**CEO Aravind Srinivas’s consistent statements that Perplexity targets a 2028 IPO—regardless of Anthropic or OpenAI listings—anchor the 65.5% market-implied odds on no IPO before 2028.** This deliberate timeline lets the company build a high-growth business with strong private capital, as reinforced by Chief Business Officer comments emphasizing sustained execution over rushed public entry. Traders appear to price in the firm’s ~$20B–$23B last-round valuation and rapid revenue ramp to roughly $750M annualized ARR by August 2026, driven by agent products like Perplexity Computer. Potential upside rounds, such as reported Nvidia interest above $30B, or ripple effects from peer AI IPO performance could influence sentiment, yet the company’s explicit runway and funding access keep near-term listing probabilities low in the current trader consensus.