AI agents like Claude Code are reshaping the SaaS landscape by lowering the barriers to software development, enabling companies to build in-house solutions instead of purchasing. This shift challenges the traditional seat-based billing model and puts pressure on SaaS providers, such as Klarna, which has shifted from Salesforce to its own AI system. The public market also reflects this anxiety, with SaaS stocks experiencing significant devaluation in early 2025, dubbed the "SaaS Doomsday." While AI-native startups adopting consumption-based or results-based pricing models are thriving, investors remain skeptical about the long-term value of traditional SaaS, leading many companies to delay IPOs and remain private for extended periods.