Key facts
- UBS identified 10 private AI and software companies for investors to watch.
- Databricks reported $7 billion in annual recurring revenue in the second quarter.
- Anduril secured a 10-year, $642.2 million-ceiling counter-UAS IDIQ for systems deployed at US Marine Corps installations.
- Canva ended 2025 with approximately $4 billion in ARR and over 265 million monthly active users.
Investment bank UBS has identified 10 privately held artificial intelligence and software companies that investors should monitor for potential initial public offerings. The firms represent the next wave of AI and software innovation, according to UBS analyst Karl Keirstead. The bank's list of 100 companies highlights new growth vectors and potential disruption risks for established public software firms. Among the highlighted companies are Databricks, a data engineering platform with $7 billion in annual recurring revenue; Anduril, a defense tech firm securing lucrative contracts for its AI software; and Canva, a graphic design software giant with strong growth statistics.