Perplexity’s CEO Aravind Srinivas has repeatedly affirmed a 2028 IPO target, most recently in June 2026 statements emphasizing the timeline remains unchanged regardless of OpenAI or Anthropic listings. This commitment underpins the 64% market-implied probability of no IPO before 2028 by signaling deliberate pacing to strengthen the AI search platform’s fundamentals amid volatile public-market sentiment for large language models and agents. Revenue momentum, with annualized recurring revenue reaching roughly $750 million by mid-2026 through products like the Perplexity Computer agent and usage-based pricing, supports private valuations near $20 billion from the prior Series E, with unconfirmed reports of Nvidia-led interest above $30 billion. Traders appear to view the extended runway as reducing near-term listing risk while leaving closing market cap highly uncertain once the company eventually files, given typical AI startup growth variability and benchmark performance.