Perplexity’s valuation stands near $20 billion following its September 2025 financing round, with secondary-market indications at approximately $19.7 billion as of early October 2026. Annualized revenue has climbed to roughly $750 million, fueled by the February 2026 launch of its Computer AI-agent product and usage-based pricing that expanded enterprise adoption. Talks with Nvidia about a new round above $30 billion reported in August remain unresolved, leaving the last priced valuation unchanged. With an IPO targeted for 2028 and limited near-term catalysts before December 31, 2026, trader sentiment reflects revenue momentum tempered by the absence of fresh priced capital and stable secondary liquidity.