The 64% market-implied odds on no Perplexity IPO before 2028 reflect CEO Aravind Srinivas’s repeated confirmation of that exact timeline, most recently in early October 2026, independent of OpenAI and Anthropic’s filings. The company has prioritized building a high-growth AI search business with annualized revenue now exceeding $750 million and private valuations around $20 billion, with potential upside toward $30 billion in upcoming rounds. Traders appear to view the deliberate 2028 target as credible given Perplexity’s lower capital needs relative to frontier labs and its focus on product execution over rapid public-market entry. Key near-term catalysts include any new funding announcements or shifts in AI-sector IPO performance that could influence sentiment without altering the stated schedule.