Perplexity’s valuation has stabilized near $20 billion following its September 2025 Series E round at that level, with secondary-market marks and implied valuations recently ranging from $20 billion to $22 billion. Rapid revenue expansion to an estimated $750 million annualized run rate by August 2026, fueled by the Computer AI-agent launch and usage-based pricing, underpins investor interest. Reports in August 2026 of Nvidia-led talks for a round above $30 billion represent the key near-term catalyst, though no closing has been confirmed. With the October 31 resolution date approaching, trader focus centers on whether any new equity financing or secondary transaction materializes in the coming weeks to shift the marked valuation.