Monday.com CEO on Is SaaS Dead: Will Everything Be Vibe Coded | Eran Zinman

Some days I feel like I was ran over by a truck, hit by a plane, and barbecued, and it's just eleven AM. What the market is saying to me is the company is worth zero. Okay, fine. Now I need to build. Screw it. I'm gonna go all in.

The SaaSpocalypse is real, and no one has felt it more than Monday.com. With close to one point three billion in revenue, they're valued today at just three point nine billion dollars in the public markets. Today, we sit down with Eran Zinman.

Nobody will wanna buy software. They're not doing the majority of the work for them. We're changing everything. It's the biggest pivot moment for us in the history of the company. The TAM of software, how much companies are gonna spend on software, is gonna be a hundred x from what it is today.

Ready to go? [upbeat music] Eran, it is so good to have you on the show, dude. I have been wanting to do this one for a while, so thank you so much for joining me.

Thanks for having me, Harry. It's great to be here again.

And by the way, if anyone is listening, you should be watching 'cause Eran looks younger than he did last time. [laughing]

[laughing]

It's extraordinary the volume that your hair has today, dude. But I wanted to start-

Thank you.

Um, you're like, "This is not how I expected the show to go." Uh, clearly, we, we are lacking incredible discipline in our research. Um, I wanted to start on communication actually because we see stock price respectfully in the dumps, but actual kind of fundamentals may be different. So what is the stock market not seeing that you think they should be seeing?

Yeah, so f-first of all, I wanna acknowledge it's, uh, kind of a crazy period, uh, I think for all of us, uh, especially, you know, us, us founders going through this, uh, you know, massive change in the market. Uh, so it's definitely not easy. I'll, I'll, I'll give you that. Uh, definitely, uh, it feels like a rollercoaster, uh, almost every day, you know. Uh, um, you know, some days are extremely difficult, uh, but it's definitely, uh, quite a journey. I think fundamentally we need to distinguish between what happens in businesses, which is one thing, and the sentiment change that happened, I would say in the last year and a half, but more precisely in the last six months, which from my perspective feels, you know, very aggressive, very powerful. Um, you know, on one hand, like if you look at the earning calls and how business operate, everything is, is kinda normal. Uh, some companies have even exceeded expectations, and businesses are working great, but at the same time, the sentiment has shifted drastically, like I've never seen before, uh, as far from... at least from my perspective. Um, and the negativity that now it's been attached to software companies, and it seems like every day there's a new doomsday scenario, a new tweet. Um, so the, the, the sentiment definitely changed. By the way, there's some a lot, a lot of truth to that and, and a lot of things I do understand, uh, from the investor perspective, so I'm not dismissing it. But, uh, definitely we need to distinguish between the operation of businesses and the sentiment change that happened in the market.