Perplexity is an AI-powered search engine founded in 2022, delivering cited answers to
complex queries. The company reached $148 million in annualized revenue by mid-2025, growing
800% year-over-year (Sacra), and was valued at $20 billion in its September 2025 Series E
round. Perplexity stock is not publicly traded. Accredited investors can access pre-IPO
shares through UpMarket, a FINRA-registered broker-dealer, with a $50,000 minimum
investment.
Perplexity Valuation History
Round
Date
Price/Share
Valuation
Series A
Mar 2023
$8.91
-
Series B
Jan 2024
$47.77
$520M
Series C
Apr 2024
$119.23
$1B
Series D
Dec 2024
$328.87
$9B
Series E
Sep 2025
$69.54
$20B
Source: Sacra. Note: Series E share price drop reflects share restructuring, not a
valuation decline.
Perplexity Revenue and Growth
$7M
2023
$5M
Jan 24
$10M+
Mar 24
$20M
Apr 24
$35M
Aug 24
$63M
2024
$100M
Mar 25
$148M
Mid 25
~$200M
Sep 25E
800%
2024 YoY Growth
$750M
Microsoft Azure Deal
$20B
Valuation (Series E)
Source: Sacra, TechCrunch, Bloomberg. ARR figures annualized from reported run-rates.
Why Investors Are Watching Perplexity
$20B
Valuation
$148M+
ARR
800%
YoY Growth
$750M
Azure Deal
Product
Perplexity Computer Launch
Multi-model AI agent that coordinates 19 AI models for complex research tasks.
$200/month Max tier. Enterprise version launched for corporate customers.
VentureBeat, The Verge · Feb-Mar 2026
Deal
$750M Microsoft Azure Deal
Major cloud partnership, moving infrastructure from Amazon to Microsoft. Strategic
alignment with Azure AI services.
Bloomberg, Reuters · Jan 2026
Valuation
$20B Valuation, Series E
$600M raised from IVP, NEA, and others. 4.7x revenue growth during 2025.
Fastest-growing AI company by ARR.
TechCrunch · Sep 2025
Partnership
Samsung Galaxy AI Integration
Perplexity built into Samsung Galaxy S26 phones as a native AI search assistant.
Distribution to hundreds of millions of devices.
The Verge · Feb 2026
Legal
Amazon Comet Lawsuit
Court ordered Perplexity to stop AI-powered shopping on Amazon. Perplexity is
appealing the decision.
Bloomberg, CNBC · Mar 2026
Product
$200/Month Bloomberg Alternative
Financial data and analysis service priced at a fraction of Bloomberg Terminal cost.
Targeting professional finance users.
Yahoo Finance · Mar 2026
Partnership
CrowdStrike Security Partnership
Integration with CrowdStrike Falcon platform for enterprise AI-powered security
research and threat analysis.
Yahoo Finance · Mar 2026
Strategy
Ads Abandoned, Subscription Focus
Pulled sponsored answers to prioritize user trust. Revenue now driven by Pro
($20/month) and Max ($200/month) subscriptions.
PYMNTS, AdExchanger · Feb 2026
Private market investments carry meaningful risks, including illiquidity and possible
total loss of capital.
PPM review, fee analysis, and portfolio-fit evaluation support.
5
Fund your investment
Minimum typically $50,000. Wire or ACH. Monitor via UpMarket portal.
Pre-IPO investments are illiquid, speculative, and involve risk of total loss of capital.
About UpMarket
UpMarket's mission is to unlock the private markets for individual investors.
We provide access to a range of asset classes and investment strategies that span
private equity, hedge funds, crypto, real estate, and other alternative assets.
The problem
Historically, accessing private market investments had these challenges:
A large barrier to entry due to high investment minimums
Time-intensive because sourcing deals is a lot of work even if you've got a
great network, and
Costly because of investment-related diligence costs, paperwork, and legal fees
The solution
UpMarket works to address these barriers for individual investors by:
Offering lower investment minimums
Sourcing and conducting diligence on opportunities for investors, empowering
them to pick and choose from pre-screened opportunities
Making the investment process entirely digital, straightforward, and easy to
manage from a single portal
UpMarket has brokered over $1 billion in alternative investments*
*Includes principal invested and appreciation of investments originated via the UpMarket
platform based on historical trade volume and valuation estimates through December 31,
2025. Of the total, approximately $146 million is managed by UpMarket Management, with the
remaining originated investments managed by affiliates. Past performance is not predictive
of future results.
UpMarket Investment Curation Process
Upmarket curates and conducts diligence on every investment opportunity we offer.
We review every offering's strategy, risk management, liquidity management, fees and
expenses, valuation methodology, tax matters, as well as the fund's third-party
providers including legal counsel, auditor, administrator, and custodian.
We aim to offer our clients investments from disciplined managers that pursue unique
strategies across an array of asset classes.
Our goal is to empower you to build a portfolio that best meets your individual
Investment objectives.
Unlock the private markets today, with UpMarket.
Perplexity Stock FAQ
Is Perplexity publicly traded?
No. As of March 2026, Perplexity is private. The company has raised through Series E
but has not filed for an IPO. Perplexity stock is available to accredited investors
through secondary market platforms like UpMarket.
When is Perplexity going public?
No confirmed IPO date. Perplexity completed a $600M Series E at $20B valuation in
September 2025. The company continues to grow rapidly, but no IPO filing has been
announced.
What is Perplexity's stock price?
Most recent share price: $69.54 per share (COI, Dec 2025 per Sacra). Note that Series
E share price reflects a restructuring from the $328.87 Series D price, not a
valuation decline. The company's valuation more than doubled from $9B (Series D) to
$20B (Series E).
What is Perplexity's revenue?
$148M+ ARR by mid-2025, growing 800% year-over-year. Actual 2024 revenue was $34M
(full-year). $63M ARR at end of 2024. By September 2025, the company was approaching a
~$200M ARR run-rate.
What is Perplexity Computer?
Perplexity Computer is a multi-model AI agent platform that coordinates 19 AI models
to handle complex research tasks. Available at the $200/month Max tier, with an
enterprise version for corporate customers. It represents Perplexity's push beyond
search into agentic AI workflows.
How does Perplexity make money?
Primarily through subscriptions: Pro at $20/month and Max at $200/month. The company
abandoned sponsored answers (advertising) in February 2026 to prioritize user trust.
Enterprise contracts are a growing revenue stream.
What is Perplexity vs ChatGPT?
Perplexity focuses on AI-powered search with real-time citations and source links.
ChatGPT is a general-purpose conversational AI chatbot. Perplexity's core value
proposition is providing cited, verifiable answers to factual queries, while ChatGPT
serves broader conversational and creative use cases.
Who are Perplexity's competitors?
Google (traditional search + AI Overviews), ChatGPT Search (OpenAI), You.com (AI
search), and Exa (developer-focused AI search). Google remains the dominant search
engine, but Perplexity is capturing users who prefer citation-backed AI answers.
What are the risks of investing in Perplexity pre-IPO?
Illiquid, no guaranteed exit. Intense competition from Google and OpenAI. Revenue
concentration in subscriptions. Pending litigation (Amazon Comet lawsuit). No audited
public financials. Consult your own advisors before investing.
How do pre-IPO trades work?
Accredited investors purchase from existing shareholders through secondary market
platforms. Perplexity does not issue new shares in these transactions.
How do I exit my investment?
Sell on secondary market or hold until IPO/acquisition. Timing is unpredictable.
What is the minimum investment in Perplexity on UpMarket?
The minimum for most Perplexity offerings is $50,000. May vary by offering and share
class. No fees to create an account.
How does UpMarket estimate Perplexity's valuation?
Proprietary model using funding round data (Caplight), revenue data (Sacra), secondary
market pricing, and public company comparables. Current estimate: $23.34 billion. For
informational purposes only.
Who owns Perplexity stock?
Key investors include IVP, NEA, Bezos Expeditions, Nvidia, SoftBank, and Databricks
Ventures. Co-founders Aravind Srinivas, Denis Yarats, Johnny Ho, and Andy Konwinski
hold founding stakes.
Perplexity has established itself as the leading AI-native search engine, reaching
$148 million in ARR by mid-2025 with
800% year-over-year growth. Valued at
$20 billion after its September 2025 Series E, the company is now
expanding into enterprise with its Computer platform and a
$750 million Microsoft Azure deal.
Accredited investors can access Perplexity shares through UpMarket, a FINRA-registered
broker-dealer that has brokered over $1 billion in alternative investments since 2019.
All private market investments involve risk, including potential loss of principal. Past
performance is not indicative of future results.
Any financial forecasts or financial returns displayed on this website are for
illustrative purposes only, and are not a guarantee of future results. Past performance is
not indicative of future performance. Alternative investments possess a certain level of
risk, and cannot guarantee investment objectives or return on capital. This website is
only available to certain qualified investors.
The information on this website does not constitute investment advice. The sole basis for
the purchase of any securities is the final base sale document. Investors should make
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consultants, etc., and decide whether to invest.
Pro Forma forecasts have been deducted management fees, but may include other fees. Fund
returns, dividends and other forecasts are for reference only. Investment returns may be
impacted by many uncertain factors. Investors must be willing and able to withstand the
risk of potential investment losses.
