Perplexity’s CEO Aravind Srinivas reaffirmed in June 2026 that the AI search company plans to target an IPO no earlier than 2028, independent of confidential filings by larger rivals Anthropic and OpenAI. This explicit timeline, backed by consistent prior statements, underpins the 64% market-implied probability of no IPO before 2028. The firm’s last priced valuation sat near $20–23 billion after 2025 rounds, with annualized revenue reaching roughly $500–750 million by mid-2026 following the launch of its Computer AI agent platform and usage-based pricing. Traders appear to view the deliberate delay as a strategy to observe peer IPO performance and strengthen unit economics before going public, while pending valuation talks with investors like Nvidia and unresolved copyright litigation introduce limited near-term catalysts for an earlier listing or sharply higher exit multiple.