Private market bifurcation: AI premiums vs SaaS discounts

AI infrastructure, defense autonomy, robotics, and space companies continue to attract premium valuations, while 2021-vintage SaaS averages a reported 38% EquityZen discount. Oracle’s cloud transition, Salesforce’s monetization dilemma, Figma’s rally, and selective strength in AI-complementary tools reinforce rotation rather than a broad software rerating.