Atlassian Corporation (TEAM) stock declined 6.5%. According to the provided sources, the broader software market experienced significant declines described as a "SaaSpocalypse," with Atlassian plunging 35% in recent weeks. This decline was triggered by frontier AI labs moving into software capabilities historically provided by standalone vendors. Anthropic's launch of Claude Code Security, which scans codebases for vulnerabilities, prompted a sell-off across the software and cybersecurity sectors. The iShares Tech-Software ETF retreated approximately 30% from late 2025 highs. Additionally, Atlassian founders Mike Cannon-Brookes and Scott Farquhar lost approximately 7.2 billion dollars combined this year, representing about one-third of their wealth. In February 2026, Atlassian appointed James Chuong, formerly LinkedIn's CFO, to the CFO position.
Read full analysisAtlassian Corporation (TEAM) stock declined 6.5%. According to the provided sources, the broader software market experienced significant declines described as a "SaaSpocalypse," with Atlassian plunging 35% in recent weeks. This decline was triggered by frontier AI labs moving into software capabilities historically provided by standalone vendors. Anthropic's launch of Claude Code Security, which scans codebases for vulnerabilities, prompted a sell-off across the software and cybersecurity sectors. The iShares Tech-Software ETF retreated approximately 30% from late 2025 highs. Additionally, Atlassian founders Mike Cannon-Brookes and Scott Farquhar lost approximately 7.2 billion dollars combined this year, representing about one-third of their wealth. In February 2026, Atlassian appointed James Chuong, formerly LinkedIn's CFO, to the CFO position.
Atlassian makes team collaboration and productivity software, including Jira (project management) and Confluence (knowledge sharing), serving over 350,000 customers from startups to large enterprises. The company recently reported Q2 fiscal 2026 revenue of $1.59 billion, up 23% year-over-year, with cloud revenue crossing $1 billion for the first time. Its heavy exposure to the SaaS software model makes it a focal point of the current market selloff driven by fears that AI-native tools from frontier labs like Anthropic and OpenAI could displace traditional software vendors.