**CEO Aravind Srinivas has repeatedly reaffirmed Perplexity’s plan to target a 2028 IPO, independent of rival filings by OpenAI and Anthropic, establishing the dominant 64% market-implied probability of no listing before then.** This timeline allows the AI search company to build a longer track record amid rapid revenue growth, with annualized run rates reported between $450 million and $750 million and a private valuation near $20–23 billion from recent rounds. Traders assign low single-digit odds to specific closing market-cap brackets because any eventual IPO would occur well after the current date, with outcomes hinging on execution of large language model enhancements, agentic features, and broader AI market reception. No regulatory or competitive developments have altered the stated schedule.