Perplexity’s explicit commitment to a 2028 IPO remains the dominant factor behind the 66.5% implied probability of no listing before then. CEO Aravind Srinivas reiterated in June 2026 that the timeline is unchanged regardless of OpenAI or Anthropic filings, citing the need to build a sustainable business with strong revenue growth—now exceeding $750 million annualized. The AI search firm’s most recent closed valuation sits near $20 billion after 2025 extensions, with reported Nvidia investment talks at a higher mark in August 2026 still focused on private capital. Traders appear to view the deliberate delay as credible amid a wave of frontier-model listings, with limited near-term catalysts expected to accelerate plans.