Perplexity’s valuation, last marked near $20 billion following its January 2026 Series E close and secondary transactions through mid-2026, reflects rapid revenue expansion to a roughly $750 million annualized run rate by August, driven by the February launch of its Perplexity Computer agent platform and usage-based pricing. This growth trajectory, up from under $250 million at the start of the year, has supported ongoing investor interest, including reported Nvidia discussions for a potential round above $30 billion that remained unresolved into October. With a targeted 2028 IPO and heavy reliance on cloud infrastructure costs, traders are weighing sustained user adoption and enterprise traction against competitive pressures in AI search and execution risks around funding milestones before year-end.