Perplexity's leadership has repeatedly committed to a 2028 IPO target, independent of OpenAI or Anthropic timelines, which underpins the 64% market-implied odds of no listing before then. CEO Aravind Srinivas reinforced this stance in June 2026 interviews, citing a strategy to build a high-growth business with strong revenue traction before going public. Annualized recurring revenue has surged to roughly $750 million by August 2026, up from $450 million earlier in the year, while the last priced round valued the AI search startup near $23 billion. Rumors of a potential Nvidia-led round above $30 billion reflect rising investor interest but have not altered the public timeline. Traders appear to weigh the explicit 2028 guidance and revenue momentum against risks of earlier filings if market conditions or competitive pressures shift.