AI Ledger Hepburn Advisory Hepburn Advisory

Hepburn Advisory

Independent analysis of the AI economy. Capital in. Tokens out. Revenue back.

The firm

Hepburn Advisory is an independent advisory firm focused on the economics of the AI industry. Every number we put in front of a founder, an investor or an enterprise leader is one we have already published here, with its source and its date attached.

Our flagship publication, The AI Ledger, triangulates primary sources — 10-K filings, earnings calls, API telemetry, and industry disclosures — into five interlocking views of the AI economy: capital, revenue, compute, usage, and power. We publish without editorial lean so the data can be cited across the hype/sceptic spectrum.

Alongside the Ledger we advise AI-native founders on go-to-market and enterprise IT leaders on AI adoption and vendor selection.

Team

Simon Bowker
Founder & Principal
Simon spent the last 15 years running enterprise SaaS sales across Asia Pacific — most recently as AVP at ServiceNow (2018–2025), where he led the CRM, Industry, and Finance & Supply Chain business from $5M to $130M+ ARR in FY25. Before ServiceNow he led ANZ sales at Adobe and Oracle Marketing Cloud, and built Teradata's Marketing Applications business across APJ and the UK.
He started his career at eCircle, growing the UK business from 6 to 95 people ahead of its $250M acquisition by Teradata. Today he advises AI-native founders (Inceptron.IO, Arda Computing, 42Cap seed portfolio) on go-to-market, and publishes The AI Ledger.
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What we do

The AI Ledger

An independent, neutrally-framed data source for the economics of the AI industry. Capital, revenue, usage. Free to read, free to cite.

Weekly Feed

Data updates and analysis posts. Each tagged as [Data update], [Analysis], or [Methodology] so readers know what they're getting.

Founder Advisory

GTM design, revenue architecture, and investor communications for AI-native founders and their backers. Current: Inceptron.IO, Arda Computing, 42Cap.

Enterprise AI Adoption

Working with IT and business leadership at large enterprises on AI stack choices, vendor selection, and adoption roadmaps.

How to cite

Please cite The AI Ledger as:

Hepburn Advisory, "The AI Ledger," 2026. https://ai-ledger.com.au

For specific ledger pages, append the page path (e.g. /capital, /revenue, /usage).

Contact

For advisory engagements, data questions, or press enquiries:

Hepburn Advisory on LinkedIn Simon on LinkedIn [email protected] hepburnadvisory.com.au
Who publishes the Ledger

Hepburn Advisory

The AI Ledger is published by Hepburn Advisory, the independent practice of Simon Bowker. Hepburn works with AI founders on go-to-market and with enterprise leaders on what AI costs and what it returns.

Contact Hepburn Advisory