Perplexity maintains its 2028 IPO strategy as OpenAI and Anthropic submit their filings.

      TL;DR: Perplexity AI is maintaining its plan for a 2028 IPO while OpenAI and Anthropic aim to go public in 2026. CEO Srinivas emphasizes that their timeline remains unchanged despite the filings from these companies, asserting that the market can handle multiple AI listings.

      Perplexity AI intends to pursue an IPO in 2028, with CEO Aravind Srinivas informing CNBC that this schedule remains consistent even as OpenAI and Anthropic have begun the IPO process. "Regardless of what these two companies do, our goal has always been set for 2028, and that hasn't changed," said Srinivas. This stance positions Perplexity as a thoughtful exception in a market where the largest AI firms are competing to go public in close succession.

      The rationale for delaying

      OpenAI confidentially filed for its IPO on Monday at a private valuation of $852 billion, while Anthropic filed the previous week at $965 billion. SpaceX is set to list on Thursday with an estimated valuation of $1.8 trillion.

      Srinivas contended that the market can accommodate multiple AI companies simultaneously, but his choice to remain private indicates a different strategy. Opting for a 2028 listing allows Perplexity to observe the initial market reception, establish a more extensive financial history, and enter at a time when the initial excitement has either proven sustainable or adjusted.

      Current standing of Perplexity

      Recently valued at approximately $20 billion after a funding round in September 2025, Perplexity has raised around $900 million in total, a small portion compared to OpenAI's $122 billion in a single round and Anthropic's $30 billion.

      Perplexity offers an AI-driven answer engine that competes with Google Search, ChatGPT, and Claude, with its enterprise tier available at $40 per user monthly. Although revenue projections for 2026 have not been publicly shared, the enterprise AI market in which it operates is rapidly expanding.

      Risks of following the pioneers

      Conventional wisdom suggests that the first company to enter the IPO market reaps the most investment. Should OpenAI and Anthropic satisfy the demand for AI stocks in 2026, Perplexity may encounter a smaller interest pool in 2028.

      Conversely, the argument exists that entering later, equipped with a validated business model and clear economic metrics, is more favorable than going public early at a speculative valuation. For instance, Bending Spoons, which filed for its IPO this week, took years to build its financial profile before seeking to enter the public market.

      Factors affecting 2028 prospects

      Perplexity's IPO strategy hinges on two main assumptions. The first is that the AI search market will be sufficiently large by 2028 to support an independent public entity. The second is that Perplexity will maintain enough differentiation to capture a significant market share.

      Both assumptions remain uncertain. Google is actively integrating AI into its Search platform, and OpenAI's ChatGPT has become the standard AI tool for many users. Srinivas is counting on the advantage of patience over haste, believing that by 2028, the market will reveal whether his strategy was wise.