**Perplexity’s CEO Aravind Srinivas has repeatedly stated that the AI search company plans to target an IPO no earlier than 2028, regardless of how OpenAI and Anthropic perform in their own planned listings.** This stance, reaffirmed in June 2026 interviews, directly underpins the market’s 64.5% implied probability on no IPO before 2028. Traders appear to view the timeline as credible given Perplexity’s deliberate pace, ample private funding runway, and strategy of letting the first wave of large AI debuts set precedents. The company’s most recent priced round valued it at roughly $20–23 billion (Series E-6 in late 2025/early 2026), with revenue run-rate reported between $450 million and $750 million annualized by mid-to-late 2026. Speculation around a potential Nvidia-led round above $30 billion has surfaced but remains unconfirmed. These figures help explain why any near-term IPO buckets carry single-digit probabilities, with the highest among them clustered in the $50–75 billion range. Product momentum—including agentic tools, multimodal embeddings, and enterprise integrations—supports continued private growth without immediate pressure to list. No regulatory filings, accelerated announcements, or shifts in leadership signals have emerged in recent months to challenge the 2028 target. Market-implied odds therefore reflect a consensus that Perplexity will continue building its track record as a high-growth private AI company before any public debut.