For investors interested in artificial intelligence, the IPO market is the space to watch. A number of recent tech issuers have made AI-focused pitches, while private AI startups continue to raise significant funding as they mature. As the field continues to develop, the IPO market will play an important role as the front door for AI.
In recent years, a few issuers have come to market highlighting AI-related aspects of their businesses. Chipmakers Arm (ARM) and Astera Labs (ALAB) have soared since their listings, benefiting heavily from the growing need for semiconductors in the AI space. A few other recent IPOs played up the role of AI in their businesses, including data management platform Rubrik (RBRK), digital rebate platform Ibotta (IBTA), social media company Reddit (RDDT), and marketing software provider Klaviyo (KVYO).
Some smaller AI-focused names have gone public via SPAC merger, including industrial AI developer Zapata AI (ZPTA), customer engagement AI developer Brand Engagement Network (BNAI), and AI-driven surveillance platform Airship AI Holdings (AISP).
Looking ahead, there is a strong backlog of mature private companies in the AI space that could go public in the near term, many of which are featured on our Private Company Watchlist (PCW). Below we highlight some AI-focused and AI-adjacent names from our PCW that are good candidates for IPOs in the next 24 months.
| AI-focused names on the Private Company Watchlist | |
| Name | Business Description |
| Databricks | Provides an enterprise SaaS platform for AI-driven big data analytics. |
| ThoughtSpot | Provides AI-driven data search and analytics software to enterprises. |
| Cerebras Systems | Designs and produces semiconductors and supercomputers, and provides AI services. |
| Dataiku | Provides an enterprise data analytics and AI platform. |
| Eightfold AI | Provides an AI-driven talent recruitment platform. |
| Afiniti | Provides sales AI to more efficiently pair salespeople with customers. |
| Imagination Technologies | UK-based semiconductor developer for graphics, vision, and AI solutions. |
While there are plenty of AI companies that will likely remain private as the space continues to mature, including generative AI plays like OpenAI, there are still some solid candidates for listings in the medium term. Our Private Company Monitor List includes a number of AI companies that may be on track for an IPO, but do not meet the criteria for our PCW. Below we highlight some AI-focused and AI-adjacent names from our Private Company Monitor List.
| AI-focused names on the Private Company Monitor List | |
| Name | Notable Backers |
| Anthropic | Alphabet, Salesforce |
| Inflection AI | Microsoft, Nvidia |
| Hugging Face | Alphabet, Amazon |
| Shield AI | ARK Invest, Hercules Capital |
| Figure AI | Amazon, Microsoft |
| Cohere | Oracle, Salesforce |
| Together AI | Nvidia, Salesforce |
