Perplexity Plans IPO in 2028 Regardless of What Happens to Anthropic or OpenAI, CEO Tells CNBC

Why It Matters

A 2028 IPO anchors Perplexity’s long‑term financing plan while the success of Anthropic, OpenAI and SpaceX will shape investor appetite for AI‑centric public offerings. The stance signals confidence in the sector’s growth trajectory despite valuation scrutiny.

Key Takeaways

• Perplexity targets 2028 IPO regardless of Anthropic or OpenAI outcomes
• CEO cites SpaceX IPO as barometer for AI mega‑listings
• Perplexity will choose cheapest model that meets task requirements
• Industry expects strong valuations if innovation pace stays steady

Pulse Analysis

Perplexity’s decision to lock in a 2028 public offering underscores a strategic pivot toward long‑term capital planning amid a wave of AI mega‑IPOs. By decoupling its timeline from the outcomes of Anthropic and OpenAI, the company signals confidence that investor demand for artificial‑intelligence assets will remain robust. The upcoming SpaceX listing, slated for this week, is widely viewed as a litmus test for how capital markets will reward high‑growth, technology‑heavy firms, and its performance could set pricing expectations for the AI sector’s next wave of listings.

Analysts are closely watching Anthropic’s confidential filing and OpenAI’s rumored plans, both valued near the $1 trillion mark, to gauge whether the market can sustain such lofty valuations. While the sheer scale of these offerings could attract institutional capital, any perceived slowdown in breakthrough model capabilities would likely trigger a valuation correction. Srinivas’ comments highlight that sustained innovation—measured by regular model‑level advances—is essential to justify the premium investors are willing to pay for frontier AI firms.

Perplexity differentiates itself by deploying a hybrid model‑selection engine that routes queries to the most cost‑effective solution, whether that be an open‑source model for routine tasks or a cutting‑edge frontier model for complex queries. This pragmatic approach addresses growing concerns about AI spend, especially as enterprises grapple with “token‑maxxing” and budget constraints. By balancing performance with price, Perplexity positions itself to capture a broader enterprise customer base, making its upcoming IPO an attractive proposition for investors seeking exposure to AI innovation without the volatility of unchecked spending.