Perplexity AI’s valuation, last anchored near $20–22 billion following its 2025 Series E rounds and early-2026 secondary activity, is driven primarily by rapid ARR expansion to roughly $750 million alongside persistent AI-sector investor demand. Secondary market quotes imply modest upward drift to about $22 billion as of late September 2026, while August reports of Nvidia-led talks at a $30 billion-plus mark remain unconfirmed and have not triggered a new primary round. With an IPO targeted for 2028, any near-term markup by December 31 would likely require either a completed financing or significant secondary transaction volume; absent those catalysts, the current $20–22 billion range is expected to hold barring broader shifts in tech valuations or macroeconomic conditions.