**Perplexity AI’s CEO Aravind Srinivas has repeatedly reaffirmed a 2028 IPO target, most recently in June 2026 interviews, stating the timeline holds “agnostic” of OpenAI and Anthropic’s filings and market reception.** This deliberate stance—allowing more operating history and revenue growth before listing—directly drives the 64.5% market-implied probability of no IPO before 2028. The company’s latest priced round valued it near $20B (with secondary marks and implied values around $20–22B as of late 2026), while annualized revenue has climbed to roughly $500–750M on strong user and enterprise adoption of its AI search and agent products. Broader AI IPO activity, including confidential filings by OpenAI and Anthropic plus OpenAI’s reported shift toward a 2027 debut, has not altered Perplexity’s plans. Traders appear to view the 2028 commitment as credible given the firm’s history of consistent messaging and focus on building a “healthy, high-growth business” privately. Lower-probability buckets for an earlier IPO (all under 8%) align with the current ~$20B valuation range or modest upside, while larger outcomes would require substantial further growth or a compressed timeline that the company has explicitly ruled out. Upcoming catalysts remain limited until closer to the stated 2028 window.