Perplexity AI’s valuation has remained anchored near its September 2025 Series E extension at $20 billion post-money, with secondary-market marks showing $19.3–19.7 billion as of late October 2026 and implied levels around $22.5 billion. Annualized revenue reached roughly $750 million by August 2026, up sharply from under $250 million at the start of the year, supported by user growth and enterprise adoption. Reported discussions with Nvidia in August for a round above $30 billion have not closed, leaving the last priced round as the reference point. Traders are also monitoring the company’s stated 2028 IPO target and any near-term regulatory or competitive developments in AI search that could influence secondary pricing or new capital raises before year-end.