Saastr · 28 October 2026 · Industry Analysis

The $300 Billion Software Debt Wall: The Big B2B Defaults Unfortunately Haven’t Even Started Yet

Jason Lemkin, GP @ SaaStr

$100 billion in B2B software debt matures in 2028–2029, mostly from PE deals written in 2021 at peak multiples. Refinancing windows close in 2027; defaults and lender takeovers will likely accelerate as rates stay high, AI disruption pressures multiples, and PIK becomes scarce.

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Topics: Enterprise Software · Venture Capital & Startups

Published by Saastr · their site ↗

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