Perplexity AI’s most recent priced round valued the company at $20 billion following a September 2025 extension, with secondary-market marks holding near $19.7–22 billion as of October 2026. Annualized recurring revenue has roughly tripled to approximately $750 million by August 2026, driven by the February launch of its Computer AI agent, usage-based pricing, and expansion to over 100 million monthly users. Nvidia’s reported August discussions of a new round above $30 billion have not closed, leaving the last confirmed post-money valuation unchanged. Trader focus centers on whether additional primary financing, secondary liquidity events, or sustained ARR momentum can lift the Nasdaq Private Market price above key thresholds before year-end, against a backdrop of elevated AI-sector multiples and the company’s stated 2028 IPO target.