Perplexity AI's private valuation last cleared $20 billion in its September 2025 Series E round, with secondary-market indications later pointing to a modest premium near $22.6 billion by early 2026. Revenue momentum has accelerated, with annualized recurring revenue reaching approximately $450 million by April 2026 following the launch of its Computer agent product and usage-based pricing adjustments, though no new primary funding round has materialized in 2026 to reset the cap table. With the June 30 resolution date only days away, traders are weighing the low probability of an immediate tender offer or secondary transaction large enough to establish a higher mark against the backdrop of steady AI-sector multiples and the company's stated 2028 IPO timeline.