Perplexity AI is maintaining its 2028 IPO target despite OpenAI and Anthropic both filing confidentially for listings in 2026. CEO Aravind Srinivas says the timeline is unchanged and the market can absorb multiple AI IPOs. Perplexity, valued at ~$20 billion after a September 2025 funding round, is far smaller than its rivals but argues that waiting allows it to build a stronger financial track record and enter public markets after the initial AI listing euphoria has been tested. The strategy carries risk: if OpenAI and Anthropic absorb investor appetite for AI stocks in 2026, Perplexity may face a smaller pool in 2028. Its IPO thesis depends on the AI search market remaining large enough and Perplexity staying differentiated against Google and ChatGPT.
