Perplexity’s CEO Aravind Srinivas has repeatedly stated the AI search startup targets a 2028 IPO, a timeline unchanged by rival filings from OpenAI and Anthropic, anchoring the 64% market-implied probability of no listing before then. Recent revenue momentum—annualized recurring revenue climbing from roughly $232 million at the end of 2025 to $500–750 million by mid-to-late 2026—stems from the February 2026 launch of its Computer AI agent and usage-based pricing, supporting private valuations near $20–23 billion after 2025 rounds and rumored Nvidia-led talks above $30 billion. Traders see limited near-term catalysts for acceleration, with the company prioritizing a longer private track record over rushing amid volatile AI market sentiment.