UBS列出上市前值得留意的私人AI公司
UBS says these are the private AI companies to watch before they go public
UBS列出100家值得投資者留意的私人持有AI及軟件公司，供市場關注其未來可能進行的IPO。名單包括Databricks、Canva、Replit等公司；Databricks在第二季度公佈的年度經常性收入為$7 billion，Replit則預計於2026年底突破$1 billion ARR。
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Initial public offerings from Anthropic and OpenAI will mark a new chapter for the market's AI trade, but there are plenty of other tech firms investors should be monitoring for IPO chatter as well.
UBS recently published its list of 100 privately held AI and software companies that its keeping tabs on ahead of potential IPOs next year and beyond.
"These 100 privates represent the next generation of AI & software firms for public tech investors to monitor, highlighting new growth vectors and potential disruption risk for incumbent public software firms," the banks's Karl Keirstead wrote.
Here are 10 0f the most noteworthy tech companies that UBS is eyeing.
Databricks
Databricks, a cloud-based data engineering and analytics platform is high on UBS' list of private tech companies to watch. The bank emphasized the $7 billion in annual recurring revenue it reported in the second quarter, and that it competes with public companies in areas like AI-assisted coding and engineering and agentic applications.
The company has been touted by investors such as Andrew Left, who described it as Palantir's top rival. Databricks is backed by Nvidia, Microsoft and Amazon Web Services, as well as many top names in the venture capital space.
Anduril
Founded by tech entrepreneur Palmer Luckey, the defense tech firm has been in the headlines recently, largely due to its focus on autonomous military hardware and AI software for the US military.
This has led to a slew of lucrative defense contracts as the US looks to bolster its capabilities amid war with Iran and the Russia-Ukraine war.
"Growth has been supported by major U.S. defense awards, including assuming the lead role in the Army's Integrated Visual Augmentation System program, which has a potential contract ceiling of up to $22bn, and securing a 10-year, $642.2mn-ceiling counter-UAS IDIQ for systems deployed at U.S. Marine Corps installations," Keirstead wrote.
Canva
Canva has emerged as a giant in the graphic design software space for both personal and professional customers. Its AI integration has been praised by users as the company has maneuvers to compete with AI tools from big players like Anthropic.
Keirstead said that his team isn't worried about the graphic design leader being able to compete with larger rivals, particularly given its strong growth statistics.
"Canva ended 2025 with approximately $4B in ARR, 265M+ monthly active users, 31M+ paid users, and roughly 5,000 employees (up from 240M MAUs, 27M paid users, and ~5,000 employees in early 2025)," he said.
Hebbia
This high-profile startup is credited with integrating AI tools into Wall Street workflows by automating financial analysis. The company's head of strategy, a former hedge fund manager, described it as helping eliminate the work that bankers hate doing.
Hebbia operates at the intersection of two high-growth markets: agentic AI for finance and legal AI software.
"Together, these categories imply a core addressable market of approximately $7.2B in 2026, expanding to $46.7B by 2034, before including Hebbia's opportunities in consulting, corporate research, and other knowledge-work functions," UBS said.
Replit
Replit has emerged as a leader in the vibe-coding space, offering a platform that lets users generate a working app or website by entering text-only prompts.
While most leading AI agents offer similar features, UBS maintains that the company can hold its own, citing 7x revenue growth potential based on recent company estimates.
"Replit cites over 500k professional users on the platform today with 'millions' of total users," Keirstead noted. "The company expects to cross $1 billion ARR by the end of 2026."
Instinct
AI-powered personal assistants have suddenly boomed, jump started by Meta's Muse last month. But Instinct has become one of its chief competitors with its agent that perform various tasks and can be addeed to group chats to help coordinate plans and logistics.
UBS estimates that Instinct's total addressable market is likely in the hundreds of billions of dollars, given how many functions the agent can perform, including commerce, communications and travel booking.
Thinking Machines
Former OpenAI CTO Mira Murati co-founded this fintech startup in 2025, which has quadrupled in size since its launch, despite losing some talent to Meta. It boasts Nvidia as a strategic investor and has managed to raise $2 billion at a valuation of $12 billion.
"During 2026, the company expanded its research and product portfolio through its NVIDIA and Google Cloud infrastructure agreements, the launch of Inkling and Inkling-Small, and new research programs focused on model customization, human-AI interaction, safety, and reinforcement learning," Keirstead said.
Higgsfield
Higgsfield has been described as seeking to become the "Cursor of video." The AI video generation platform provides a wide-ranging suite of tools that UBS sees as giving it an edge in a fast-growing industry.
"Higgsfield operates at the intersection of generative media, creative software, and digital advertising," Keirstead said. "As brands and enterprises increasingly adopt generative AI workflows, the company is positioned within a large and growing TAM."
Harvey
Legal tech startup Harvey has been at the forefront of the legal industry's AI adoption. The AI-powered legal platform has been quickly growing, making three acquisitions in seven months, viewed as an indication of an industry-wide shift.
UBS noted that Harvey's platform that allows attorneys to automate research, contract analysis and memo drafting, as well as other tasks, is being widely deployed among the AmLaw 10, the US's highest-grossing law firms.
Perplexity
The AI-powered conversational search engine has been making waves in the tech community for years. Perplexity's CEO has said that the company is on track for an IPO in 2028, regardless of what happens with OpenAI and Anthropic's expected offerings.
Perplexity recently passed $750 million in annual recurring revenue, and reported over one hundred million monthly active users across its search engine and AI agents. It is backed by Nvidia, Jeff Bezos and the SoftBank Vision Fund, among others.
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Samuel O'Brient is an experienced financial markets and business journalist who has written extensively on a wide range of topics involving economics, technology and public policy. At Business Insider, he covers important macro and micro economic stories, including takes from leading economists and hedge fund managers, breaking IPOs, corporate bankruptcies, meme stocks and short-selling. He also writes on other markets such as crypto, oil and real estate.He has interviewed many of the market’s most influential voices, ranging from top economists such as Mark Zandi and Richard Thaler to prominent investors including Danny Moses, Andrew Left, Anthony Scaramucci, Louis Navellier and Grant Cardone.Programs such as LiveNOW from Fox , Taking Stock and Ticker News have had Samuel on to discuss stock market and economic developments. His reporting has been cited by The New York Times DealBook, Bloomberg Radio, Forbes, Entrepreneur, Gizmodo and TheFutureParty.Samuel began at InvestorPlace, covering investing, retail trading and macro economic trends. Prior to joining Business Insider, he served as a technology markets reporter at TheStreet. He is a graduate of Sarah Lawrence College and Trinity College Dublin.Samuel's work has appeared in publications such as TipRanks, EV and Observer. When he isn't chasing down stories, he can often be found browsing book and record shops. To reach Samuel, email him at sobrient@insider.com or connect with him on LinkedIn. He is also on Signal as Samuel Clemens.
來源：Business Insider Tech · businessinsider.com