April 21, 2026

Anthropic launches a Figma competitor, stoking SaaSpocalypse jitters

Rebecca Moretti
Editorial Lead

Hex codes and Claude Code… Anthropic introduced Claude Design, a — you guessed it — design product powered by its latest Opus 4.7 model. Shares of design software makers Figma and Adobe dropped on Friday after the news. This story neatly embodies the SaaSpocalypse discourse that’s been heating up since the introduction of advanced AI agents capable of automating workflows.

  • Software stocks have struggled this year over worries that AI agents will replace many enterprise SaaS uses: The iShares Expanded Tech-Software Sector ETF lost more than 24% in the first quarter, its biggest quarterly drop since 2008.

SaaSpocalypse (not) now? While business spending on AI models is rising fast (token spend 13x’d since January 2025), spending on category-specific vendors is also rising. Incumbents like Salesforce and GitHub continue to dominate business adoption in their respective categories (Figma has a 99% adoption rate). And among the fastest-growing vendors on Ramp, most are AI-native startups with specific use cases.

  • AI meeting-notes app Granola went from virtually zero to 20% category adoption in roughly 18 months, with adoption nearly doubling in the past quarter alone. Granola is also the tool first-time adopters choose most often.
  • AI vibe-coding startup Lovable’s adoption rate is up eight percentage points from a year ago. The company reportedly added $100M in ARR in February alone.
  • Cursor, an AI coding platform, went from 3% to 25% GenAI category adoption in two years. Bloomberg reported that the startup hit $2B in annualized revenue in February.

The bottom line:

The AI tide is lifting all ships. Businesses are increasing category-specific spend even as model spending surges. That suggests companies aren’t yet consolidating spend into AI labs. Of course, markets are more reactive than spending trends. If the SaaSpocalypse does happen, the companies that survive will be the ones with strong moats around their area of specialization. Infusing AI will be a big part of that, and many incumbents (including Figma) are doing this already.

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Rebecca Moretti•Editorial Lead
As the Editorial Lead at Ramp, Rebecca focuses on melding original data with financial news to craft engaging stories that highlight leading indicators. Previously, Rebecca was the Senior Editor of Robinhood’s Snacks newsletter, which she helmed for five years, and was Senior Editor of SoFi’s On the Money newsletter.
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