Perplexity shares
Unlisted company
Perplexity is building a subscription-based business model around its AI-powered search and research product. In February 2026, the company discontinued its advertising strategy entirely, arguing that ads in AI-generated answers would damage users’ trust — a stated strategic difference from Google and OpenAI, both of which continue to test ads in conversational interfaces.
Pricing model (as of May 2026)
Free — $0, limited number of questions per month. Pro — $20/month ($200/year) — unlimited questions and access to all language models. Max — $200/month ($2,000/year) — launched July 2, 2025; provides priority access to the most advanced models (e.g. OpenAI o3-pro, Claude Opus 4) and early access to new products such as the Comet browser. Enterprise Pro — $40 per user/month. Education Pro — $10/month for verified students.
API business
Sonar API — token-based pricing model for developers, ranging from $1 per million tokens (base model) to $15 per million output tokens (Sonar Pro). Agent API — provides access to models from OpenAI, Anthropic, Google, and xAI at each provider’s standard price with no markup.
Revenue and valuation
2024: approximately $34 million in full-year revenue. April 2026: an estimated $450–500 million in annualized revenue (ARR), according to industry analysis. Valuation: $20 billion USD following the $200M round in September 2025.
In summary: Perplexity generates revenue from four sources — consumer subscriptions (Pro, Max), enterprise subscriptions (Enterprise), API access for developers, and an agent service for automated tasks. The company has explicitly opted out of advertising to differentiate itself from Google.
Revenue model
Consumer subscriptions: Pro and Max
Business subscriptions: Enterprise Pro
Sonar API, price per token
Agent API with no markup
Characteristics of the business model
No ads since February 2026
Conversational search with sources
ARR USD 450–500 million in April 2026
Valuation USD 20 billion, September 2025
Questions about Perplexity
Is Perplexity publicly listed?
No, Perplexity is not publicly listed and has not completed an IPO. The company is privately owned, and its shares are not traded on public stock exchanges such as the NYSE or Nasdaq, but instead belong to the unlisted market.
What does Perplexity do?
Perplexity AI is building a product for conversational search and research. The service uses large language models and web sources to answer questions with source citations, and is available via a web app, mobile app, Pro version, and API for developers.
Can I buy shares in Perplexity?
Yes, it is possible to invest in Perplexity through Eqvor, but not through a direct share transfer. Since Perplexity is a privately held US company, any potential pre-IPO investment is made through an SPV structure, providing indirect exposure to the company’s shares.
How do I buy Perplexity shares?
To invest in Perplexity through Eqvor, you need to follow the process for US unlisted company shares. The investment is made through an SPV structure, as Perplexity does not allow direct share transfers.
Can I sell shares in Perplexity?
Since an investment in Perplexity is made indirectly through an SPV, any potential sale is handled in accordance with the terms of the relevant structure. As with other unlisted shares, liquidity is generally lower than for listed shares, and a sale requires there to be buyers.
Is Perplexity connected to Euroclear?
No, Perplexity is a privately held US company, and the investment is not made in the same way as an ordinary Swedish share registered with Euroclear. Exposure to Perplexity is obtained through an SPV structure.
Can I hold Perplexity shares with Avanza or Nordnet?
No, Perplexity shares generally cannot be held like ordinary publicly listed shares in an account with Avanza or Nordnet. Since the investment is made through an SPV, the investor gains indirect exposure to the company rather than direct ownership of the shares.
What is Perplexity’s latest known valuation?
Perplexity’s latest valuation is reported as $20.39B, set in the $524.9 million Series E-6 round in January 2026. Its secondary market value is estimated at $17.33B (October 2026).
When will Perplexity go public?
There is currently no officially announced timeline for Perplexity to go public. We therefore do not currently know when Perplexity may go public or whether the company will conduct an IPO.
Has Perplexity completed any share issues?
Yes, Perplexity has completed several funding rounds. This is evident from the list of recent share issues and the Total financing figure in the company information.
What are the risks of investing in Perplexity?
Investing in Perplexity involves risk, just like other investments in unlisted shares. The company’s valuation may be affected by competition in AI and search, costs for language models and infrastructure, user growth, its revenue model, regulatory issues, access to web sources, and market demand for AI-based research tools. Since the exposure is through an SPV, it is also important to understand the terms of the relevant structure before investing.
Where can I find Perplexity's annual report?
At present, no separate annual report for Perplexity is specified in the available material. If annual reports or other financial reports are provided in the future, they should be available under Resources or Investor Relations.
How much capital has Perplexity raised in total?
Perplexity’s total financing is stated as over $2.27B. An equity raise is an English term for raising capital, but in Swedish, terms such as funding round, financing, or new share issue are more commonly used, depending on the company’s structure.
Has Perplexity reported a profit or a loss?
The available material does not indicate whether Perplexity has reported a profit or a loss. If Eqvor publishes key figures or a profit/loss by year chart for Perplexity, that section should be used to track the company’s earnings performance.