PERPLEXITY·Consumer AIPre-IPO · Private

Perplexity AI

ConvictionModerate

AI answer engine + agentic browser (Comet) · subscription-led search challenger, private venture-stage

Revenue

~$500M annualized run-rateSacra est., Apr 2026); >$450M ARR reported Mar 2026 (FT); ~$232M end-2025. Private company — reported ARR, not audited GAAP revenue.

Rev growth

~+335% YoYApr 2026, Sacra); up from $63M end-2024 and ~$7M in 2023. Internal target ~$656M ARR by end-2026.

Gross margin

Not disclosed. Structurally pressured by third-party model inference + GPU compute costsJanuary 2026 reported 3-year ~$750M Azure GPU commitment signals heavy compute spend.

Op margin

Not disclosed

Capex intensity

Not disclosed

Valuation

~$20B last priced round~$200M raise, reported Sep 2025); subsequent reported/secondary marks ~$21-22B (Series E-6, early-mid 2026, per Wikipedia/Tracxn). Total funding ~$1.72B across ~11 rounds.

Valuation trail

~$22.6B (tracker; $21.2-22.6B range)43.5× since Jan 2024

8 marks · Jan 2024–Jan 2026

private — no public price

Priced round Secondary / SPAC mark

Priced rounds Jan-2024→Sep-2025 are well-sourced (Bloomberg/CNBC/TechCrunch); the early-2026 ~$21-22.6B mark is a tracker/secondary figure (Tracxn) with no clearly disclosed priced-round primary, so it's tagged secondary. Series A ($150M) and the Apr/Jun 2024 rounds were thinly disclosed.

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Perplexity AI

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026 (Jun 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence