Perplexity AI's valuation trajectory reflects strong revenue momentum, with annualized recurring revenue reaching approximately $750 million by August 2026, up sharply from under $250 million at the start of the year following the launch of its Computer AI agent product and usage-based pricing. The last confirmed priced round closed at roughly $20 billion in early 2026, while secondary market quotes implied around $22 billion as of late September. Ongoing discussions with Nvidia for a potential equity round above $30 billion, first reported in August, represent the key catalyst that could push the figure higher, though no deal has closed and timelines remain uncertain. With the October 31 resolution date approaching, any near-term funding announcement or secondary transaction would directly influence market-implied odds in this compressed window.