UBS Identifies 100 Private AI Firms for Future IPOs

UBS identified 100 privately held AI and software companies to monitor for potential initial public offerings in 2027 and beyond. The investment bank views these firms as the next generation of growth vectors capable of disrupting incumbent public software companies.

High-revenue firms lead the list, including Databricks, which reported 7 billion dollars in annual recurring revenue, and Canva, which ended 2025 with approximately 4 billion dollars in annual recurring revenue. Other highlighted companies include defense tech firm Anduril, fintech startup Thinking Machines, and AI search engine Perplexity, which is targeting an IPO in 2028.

The bank also tracked specialized AI platforms across various sectors. These include Hebbia for financial analysis, Harvey for legal automation, Replit for app generation, Higgsfield for video generation, and Instinct for personal assistance.