Perplexity's valuation has stabilized near $20 billion following its September 2025 Series E round at that level, with secondary market marks implying roughly $19.7–22.5 billion as of early October 2026. Annualized revenue has climbed sharply to an estimated $500–750 million run rate, fueled by the February 2026 launch of its Computer AI agent and usage-based pricing layered on enterprise subscriptions. This growth has sustained elevated price-to-sales multiples typical of leading AI firms. Nvidia reportedly explored a new round above $30 billion in August 2026, though no transaction has closed. Key near-term catalysts include further product adoption metrics and any follow-on funding or partnership announcements before year-end, against a backdrop of broader AI sector funding dynamics and an anticipated 2028 IPO.