Perplexity's CEO Aravind Srinivas has repeatedly confirmed a 2028 IPO target, establishing the dominant market view that no listing will occur before then. This deliberate timeline lets the artificial intelligence search startup scale its large language model capabilities and revenue—recent estimates place annualized recurring revenue near $450–750 million against a roughly $20–23 billion private valuation—while observing how rival filings from OpenAI and Anthropic perform. Traders see limited near-term catalysts for acceleration, as the company prioritizes product development over an earlier exit amid broader AI sector volatility. Potential upside or downside in any future IPO valuation hinges on sustained user adoption, compute cost management, and overall market reception of peer listings.