--- title: "Hebbia tripled new ARR in its best quarter without disclosing revenue; UBS put it on an IPO watch list" description: "Hebbia's best-ever quarter came with three ratios and one dollar figure, and the dollar figure is a tracker's mark, not the company's. UBS just named it to an IPO watch list priced off a $7.2 billion market." publisher: "The Inference" section: "Platforms" published: 2026-10-26T14:31:58.799Z modified: 2026-10-26T14:31:58.799Z canonical: https://theinference.org/article/hebbia-tripled-new-arr-in-its-best-quarter-without-disclosing-revenue-ubs-put-it-on-an-ipo-watch-list language: en keywords: "Hebbia, ARR, IPO Watch List, UBS, AI Software, Private Markets" --- # Hebbia tripled new ARR in its best quarter without disclosing revenue; UBS put it on an IPO watch list > Hebbia's best-ever quarter came with three ratios and one dollar figure, and the dollar figure is a tracker's mark, not the company's. UBS just named it to an IPO watch list priced off a $7.2 billion market. George Sivulka, [Hebbia](https://theinference.org/markets/companies/hebbia)'s chief executive, [posted on October 21 that Q3 2026 was the biggest quarter in the company's history](https://www.arr.club/signal/hebbia-tripled-new-arr-record-q3-2026): new ARR tripled quarter over quarter, daily active users grew 5x, and gross revenue retention exceeded 95% [1]. Read those three closely and they are not the same kind of number. The first is a bookings flow, the second a usage count, the third a retention rate. Only the first is money at all, and none arrives with a dollar sign attached. ## The only dollar on the table belongs to a tracker Hebbia, the AI platform that automates analyst work across deal documents on Wall Street, publishes no revenue line. The only public dollar figure is a third-party mark: the ARR Club tracker logged Hebbia at $50 million of ARR as of September 2026 [1]. The same tracker tagged the Q3 announcement with a growth rate of +127% [1], which is not a triple. If the stock of ARR is $50 million and the gross new bookings added in the quarter tripled off an unpublished base, a reader cannot tell whether the quarter added $5 million or $15 million; nothing outside the company prices it [1]. The tracker's own +127% tag suggests the triple is measured on a different basis than ARR, likely gross bookings rather than net, but that basis is disclosed nowhere [1]. ## What the usage numbers actually say The usage detail is arguably the stronger signal, and Sivulka's own post said the usage growth excited him most [1][3]. Daily actives up 5x with retention above 95% means adoption is widening and sticking [1][3]. If that pattern continues, it is the footprint junior-analyst-seat substitution leaves before it reaches a vendor's reported revenue [1][3]. [One market account added the margin mechanism](https://x.com/BoringBiz_/status/2112984794002805207): Hebbia carries essentially no capital cost of its own, so any fall in model token prices flows straight to its margin [4]. ## Then the market arrived In a [note published October 25-26](https://malaysia.news.yahoo.com/ubs-says-private-ai-companies-094501383.html), UBS listed 100 private AI and software companies it is watching ahead of potential IPOs, Hebbia among them, alongside [Databricks](https://theinference.org/markets/companies/databricks), Canva, [Harvey](https://theinference.org/markets/companies/harvey) and [Perplexity](https://theinference.org/markets/companies/perplexity) [2]. UBS put Hebbia in a market box it shares with Harvey, its closest comparable: agentic AI for finance plus legal AI software, a core addressable market of about $7.2 billion in 2026 growing to $46.7 billion by 2034 [2]. Hebbia also opened Q4 by signing five new banks in a single week, its largest customer base remaining financial services [1]. ## Harvey is the benchmark, and it does not help Here is the problem for a public investor trying to size the IPO candidate. UBS places Hebbia and Harvey in the same $7.2 billion box [2], so Harvey's disclosed figures would be the only yardstick to price Hebbia against. But UBS's note describes Harvey's traction qualitatively: acquisitions, deployment across the AmLaw 10 firms, no ARR dollar disclosed either [2]. The box's two occupants have published one dollar figure between them, and that one is a tracker's mark. Anyone anchoring a valuation on the $50 million is pricing a September snapshot against a quarter the company itself says was its best ever, which likely makes the mark stale in the direction that matters [2]. ## What to watch next The operating compounding looks real; the disclosed dollars are not. Three things settle it. First, whether the $50 million ARR stock gets an updated mark, because that is the number the triple attaches to. Second, whether the five-bank week becomes a Q4 logo list, which would show financial services demand accelerating rather than spiking. Third, whether retention holds above 95% as daily usage compounds, the signature of substitution rather than experimentation. If the dollars stay hidden, buyers of any future round price the story, and public investors marking seat-priced data and analyst vendors get the news last, after the seats have already left. *Chart: **As of late October 2026, Hebbia's tracked ARR is the smallest figure on UBS's IPO watch list** Bars comparing latest known ARR of five UBS watch-list companies, Hebbia smallest.* *Latest known annual recurring revenue in US$ millions, each as of its own most recent disclosure: Databricks Q2 2026 report, Canva end-2025, Perplexity October 2026, Replit company expectation for end-2026 (estimate), Hebbia ARR Club tracker mark September 2026. All figures via UBS watch-list coverage and ARR Club. Sources: 1, 2. [1][2]* Sources: 1. ARR Club, Hebbia tripled new ARR quarter over quarter in record Q3, October 2026 — https://www.arr.club/signal/hebbia-tripled-new-arr-record-q3-2026 2. Business Insider via Yahoo, UBS says these are the private AI companies to watch before they go public, October 2026 — https://malaysia.news.yahoo.com/ubs-says-private-ai-companies-094501383.html 3. [@nereasolenne on X](https://x.com/nereasolenne/status/2112982673190715756), post on Hebbia Q3 metrics, October 24, 2026 — https://x.com/nereasolenne/status/2112982673190715756 4. @BoringBiz_ on X, post on Hebbia's capex edge, October 24, 2026 — https://x.com/BoringBiz_/status/2112984794002805207 ## Takeaway Hebbia's record Q3 rests on ratios and a third-party ARR mark, not a disclosed revenue line, so any valuation of the UBS watch-list IPO candidate is pricing the story, not the dollars. ## Sources 1. [ARR Club, Hebbia tripled new ARR quarter over quarter in record Q3, October 2026](https://www.arr.club/signal/hebbia-tripled-new-arr-record-q3-2026) 2. [Business Insider via Yahoo, UBS says these are the private AI companies to watch before they go public, October 2026](https://malaysia.news.yahoo.com/ubs-says-private-ai-companies-094501383.html) 3. [@nereasolenne on X, post on Hebbia Q3 metrics, October 24, 2026](https://x.com/nereasolenne/status/2112982673190715756) 4. [@BoringBiz_ on X, post on Hebbia's capex edge, October 24, 2026](https://x.com/BoringBiz_/status/2112984794002805207) --- Hebbia tripled new ARR in its best quarter without disclosing revenue; UBS put it on an IPO watch list — The Inference. Canonical: https://theinference.org/article/hebbia-tripled-new-arr-in-its-best-quarter-without-disclosing-revenue-ubs-put-it-on-an-ipo-watch-list