Perplexity holds to 2028 IPO plan amid AI IPO rush

Perplexity’s chief executive, Aravind Srinivas, reiterated that the company plans to pursue an initial public offering in 2028 and will not move that date earlier despite confidential filings by larger AI firms and a major private offering this week.

Srinivas said questions about Perplexity’s finances in 2025 did not indicate an immediate funding shortfall and that the company maintained its cash position while sticking to the 2028 timetable. He framed the date as an existing strategic target rather than a reaction to competitors’ timetables.

Perplexity is known for an AI-powered answer and search product rather than competing to build the largest foundational model. The company focuses on delivering accurate answers and practical search results and aims to demonstrate product traction and clearer financials before entering public markets.

Recent confidential filings from OpenAI and Anthropic, along with a high-profile offering by a large private company, have made AI listings a test for public investors. Those firms are seeking investor support for continued spending on chips, data centers and talent, and public-market scrutiny will include reported revenue metrics and recurring revenue claims.

Analysts have highlighted that revenue definitions and annual recurring revenue accounting will draw close attention once financial statements are public. Valuation estimates for major AI developers are high: one firm was valued near $965 billion after a large funding round, while another raised money earlier this year at about an $840 billion valuation and is reportedly targeting up to $1 trillion for a future listing.

Srinivas said Perplexity will monitor how the early public offerings perform because a weak reception could tighten conditions for later entrants. On the risk to the sector, he warned, “There is no sugar coating.”

Perplexity’s management argues the company’s product focus and multi-year timeline will allow it to present clearer growth and revenue metrics to public investors. The firm plans to watch investor reactions to the first wave of AI listings before making further public commitments.