Perplexity AI’s last confirmed priced round valued the company at approximately $20 billion post-money following a September 2025 Series E, with secondary-market marks and implied valuations holding near $19.8–21.9 billion as of early October 2026. Trader focus centers on whether a rumored Nvidia-led round exceeding $30 billion pre-money will close before the October 31 resolution date, supported by reported annualized recurring revenue growth to roughly $750 million by August–September amid AI-agent product launches and usage-based pricing. Market-implied odds reflect uncertainty over deal timing and final terms, given the absence of confirmed closing documentation despite ongoing discussions and interest from strategic investors including SoftBank and Bezos Expeditions.