OpenAI, Anthropic Go Public: Perplexity Waits Cautiously

OpenAI and Anthropic: A Frenzied Race to the Stock Market

OpenAI and Anthropic, two giants of artificial intelligence, have recently taken significant steps toward going public. With respective valuations of $965 billion and $852 billion, these companies have filed their paperwork with the SEC, aiming for a market debut by the end of the year. SpaceX, for its part, is also preparing for a major IPO, marking an intense period in the financial markets.

Perplexity: A Measured Approach

In contrast to this frenzy, Perplexity is adopting a different strategy. The company, specializing in AI-powered research, was valued at around $20 billion during its last funding round in September 2025. Despite this valuation gap with the industry giants, Aravind Srinivas, CEO of Perplexity, does not see it as a weakness. He announced that Perplexity is considering an IPO in 2028, a strategy set well before the moves of OpenAI and Anthropic. This decision could prove beneficial for the company.

The Reasons Behind Perplexity's Choice

Srinivas explains that this strategy aims to avoid potential disappointments for investors who might follow the initial enthusiasm. By delaying its entry, Perplexity hopes to benefit from a stronger financial position and a better understanding of the market. However, this approach is not without risks, as early entrants often capture most of the available capital. Perplexity could find itself facing a narrower window, or even a cooled market if the current euphoria turns out to be speculative.

Challenges and Opportunities for Perplexity

Perplexity also faces two major challenges before its IPO. First, it must prove that the AI research market is large enough to support a publicly traded company. Second, it needs to maintain credible differentiation against Google, which is heavily integrating AI into its search engine, Google Search. Arriving late with a proven business model and clear indicators is often better than an early entry at a speculative valuation. The success of this strategy will depend on Perplexity's ability to navigate a competitive environment and convince the markets of its long-term viability.