Perplexity’s valuation trajectory reflects strong revenue momentum, with annualized recurring revenue reaching approximately $750 million by August 2026, up sharply from under $250 million at the start of the year, driven by the February launch of its Computer AI agent and usage-based pricing. The company’s last priced round valued it at roughly $20 billion in September 2025, with secondary market marks near $19.7 billion as of October 2026. Reports from August 2026 indicated Nvidia was in discussions for a new round above $30 billion, though no transaction has closed. With an IPO targeted for 2028 and total funding exceeding $1.7 billion, trader sentiment hinges on whether additional capital raises or sustained growth can push the implied valuation higher before year-end.