Atlassian's results show AI boosting the business rather than hurting it, corroborating all eight qualitative estimates made in the original thesis. x.com 

Atlassian at $57-60 trades near decade lows while still growing 24%, and could reach $200+ in a few years if software becomes the next bubble after semiconductors. Its own AI agents, such as Rovo, are a plus. A replier who works in software warns that big-company contract cancellations slated for 2027 could be high, though that may already be in the price. x.com  x.com  x.com 

Atlassian is hard to buy despite strong contracted demand, because insiders have sold so heavily. Remaining performance obligations, contracted revenue not yet recognized and a precursor to reported revenue, accelerated sharply in Q2 2026. Even so, it does not look like the best opportunity in the market. x.com  x.com 

Atlassian got too cheap at 2x next-12-month revenue going into earnings and could re-rate to 4-5x, even after a 24% jump that still leaves it 85% below its highs. AI may pressure such companies, but that isn't showing up yet, and the market may be wrong that they won't adapt; some will get stronger by integrating AI. After $114, $139, the February 2025 VWAP and about 5x forward revenue, is a reasonable target. x.com  x.com 

Atlassian has broken out of a year-long downtrend on cloud and AI growth, with Q3 results up 29%, a Leader rating in Gartner's 2026 DevSecOps Magic Quadrant and Wall Street lifting targets. It is retesting the top of its descending channel as support, and heavy volume shows real accumulation. A move above $96.50 targets $119.38, then $139.70 and $157.29. x.com 

Okta, Salesforce and Atlassian look insanely expensive at nine times forward revenue against roughly 10% year-over-year growth. Many SaaS firms also have high sales and marketing costs. A commenter flags inference spending, which SaaS investors worry could compress margins; if free cash flow, growth, retention or gross margins weaken, their price-to-sales multiples could collapse. x.com  x.com  x.com  x.com 

Atlassian's quarter was hard to fault: beyond a revenue beat and raise, the bottom line, GAAP operating margin, RPO and cloud revenue were all good. The Q1 FY27 guide of 19.5% year-over-year growth at the midpoint looks conservative for the start of the year, and vibe-coded tools are no real threat to replace Jira. x.com  x.com  x.com 

Atlassian is disproving the narrative that AI kills its business, with remaining performance obligations up 44% year over year in Q4 FY26. That makes two of the last four quarters against the narrative, and four and a half years after ChatGPT launched, the platform is still compounding. x.com 

Atlassian won't grow beyond inflation because nearly everyone already owns its product, so its rally is simply the market bidding up software as money rotates out of semiconductors. @sv_techie notes 28% growth last quarter and 26% for fiscal 2026, but guidance of 19.7% for the next quarter and about 13% for fiscal 2027. x.com 

Atlassian has been punished by narrative-driven selling rather than fundamentals, since its estimates have only gone up. Goldman Sachs and other banks pushed AI-loser baskets, pods reinforced the narrative despite tiny position sizes, and Millennium front-ran the resulting index removal, sending the stock from 140 to 56 and back in six months. Such extreme moves risk becoming reflexive, pushing companies toward layoffs or bad management decisions. x.com  x.com