Perplexity CEO Aravind Srinivas confirmed in June 2026 that the AI search startup remains on track for a 2028 IPO at the earliest, independent of rival moves by OpenAI or Anthropic, which has anchored the 62% market-implied odds against any listing before then. The company has cited its strategy of building a sustainable, high-growth business—now with over $500 million in annualized revenue and a recent private valuation near $20 billion—before accessing public markets. Secondary trading and funding activity through mid-2026 show no acceleration toward an earlier debut, while broader AI sector IPOs and regulatory scrutiny introduce timing risks that traders appear to discount for Perplexity specifically. Key catalysts ahead include the outcomes of Anthropic’s targeted November 2026 listing and any shifts in AI capital markets that could influence 2028 execution.