Perplexity's most recent priced funding round closed at approximately $20 billion in September 2025, with secondary market indications holding near $19.7–21.8 billion as of mid-October 2026. Trader focus centers on whether Nvidia completes a reported equity investment that could value the company above $30 billion, supported by annualized revenue reaching $750 million in August after tripling from under $250 million at the start of the year. The AI search firm's shift to agentic products like Perplexity Computer and usage-based pricing drove the acceleration, though no new round has closed and the company targets a 2028 IPO. With resolution just two weeks away, any confirmation or delay in the Nvidia talks represents the dominant near-term catalyst for valuation shifts.