Perplexity’s most recent funding round closed at a $20 billion post-money valuation in September 2025 following a $200 million raise, with secondary data showing a modest step-up to roughly $22.6 billion by early January 2026. Annual recurring revenue has accelerated sharply, reaching an annualized run rate above $450 million by April 2026 after the introduction of usage-based pricing and new product features, representing more than a doubling in a single quarter. No additional primary or secondary rounds have been reported since the January update, leaving the current mark-to-market valuation dependent on private-market appetite for AI search assets. With only five weeks remaining until the June 30 resolution date, any near-term catalyst would likely require either a new financing announcement or observable secondary trading at a higher multiple. Broader AI sector multiples and macroeconomic risk sentiment continue to influence private valuations, though Perplexity’s revenue momentum provides the clearest fundamental support for potential upside moves in the short window.