TMT会议：私有公司洞察

Software| North America Morgan Stanley & Co. LLC Keith Weiss, CFAEquity AnalystKeith.Weiss@morganstanley.com TMT Conference PrivateCompany Takeaways Meta A MarshallEquity AnalystMeta.Marshall@morganstanley.com Sanjit K SinghEquity AnalystSanjit.Singh@morganstanley.com Fireside chats with private companies at our TMT conferencerevealed how AI is evolving from co-pilots into agents, whileexpanding into broader platforms with more enterprise walletshare. Competitive moats increasingly center around proprietary Josh Baer, CFAEquity Analyst Elizabeth Porter, CFAEquity AnalystElizabeth.E.Porter@morganstanley.com Morgan Stanley hosted multiple private companiesat our 2026 TMT Conference (March 2-5) in SanFrancisco, CA. We include general company William Tackett, CFAResearch AssociateWilliam.Tackett@morganstanley.com+1 212 761-6028 Software in the embedded slide deck:Company Profiles & Conference Takeaways CompanyProfiles & Conference Takeaways.As a team, we were not able to attend everysingle private company fireside chat at the conference so we only profile those North America Attractive Overall Industry Key Themes / Takeaways: 1) AI is moving from assistant to agent.A common thread across the firesides isnot just “AI helps users,” but “AI starts doing the work.” OpenAI is prioritizingcoworker automation; Databricks is building Agentbricks and governance for agentsprawl; Ramp is using agents across finance workflows and internal coding; Harvey is 2) Broadening into full platforms.Very few companies are staying narrowlydefined. Ramp is expanding from cards into a full finance stack; Airwallex ispositioning as a unified global financial platform; Databricks is assembling the corestack for AI workloads; Canva is extending from design into enterprise collaboration 3) Moats are increasingly about proprietary data, infrastructure, governance,and distribution, not just model quality.Multiple companies pointed to durableadvantages beyond “best model.” OpenAI emphasizes privileged compute access andstrategic partnerships; Databricks stresses governance, auditability, and full-lifecycle Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investment For analyst certification and other important disclosures,refer to theDisclosure Section, located at the end of thisreport. specialized models and supply independence. In other words, defensibility is shiftingwithin the stack and deeper into data/workflow ownership. 4) Enterprise adoption is real, and go-to-market is becoming more hybrid andspecialized.Enterprise adoption of AI does not seem like early experimentationanymore. Canva is scaling enterprise with both product-led growth and sales-led go-to-market motions; ElevenLabs runs a dual-track model with forward deployedengineers plus self-serve; Harvey pairs product with lawyers and change- 5) Growth is still strong, but the next leg is global, vertical, and efficiency- conscious.The companies are still posting strong growth, but the expansion vectorsare becoming more specific: international rollout, deeper vertical penetration, andbetter unit economics. Canva is leaning into localization and international resellers;ElevenLabs is already highly international and multilingual; Airwallex is buildinglicensing coverage market by market; Kraken is targeting new geographies like the The content addressing private companies is being provided for informationalpurposes only and does not constitute a solicitation or imply future researchcoverage if the company goes public. Content is based on unaudited information. The valuation information provided here is included for illustrative purposes only.The information is based on publicly available information (funding rounds, Company Profiles & Conference Takeaways TMT Conference–Private Company Takeaways March 2026 Company Overview Key Facts Headquarters:San Francisco, CA OpenAI is an artificial intelligence research anddeployment company focused on developing advancedAI models and systems. The company operates ahybrid consumer-enterprise AI business built aroundlarge language and multimodal models, monetizingthrough ChatGPT subscriptions for individuals, seat-based ChatGPT Enterprise/Pro for organizations with Founded:2015 Founder(s):Sam Altman, Greg Brockman, IlyaSutskever,Trevor Blackwell, Vicki Cheung, AndrejKarpathy, DurkKingman, John Schulman, PamelaVagata, Wojciech Zaremba, Total Funding Raised:$168 billion Last Funding Round:$110 billion, February 2026 OpenAI's key products include ChatGPT, aconversational AI application that understands andgenerates natural language to engage in human-likeinteractions; DALL-E 3, an AI system that can createand manipulate images and visual