Perplexity's CEO Aravind Srinivas has repeatedly affirmed a 2028 IPO target, most recently in June 2026 interviews, positioning the company to observe outcomes from rivals like OpenAI and Anthropic while extending its private runway. This deliberate timeline, unchanged despite major AI listings, underpins the 64% market-implied probability of no IPO before 2028. Current private valuations hover near $20-23 billion following the 2025 Series E rounds, with annualized revenue reaching $450-750 million amid product expansions like agentic Computer features, automations, and multimodal embeddings. Traders see limited near-term catalysts for acceleration, though ongoing AI infrastructure progress and potential Nvidia-led funding could influence eventual pricing if the company maintains execution.