Perplexity’s explicit commitment to a 2028 IPO at the earliest drives the 68.5% market-implied probability of no listing before then. CEO Aravind Srinivas has repeatedly stated the timeline remains unchanged regardless of OpenAI and Anthropic’s confidential filings or any 2026–2027 debuts, allowing the AI search startup to build a longer revenue track record. Its annualized run rate has climbed to roughly $750 million amid 40x revenue multiples at a $20–23 billion last-priced valuation, with reported Nvidia-led talks potentially pushing above $30 billion. Ongoing publisher copyright litigation and dependence on third-party large language models add execution risk, while the absence of an S-1 filing reinforces trader consensus around delayed timing over near-term market-cap outcomes.