BREAKING
UBS: App Layer Leads Next AI IPOs
The AI Layer Cake
1
Base: chips, data centers
↓
2
Foundation models
↓
3
Application layer
First To Go vs Still Waiting
Already public
Base
●
Nvidia leads the base layer
●
Models entering IPO prep
Waiting
Apps
●
Delaying listings
●
Weak debuts like Figma, Navan
0
B
Valuation
0
B
ARR
0
%
SpaceX float
Model-Layer IPO Pipeline
Filing now
2026
●
OpenAI ~$1T scale
●
Anthropic confidential filing
●
SpaceX preparing to list
Later plans
2027-28
●
Canva reported 2027 IPO
●
Perplexity possible 2028
App Debuts: The Next Focal Point
AI NEWS BLITZ
A UBS banker says application-layer companies will lead the next wave of AI IPOs.