This is what capitulation looks like: Airtable, a maker of workflow software, is being sold for just 10% of its peak valuation. It’s a sign that some companies hit hard by the SaaS selloff (or their venture-capital backers, as Airtable is still privately held) are bowing to reality and taking whatever money is available. Bending Spoons buys software companies past their prime, like AOL and Vimeo, and aggressively cuts costs. It’s a tough landing place for a once fast-growing SaaS darling. The question now is whether the reality check will spread to larger companies and private-equity firms that would be eager to own software firms trading at beaten-down prices.