billion in total assets. Its AI assistant Rovo saw AI credit usage rise 20% month over month, adding a new source of income. Share price rallied 20% after the earnings release, reflecting renewed investor confidence.

What It Means Goldman Sachs sees the current discount as a buying window. Figma’s rapid revenue growth and AI integration suggest it can sustain momentum despite earlier fears that generative AI would cannibalize design tools. Atlassian’s seat‑based pricing and expanding AI adoption indicate its core model remains resilient, even as the broader SaaS sector wrestles with AI disruption. Both companies have seen their forward price‑to‑sales multiples compress, making valuations appear attractive relative to growth prospects.

Investors should monitor how quickly AI credit consumption scales for each firm and whether profitability improves as revenue expands. The next earnings season will reveal whether the AI‑SaaS rebound holds or if further market corrections loom.