Perplexity’s most recent priced valuation sits near $20–23 billion following its January 2026 Series E-6 round, with secondary trading and tracker marks holding steady around that level into September 2026. Trader sentiment for hitting a higher threshold by year-end is shaped by accelerating revenue—annualized recurring revenue has climbed above $750 million from under $250 million at the start of the year—driven by usage-based pricing and the Computer AI-agent product. Reports in August highlighted active talks for a new round at more than $30 billion that could include Nvidia, though the financing remains unclosed. Countervailing factors include ongoing publisher disputes, such as the New York Times cease-and-desist, and the absence of confirmed follow-on capital or major enterprise milestones before December 31.