How to invest in Perplexity stock pre-IPO

AI exuberance has helped fuel extraordinary returns for many AI-related private market companies like OpenAI and Anthropic,³ along with public market companies like AI chip leader Nvidia.⁴ But it's not just the largest AI names making moves. The AI search engine Perplexity is another example of an AI company that may be a bit smaller than these aforementioned AI giants, but it's quickly becoming a large company in its own right.¹

Soon, Perplexity could also be available for public market investing. According to Reuters, CEO Aravind Srinivas said the company is planning a 2028 IPO, regardless of what happens with Anthropic's and OpenAI's expected listings.³

However, investors interested in possibly gaining exposure before any potential public listing, note that shares are not available through traditional brokerages. Instead, accredited investors may be able to access pre-IPO Perplexity shares through a private marketplace such as Forge, subject to share availability, investor eligibility and other applicable requirements. Note, however, that company restrictions on share transfers may make trading Perplexity stock more difficult than it might be compared to some other venture-backed private market companies. Still, investors, including non-accredited ones, may also be able to gain indirect or thematic exposure through other assets, as this guide explains.

Perplexity: Company background

Perplexity was founded in 2022,⁵ the same year ChatGPT was publicly released.⁶ However, Perplexity differs from ChatGPT and other large language models (LLMs) in that its core focus is its AI-powered search engine. The platform connects to ChatGPT and other LLMs, including its proprietary Sonar model,⁷ to scour the internet and quickly provide searchers with summarized results and references.

Perplexity has also expanded into additional areas, such as launching its own browser called Comet⁸ as well as additional features for paid subscribers, like its agentic AI system called Computer.⁷

The company was founded by Aravind Srinivas, Denis Yarats, Johnny Ho and Andy Konwinski, each bringing strong technical pedigrees. CEO Srinivas previously worked as an AI researcher at OpenAI,⁹ and CSO Ho previously worked as an engineer at Quora and as a quantitative trader at Tower Research Capital.¹⁰

Perplexity's annualized revenue has reached over $750 million, driven in part by Computer, as The Information reported in September 2026. That's up more than 3x from the start of the year.¹¹ Perplexity also has a reported 45 million active users as of mid-2026.¹²

Perplexity stock history and funding history

Forge Data, as of 10/08/2026

Perplexity's stock started at an implied price of $0.08-$0.39 (depending on the phase), raising around $3 million in September 2022 at a $91.84 million valuation. Its Series A then eventually closed in early 2023, when Perplexity raised almost $26 million at a valuation over $162 million and a $0.89 stock price.¹

In early 2024, Perplexity raised around $75 million for a multi-phase Series B at a $512 million valuation and a stock price as high as $2.54. A few months later, as part of a Series B and Series C, it raised nearly $63 million more at a $1.04 billion valuation and a stock price as high as $4.78. A few months after that, additional Series C funding brought in another $250 million at a stock price as high as $11.92 and a $3 billion valuation. By the end of 2024, Perplexity's multi-step Series D raised over $500 million and tripled its valuation to $9 billion, with the stock price rising to as much as $32.89.¹

In 2025, Perplexity's fundraising continued ramping up through a multi-phase Series E, jumping to a $14 billion valuation and $49.23 stock price with a $510 million raise in June, followed by an $18 billion valuation and $62.95 stock price from a $100 million raise in July.¹⁹

A few months later, in September 2025, Perplexity raised $725 million more, bringing its stock price to $69.54 and its valuation as high as $20.53 billion.¹

Additionally, Nvidia is considering investing in another equity round that would bring Perplexity's valuation above $30 billion, as The Information reported in August 2026.¹¹ For now, though, Perplexity's Forge Price is $60.00 at a $17.71 billion valuation, as of October 8, 2026, essentially even with its last primary funding round from 2025.²

Forge Data, as of 10/08/2026

Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies. It is calculated using a proprietary model that incorporates pricing inputs from primary funding round information, secondary market transactions and indications of interest (IOIs) on Forge.

Perplexity's investors include a mix of angel investors such as Elad Gil and Nat Friedman; venture capital firms including IVP, New Enterprise Associates and Accel; and other investors such as Nvidia, T. Rowe Price and SoftBank.¹

Perplexity IPO outlook

Perplexity is potentially planning to go public in 2028, regardless of how the market receives the expected listings of AI peers Anthropic and OpenAI, according to CEO Aravind Srinivas. As Srinivas told CNBC in a June 2026 interview, "Agnostic of these two companies, we were planning for something in 2028, so that still remains the case."³

Chief Business Officer Dmitry Shevelenko reinforced the timeline in an emailed statement to Reuters, noting that "by consistently holding 2028 as our earliest date for an IPO, Perplexity has been able to build a healthy, high-growth business."¹³ This aligns with Srinivas's 2025 statements that the company was not running out of money and had no plans to go public before 2028.¹³

The broader AI IPO landscape is evolving quickly. OpenAI confidentially filed for a U.S. IPO, as reported in June 2026, following Anthropic's filing the prior week.¹³ Srinivas acknowledged potential "ripple effects" if those IPOs don't go well but added, "I think it's important for the AI industry that these IPOs go well, and I actually think they will go well, because they're doing well."³ That said, OpenAI has since delayed their IPO until at least 2027.¹⁴ And as with any private company, IPO plans and timing are subject to change based on market conditions and company performance.

How to buy Perplexity stock

Perplexity has not gone public, and as such, its shares are not available to trade via traditional brokerages.

Instead, accredited investors may be able to access shares of some pre-IPO companies like Perplexity through secondary market transactions on private marketplaces like Forge, through which existing shareholders such as employees or early investors may sell their holdings. An accredited investor is a person or entity that meets income or net-worth thresholds, or professional criteria, as set by the SEC.¹⁵

However, private market access can come with constraints. Share availability is not guaranteed, and companies often impose transfer restrictions, including a Right of First Refusal (ROFR) that lets the company or existing investors buy shares before an outside buyer can when an existing shareholder tries to sell. Private company shares are also typically illiquid, especially compared to public market securities, and valuations can be uncertain.

To learn more about pre-IPO opportunities, explore our buyer's guide to private market shares or our comprehensive pre-IPO investing guide. Eligible investors can also create a free account on Forge to explore available private market investment opportunities.

Potential indirect exposure to Perplexity

While retail investors can't directly invest in Perplexity currently, and even accredited investors may face challenges buying pre-IPO Perplexity stock due to company-imposed restrictions, there may be ways to gain exposure on an indirect or thematic basis through other assets.

For example, several public market tech companies have partnered or invested in Perplexity, and many compete in similar areas of AI search or agentic workflows.¹¹

Similarly, retail investors might consider investing in a basket of AI-related companies, such as through an AI-themed ETF or a broader tech-focused fund, to gain diversified exposure to the sector.

However, none of these investments provide direct or economically equivalent exposure to Perplexity, and their performance reflects their own businesses rather than Perplexity's results.

How to analyze Perplexity stock

Given that private companies provide limited financial details compared with public market companies, it can be difficult and highly subjective to analyze Perplexity stock. Still, investors might consider areas such as:

• Revenue growth: Perplexity has reportedly seen significant revenue growth, going from less than $250 million at the start of 2026 to over $750 million by August. While this trend might not continue in the future, at least at the same trajectory, investors might still factor it in when comparing different types of AI companies and their abilities to generate revenue.¹¹
• Technology: Perplexity's technology, including its core search engine and offerings like Computer, directly correlates with users and ultimately its financials. Investors might evaluate how Perplexity's technology seems to compare with other AI companies and user demand to try to determine the company's value.
• Competition: Related to the perceived value of its technology is the competition that Perplexity faces. Other AI-related companies also enable similar AI search capabilities and agentic workflows, so investors might weigh where they think Perplexity fits within a competitive market. Beyond the technological capabilities, though, looking at the competition can also mean assessing areas like user experience and marketing.
• Valuation history: Investors can also review the funding history and valuation growth of Perplexity in comparison to other private market companies by exploring Forge's marketplace. In addition to looking at real-world market signals informing Perplexity's current Forge Price, investors can discover other available investments and review market interest signals in real time. Seeing how other AI-related startups are trading on Forge might help you determine what seems like a fair valuation for Perplexity in your estimation. Granted, private market shares generally lack the liquidity and transparency of public market shares. So, even with real-time pricing insights on Forge, there can be more subjectivity involved in analyzing Perplexity stock, along with the valuations of other private market companies.

Potential risks of investing in pre-IPO Perplexity stock

Investing in a private, pre-IPO company such as Perplexity involves assuming risks around company performance, valuation, liquidity and potential investment outcomes. The factors below provide context for those risks and are not exhaustive. Investors should conduct their own independent due diligence before making any decision:

• Company-specific and technology risk: Perplexity's stock performance is arguably highly dependent on the company's ability to attract, retain and monetize users. However, there are risks the company won't be able to do that in line with investor expectations, especially if its technology does not meet expectations now or in the future. There's also a broader technology risk around how individual consumers and businesses perceive AI, including preferences around certain types of models which Perplexity may or may not be able to offer access to in the future.
• Competitive pressure: Well-funded private peers such as OpenAI and Anthropic, along with public companies like Alphabet (Google), are pursuing related technologies that could weigh on the company. There's a risk, for example, that competitors will block or limit model access to Perplexity in the future.
• Regulatory challenges: The AI industry could face new regulations in the future that affect Perplexity's stock performance, such as by potentially raising compliance costs or limiting the use of certain models that ends up affecting customer usage.
• Valuation considerations: Private-round valuations are negotiated with limited disclosure and may not reflect a value achievable in a future financing or public listing.
• Private market investing risks: Private market shares are often illiquid, information is limited compared with public companies and transfer restrictions can constrain when and whether an investor can sell.
• Potential loss of capital: As with any investment, and especially with speculative pre-IPO holdings, investors could lose some or all of their capital.

Learn more about investing in Perplexity on Forge

If you are interested in investing in Perplexity before a potential IPO if/when shares become available, eligible investors can open a free Forge account. Once your account is active and your accreditation is verified, you may gain access to real-time private market data, context-rich insights and a marketplace built for self-directed investors.

Not sure where to begin? You can read our buyer's guide to private market shares. And if questions come up along the way, Forge's experienced specialists are available to support you.