Perplexity, the AI-powered answer engine that skeptics once doubted could survive against better-funded rivals, is now reportedly commanding a valuation above $30 billion. Nvidia is in talks to invest in the startup in an equity round that would mark a 50% increase from the company’s estimated $20 billion valuation just a year ago, according to The Information.
The startup’s financial trajectory has improved sharply. Perplexity’s annualized revenue now exceeds $750 million, up from under $250 million at the start of 2026, The Information reported. At that revenue level, a $30 billion valuation works out to roughly 40 times sales, a multiple that private investors appear comfortable with even as some observers question the sustainability of such figures in the broader AI market.
Much of the recent growth stems from new product offerings. In February, Perplexity launched its Computer product, which deploys AI agents to perform tasks on behalf of users, and shifted to a usage-based pricing model that grants customers a set amount of credits for agentic work each month. The Financial Times reported that Perplexity’s revenue increased 50% in the month following the Computer launch. By March, the company’s annual recurring revenue had climbed to $450 million, with some of that coming from tens of thousands of enterprise customers.
Traffic data paints a mixed picture of consumer adoption. Similarweb figures show visits to the Perplexity.ai website peaked at 219 million per month in October 2025 and have since declined. App usage, however, tells a different story: monthly active users of the Perplexity app on iOS and Android grew from 26.2 million in August 2025 to 37.9 million by February 2026, a roughly 45% increase over six months.
Company leadership is signaling confidence in the long-term outlook. In early June, Perplexity CEO Aravind Srinivas told CNBC that the company plans to go public in 2028, regardless of how well anticipated offerings from Anthropic and OpenAI are received. “Agnostic of these two companies, we were planning for something in 2028 so that still remains the case,” Srinivas said.
The broader AI investment environment remains robust. Bloomberg reported last month that private capital pushed AI deal volumes to record highs in the first half of 2026, with no slowdown in sight. Yet some analysts caution that financing for many high-profile AI startups is circular in nature, with money flowing from investors whose fortunes depend in some way on the success of the startups they back. Nvidia, for instance, is essentially providing Perplexity with capital it can use to purchase more Nvidia chips, a dynamic the chipmaker has also established with OpenAI and others.
Whether public market investors will accept Perplexity’s valuation multiple remains an open question. For now, the company that was once written off as a likely acquisition target is charting an independent course toward an initial public offering.