Perplexity keeps 2028 IPO plan as AI rivals eye public markets

Perplexity is refusing to chase the latest rush toward public markets. Chief executive Aravind Srinivas said the company still plans to go public in 2028 and that the timetable has not changed because OpenAI and Anthropic are now closer to listings.

The message is a sharp contrast to the mood surrounding the sector. Anthropic said on June 1, 2026, that it confidentially submitted a draft S-1 to the U.S. Securities and Exchange Commission for a proposed initial public offering. OpenAI’s news page listed a confidential draft S-1 submission on June 8, 2026, extending the sense that the biggest names in artificial intelligence are testing how much public-market demand exists for their stories. Srinivas said Perplexity had already been preparing for 2028 before the current wave of IPO attention, and he argued that the market may have room for several AI names at once.

That view rests on a simple bet: time can be an asset if it is used to build a business with clearer revenue and a stronger moat. Perplexity describes itself as a free AI-powered answer engine that provides accurate, trusted, real-time answers, and its enterprise product is priced at $40 per user per month, or $400 a year. A delayed listing gives the company more time to show that those paid subscriptions can scale beyond curiosity and into durable business demand.

The threshold for a 2028 debut to look disciplined rather than defensive is high. Investors will want to see repeated revenue growth, a product that is clearly differentiated from other AI search and assistant tools, and enough legal and operational stability to survive the scrutiny that comes with quarterly reporting. The broader market backdrop is formidable: Anthropic said in February 2026 that it raised $30 billion in Series G funding at a $380 billion post-money valuation, after a $13 billion Series F in September 2025 at a $183 billion valuation. OpenAI said in March 2026 that it closed a $122 billion round at an $852 billion post-money valuation, and that its for-profit arm is now OpenAI Group PBC, controlled by the OpenAI Foundation.

Taken together, the sector is moving toward a public test, but not all players are moving at the same speed. Perplexity is signaling that it would rather watch how the first wave is received, then enter with a larger user base and a firmer financial record. In a market still trying to decide how many AI companies can command premium valuations at once, patience may be the cleaner argument.