You’ve probably seen the headlines. One day it’s a new partnership with a major publisher, the next it’s Jeff Bezos or Nvidia throwing a few more hundred million into the pot. Because of all this noise, a lot of people just assume Perplexity is already trading on the Nasdaq alongside Google or Meta.
It isn't.
Perplexity is not a public company. It remains a privately held "unicorn" (a startup valued at over $1 billion) based in San Francisco. While it feels like they’re everywhere right now—especially if you’ve ditched traditional search for their AI-generated answers—you can’t just open your E*TRADE or Robinhood account and buy shares of "PRPLX" or whatever ticker symbol you might imagine.
The Current State of Perplexity Stock in 2026
If you’re looking for a stock ticker, you’re going to be looking for a long time. As of early 2026, Perplexity is still very much in its growth phase, fueled by venture capital rather than public markets.
The company has been on an absolute tear lately. Back in 2024, people were impressed when it hit a $1 billion valuation. By late 2025, that number had ballooned to an eye-watering **$20 billion valuation** following a Series E funding round. To put that in perspective, that’s a 20x jump in less than two years.
Honestly, the speed is a bit dizzying.
CEO Aravind Srinivas has been pretty vocal about the company’s trajectory. While some analysts have whispered about an IPO (Initial Public Offering) as early as 2026, the official word from the top has generally pointed toward 2028 as a more realistic target. They have plenty of cash in the bank, so they aren't exactly desperate for the public’s money just yet.
Who actually owns Perplexity right now?
Since it’s private, the "owners" are a mix of the founders, employees, and some of the biggest names in tech.
- The Founders: Aravind Srinivas, Denis Yarats, Johnny Ho, and Andy Konwinski.
- The Big Names: Jeff Bezos (through Bezos Expeditions) was an early and very public backer.
- Strategic Partners: Nvidia and SoftBank are major stakeholders.
- Institutional VCs: IVP, New Enterprise Associates (NEA), and Bessemer Venture Partners.
- Surprise Guests: Even Cristiano Ronaldo has reportedly joined in as an angel investor recently.
Why You Can't Buy Perplexity Shares (Yet)
For the average person, the "private" status is a total roadblock. Federal laws generally restrict investment in private companies to "accredited investors." Basically, that means you usually need a net worth of over $1 million (excluding your house) or a very high consistent income.
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Kinda feels like a "rich get richer" situation, right?
But there’s a reason for it. Private companies don’t have to tell the public how much money they’re making or losing every three months. When you buy a public stock like Apple, you get SEC filings and audited balance sheets. With Perplexity, we’re mostly relying on "reported" valuations and snippets from tech journalists.
Indirect ways people are trying to get in
Because the hype is so high, some folks are getting creative. You can't buy Perplexity directly, so they look for the "side doors":
- Investing in Backers: Buying Nvidia (NVDA) or SoftBank doesn't make you an owner of Perplexity, but if Perplexity wins big, those companies' portfolios look better.
- Secondary Markets: Platforms like Hiive or Forge Global sometimes allow accredited investors to buy shares from former employees or early investors who want to cash out early.
- AI ETFs: Some exchange-traded funds focus on the AI sector. Again, they won't hold Perplexity itself, but they hold the ecosystem that supports it.
The "Google Killer" Narrative and IPO Pressure
The question isn't just is Perplexity a public company, but when will it feel the pressure to become one.
Google is currently fighting off antitrust suits and trying to fix its own AI Overviews. Perplexity is lean, fast, and currently processing over 780 million queries a month. That’s a lot of data.
However, being a private company allows them to take risks that a public company wouldn't dare. They can burn cash to improve their "Sonar" models or fight off copyright lawsuits from publishers without having to explain a quarterly loss to angry shareholders on a conference call.
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If they went public tomorrow, the "hallucination" problem or the legal battles with news organizations would become huge liabilities for the stock price. By staying private, they can "move fast and break things" (to borrow an old Facebook phrase) for a little while longer.
What to Watch for in the Coming Months
If you’re watching for an IPO announcement, keep an eye on their Annual Recurring Revenue (ARR). Reports suggest they hit $150 million in ARR recently. Usually, companies wait until they’re consistently north of $250 million to $500 million before the "IPO window" really starts looking attractive.
Also, watch the legal landscape. If Perplexity settles its disputes with major publishers and creates a solid revenue-sharing model, that clears the path for a public debut. Wall Street hates uncertainty, especially legal uncertainty.
Practical Steps for Interested Investors
- Set a Google Alert: Use "Perplexity AI IPO" or "Perplexity S-1 filing" to get the news the second it breaks.
- Watch the Competition: Keep an eye on OpenAI. If Sam Altman decides to take OpenAI public, it will set the pricing benchmark for Perplexity.
- Understand the Business: Perplexity makes money from $20/month Pro subscriptions and a new "agentic" commerce model. If those subscriptions stall, the $20 billion valuation might be a bubble.
The bottom line is that for now, you’re a user, not an owner. Enjoy the ad-free search while it lasts, because once those "PRPLX" shares hit the market, the pressure to monetize every single click is going to get a lot more intense.
Monitor the "Discover" tab on Perplexity itself—ironically, it's often the best place to find the latest updates on its own corporate maneuvers and funding rounds. Stay informed on their "Comet" browser developments as well, as product expansion is usually a precursor to a public scaling effort.