The 50 Biggest Public SaaS Companies in the U.S.
These are the 50 biggest SaaS companies by market capitalization on U.S. stock exchanges.
This list is automatically updated at least weekly.
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For this list, I’ve defined “SaaS companies” as those with >65% of revenue attributed to recurring payments for cloud-based software.
All of these SaaS businesses are listed on U.S. stock exchanges, but not all of them are based in the U.S. (Atlassian’s headquarters is in Sydney, Australia, for example.)
Is there a company missing from the list? Please let me know.
Highlights of 2020
All market cap figures are for February 26, 2021, unless otherwise indicated.
2020 was a year of explosive growth in valuations of public SaaS companies.
In 2020, the market value of the top 10 companies broke $1 trillion for the first time.
The median value of the top 50 largest SaaS companies increased by 179% over the past ~year to $21.5 billion.
Meanwhile, the average value–$38.1 billion, up 162% in the past year–far outpaced the median thanks to a small set of companies continuing to capture the lion’s share of value in the market: the top 10 biggest companies are worth 61% of the top 50.
Among the top 10, Zoom’s valuation enjoyed the highest growth rate over the past ~year: an astonishing 420%, which added $88 billion to its market cap. Shopify saw the largest absolute increase in value: $108 billion (+208%).
In 2020, Snowflake‘s IPO launched it into the top 10. The only other new entrant to the top 10 was Adobe, but that’s because Adobe’s sources of revenue finally qualify it as a SaaS company.
Highlights of 2019
All market cap figures are for January 15, 2020, unless otherwise indicated.
Salesforce is still the largest SaaS company in the U.S., with a market capitalization of $161.4 billion. That’s 2.8x bigger than the value of the second-largest company, ServiceNow ($57.9 billion).
Salesforce has also grown the most in value over the past year. Since I first compiled this list in February, 2019, Salesforce has added $36.0 billion dollars to its market cap. That’s bigger than the entire market value of Atlassian ($33.3 billion), the fifth-largest company on the list.
Shopify grew almost as dramatically as Salesforce over the past year, adding $31.2 billion in value to its market cap. That moved it up three spots in the list, making it the third largest SaaS company.
ServiceNow had the third-highest growth, adding $14.8 billion in value. No other company that first appeared on the list last year added more than $8 billion to its market cap.
The composition of the top 10 SaaS companies hasn’t changed a lot over the past year, with one glaring exception: Zoom IPO’ed less than a year ago in April, 2019, and is already the 8th-largest SaaS business in the country.
Of the 42 companies appearing on the list in both 2019 and 2020, the average value increased by $3.6 billion and the median value increased by $1.3 billion. Thirty-three (or 78.6%) of the companies saw their value increase, which isn’t very surprising given the performance of the broader U.S. stock markets in the past year.
The average value of the top 50 largest SaaS companies is $14.6 billion, but the median value is only $7.7 billion, thanks to a handful of huge companies at the top skewing the average upwards.
The smallest company on the list is PagerDuty, with a market value of $1.9 billion.
All eight of the companies appearing in the list for the first time in 2020 had IPOs in 2019: Zoom, Slack, CrowdStrike, Datadog, Dynatrace, Medallia, Change Health, and PagerDuty.
The eight companies falling off of the list from 2019 include The Ultimate Software Group (acquired by private equity), Pivotal Software (acquired by VMWare), athenahealth (acquired by Veritas Capital), CarGurus (disqualified as not SaaS), Medidata Solutions (acquired by Dassault Systèmes), 2U (market cap too low), Ellie Mae (acquired by private equity), and Zuora (market cap too low).