What They Did
Monday.com is a work management and project collaboration SaaS platform that charges per seat. Teams used it to track projects, manage workflows, and coordinate tasks. At its peak it was valued at over $14B.
How LLMs Killed Them
AI agents are threatening the entire per-seat SaaS business model. If an AI agent can manage projects, track tasks, and coordinate workflows, companies need fewer human "seats" — and Monday.com charges per seat. Management dropped its 2027 revenue target entirely, signaling they don't know what the future looks like. The stock was caught in the broader "SaaSpocalypse" selloff as investors repriced every per-seat SaaS company.
Timeline
- Late 2025: Stock began declining as AI agent capabilities expanded rapidly.
- February 2026: Issued weak guidance, dropping the 2027 revenue target entirely.
- February 9, 2026: Stock tumbled 21% in a single day after earnings disappointed.
- February 2026: Down 70% from its one-year high, caught in the SaaSpocalypse.
By the Numbers
- Stock down 70% in one year
- 21% single-day drop after earnings
- 2027 revenue target abandoned entirely
- Guided $1.45-1.46B vs $1.48B consensus — even a slight miss triggered a selloff
- Per-seat pricing model fundamentally threatened by AI agents