How to Buy Perplexity AI Stock Before the IPO

Perplexity AI just raised funding at a $9 billion valuation—a 50x increase from its $180 million valuation just 18 months ago. The AI-powered search engine is being called “Google’s first real threat in 25 years,” and you want in before it goes public.

The short answer: you almost certainly cannot buy Perplexity AI stock right now. The company is barely two years old, still in hyper-growth mode, and secondary market availability is virtually nonexistent. Even accredited investors will struggle to find shares—this isn’t a mature pre-IPO company with employee liquidity programs feeding secondary markets.

But “can’t access now” doesn’t mean “can’t benefit from the trend.” This guide explains the current state of Perplexity AI investment access, what would need to change for shares to become available, and how to position yourself for the AI search revolution through accessible alternatives.

Quick Summary

What Is Perplexity AI?

Perplexity AI is an AI-powered search engine that provides direct, citation-backed answers instead of the traditional list of blue links. Founded in 2022 by former Google and Meta AI researchers, the company has positioned itself as the first credible challenger to Google’s search dominance in over two decades.

The product works differently than traditional search. Ask Perplexity a question, and it synthesizes information from across the web, provides a comprehensive answer, and cites its sources—all in seconds. It’s what Google’s AI Overviews are trying to be, but built from the ground up for the AI era.

Core Product Features:

• Real-time web search with AI synthesis
• Citation-backed answers (you can verify claims)
• Multi-modal input (text, voice, images)
• Pro Search for complex research queries
• API access for developers
• Enterprise solutions for businesses

Why Investors Are Interested

Perplexity represents a rare opportunity: a potential paradigm shift in a market Google has dominated for 25 years. The investment thesis centers on several factors:

• Search market disruption: Google’s $175 billion search advertising business is vulnerable if users shift to AI-first answers
• Rapid user growth: Perplexity reportedly processes over 100 million queries monthly
• Elite backing: Jeff Bezos, NVIDIA, and top-tier VCs have invested
• Subscription revenue: Unlike ad-dependent search, Perplexity generates direct subscription revenue
• AI infrastructure partnerships: NVIDIA investment suggests access to cutting-edge compute

Funding History

Perplexity’s valuation trajectory has been extraordinary even by AI startup standards:

The company has gone from seed stage to nearly $10 billion in under two years—one of the fastest valuation trajectories in tech history. This growth reflects both AI market enthusiasm and Perplexity’s genuine traction.

Can You Buy Perplexity AI Stock?

The direct answer: No, you cannot buy Perplexity AI stock through any normal channel. The company is private, extremely early-stage, and shares are not meaningfully available on secondary markets.

Here’s the reality by investor type:

If you’re an accredited investor: You theoretically could purchase shares through secondary market platforms if they became available—but they rarely do. Perplexity is too young for significant employee liquidity events. The company hasn’t conducted the kind of tender offers that create secondary market supply. Platforms like EquityZen and Hiive may eventually list Perplexity, but availability will be scarce and competitive.

If you’re a retail investor (not accredited): Direct Perplexity ownership is not available. Your options are limited to indirect exposure through AI-focused ETFs or publicly traded companies competing in the AI space. Skip to the “Alternatives for Retail Investors” section for specific options.

If you’re a Perplexity employee: You likely have equity compensation, but the company is young enough that liquidity options are limited. Secondary sales typically require company approval, and Perplexity hasn’t established regular tender offer programs yet.

Why Perplexity Is Different from Other Pre-IPO Opportunities

Most pre-IPO investment guides cover companies like SpaceX or Stripe—mature private companies with established secondary markets. Perplexity is different:

• Age: Founded in 2022, barely two years old
• Employee liquidity: Limited history of tender offers or secondary sales
• Valuation velocity: Growing too fast for stable secondary pricing
• Investor concentration: Most shares held by founders and VCs, not employees

This makes Perplexity more like investing in a Series A startup than a late-stage pre-IPO company. The opportunity exists, but the access infrastructure doesn’t—yet.

Accredited Investor Requirements

If secondary market access does emerge, you’ll need to qualify as an accredited investor under SEC Rule 501 of Regulation D.

Income Test

You qualify if you earned:

• $200,000+ individual income in each of the past two years, OR
• $300,000+ combined income with your spouse
• Plus a reasonable expectation of reaching the same income level this year

Net Worth Test

You qualify if you have:

• $1,000,000+ in net worth, excluding your primary residence

Professional Credentials

You automatically qualify if you hold:

• Series 7 license (General Securities Representative)
• Series 65 license (Investment Adviser Representative)
• Series 82 license (Private Securities Offerings Representative)

Reality Check: Even if you qualify as accredited, finding Perplexity shares will be extremely difficult. The company is too early-stage for meaningful secondary market activity. Check platforms periodically, but don’t expect availability anytime soon.

How to Invest in Perplexity AI (If Accredited)

For accredited investors determined to pursue Perplexity exposure, here are the platforms to monitor:

EquityZen

EquityZen is the most likely platform to eventually list Perplexity shares.

• Minimum Investment: Typically $25,000+
• How It Works: EquityZen creates single-company funds that hold shares of private companies. You invest in the fund, which owns the underlying shares.
• Fees: Approximately 5-8% of transaction value
• Perplexity Availability: Not currently listed; monitor for future availability

Hiive

Hiive operates a secondary market connecting buyers with private company shareholders.

• Minimum Investment: $10,000-$50,000 depending on availability
• How It Works: Browse available offerings, submit interest, and the platform facilitates transactions
• Fees: Generally 2-5% of transaction value
• Perplexity Availability: Not currently listed; early-stage companies rarely appear

Forge Global

Forge Global serves institutional and high-net-worth investors in private markets.

• Minimum Investment: $100,000+ (often higher)
• How It Works: Marketplace for private company securities with data services
• Fees: Transaction-based pricing
• Perplexity Availability: Unlikely given early stage and institutional focus

What Would Need to Change

For Perplexity shares to become meaningfully available on secondary markets:

1. Employee tender offers: The company would need to allow employees to sell shares
2. Time: More vesting periods need to complete
3. Valuation stability: The current growth rate makes pricing difficult
4. Company approval: Perplexity must permit secondary transfers

Expect 12-24 months minimum before meaningful secondary market activity emerges—if it does at all before an IPO.

Alternatives for Retail Investors

Since direct Perplexity investment isn’t realistic, here’s how to position for the AI search revolution through accessible alternatives.

1. AI-Focused ETFs

Global X Artificial Intelligence & Technology ETF (AIQ)

A broad AI exposure fund holding companies across the AI value chain.

• Ticker: AIQ
• Expense Ratio: 0.68%
• Holdings: NVIDIA, Microsoft, Alphabet, Meta, AMD
• Perplexity Exposure: None directly—but captures AI infrastructure beneficiaries
• Best For: Investors who believe AI broadly will transform industries

iShares Robotics and Artificial Intelligence ETF (IRBO)

BlackRock’s AI-focused fund with global exposure.

• Ticker: IRBO
• Expense Ratio: 0.47%
• Holdings: Diversified across AI and robotics companies globally
• Perplexity Exposure: None directly
• Best For: Cost-conscious investors wanting broad AI exposure

2. The Companies Perplexity Is Disrupting

Here’s a contrarian take: if Perplexity succeeds, it will take market share from Google. But Google isn’t standing still—it’s investing billions in AI. Either Perplexity wins and becomes valuable, or Google’s AI investments pay off and it remains dominant.

Alphabet (GOOGL)

The incumbent Perplexity is trying to disrupt.

• Ticker: GOOGL
• Market Cap: ~$2.3 trillion
• AI Investments: Gemini, AI Overviews, DeepMind
• The Case: Google has the data, distribution, and resources to defend its moat. If AI search becomes the norm, Google will be a major player regardless of Perplexity’s success.
• The Risk: Regulatory scrutiny, potential search market share loss

Microsoft (MSFT)

Perplexity’s other major competitor via Bing and Copilot.

• Ticker: MSFT
• Market Cap: ~$3.1 trillion
• AI Investments: OpenAI partnership, Copilot integration, Azure AI
• The Case: Microsoft has integrated AI into every product—Office, Windows, Azure, Bing. If AI search wins, Microsoft is positioned.
• The Risk: OpenAI dependency, enterprise focus may miss consumer search

3. The AI Infrastructure Play

NVIDIA (NVDA)

NVIDIA is an investor in Perplexity—and supplies the chips powering every AI search engine.

• Ticker: NVDA
• Market Cap: ~$3.4 trillion
• The Case: Whether Perplexity, Google, or Microsoft wins AI search, they all need NVIDIA GPUs. NVIDIA wins regardless of which AI application succeeds.
• The Risk: Valuation already reflects AI dominance; competition from AMD, custom chips

The NVIDIA Angle: NVIDIA’s investment in Perplexity isn’t just financial—it’s strategic. Perplexity likely gets preferred access to compute. But for investors, NVIDIA offers exposure to AI search (and every other AI application) without picking a winner.

4. Comparison Table

5. Wait for the IPO

Given Perplexity’s growth trajectory, an IPO within 3-5 years is plausible. Waiting offers significant advantages:

Pros:

• Full liquidity from day one
• Regulatory protections of public markets
• No accreditation requirements
• Transparent pricing and financials

Cons:

• IPO price may be extremely high given hype
• Could be 3-5+ years away
• No guarantee of IPO—could be acquired instead
• Missing the “early” returns

If Perplexity continues its current trajectory, an IPO would likely be one of the most anticipated tech offerings in years. Patient investors may find better risk-adjusted returns waiting for public markets.

Perplexity AI Valuation Context

Understanding Perplexity’s valuation helps assess what you’d be paying—and the risks involved:

Valuation Reality Check

Perplexity’s $9 billion valuation on an estimated $100-150 million in annual recurring revenue implies:

• 60-90x revenue multiple—extremely aggressive even for high-growth AI
• Assumption of continued hyper-growth for years
• Eventual dominance in AI search or significant market share
• Successful monetization beyond current subscription model

For context:

• Google trades at roughly 6x revenue
• High-growth SaaS companies typically trade at 10-20x revenue
• Only the most exceptional companies sustain 50x+ multiples

The valuation isn’t necessarily wrong—Perplexity could be the next Google. But it prices in a lot of optimism. Any secondary market purchase at current valuations carries significant downside risk if growth slows.

Risks of Pre-IPO Investing in Perplexity

Investing in early-stage private companies carries risks beyond typical pre-IPO investments. Here’s what you’re signing up for:

Liquidity Risk: You’re Locked In

Unlike mature pre-IPO companies, Perplexity has no established secondary market. If you somehow acquire shares:

• There may be no buyers when you want to sell
• The company must approve any transfer
• You could hold for 5-10 years with no exit
• IPO timing is entirely uncertain

The reality: Treat any Perplexity investment as completely illiquid capital you may never recover.

Valuation Risk: The Price Reflects Perfection

At a $9 billion valuation, Perplexity is priced for:

• Continued 100%+ annual growth
• Successful competition against Google and Microsoft
• Eventual profitability at scale
• No major AI regulation setbacks

Any stumble—slowing growth, competitive response, regulatory action—could crater the valuation. Remember: WeWork was valued at $47 billion before its IPO collapsed.

Competition Risk: Google Isn’t Sleeping

Google has:

• 90%+ search market share
• Decades of search data
• Billions in AI investment (Gemini, DeepMind)
• Distribution through Chrome, Android, default search deals
• Unlimited resources to compete

Perplexity is betting it can out-innovate a company with $300 billion in annual revenue and the world’s best AI researchers. That’s possible—but it’s not certain.

Regulatory Risk: AI Is Under Scrutiny

The AI industry faces increasing regulatory attention:

• Copyright concerns around training data
• Misinformation and accuracy requirements
• Potential AI-specific legislation
• Antitrust scrutiny of AI market concentration

Perplexity’s model—synthesizing content from across the web—faces particular scrutiny from publishers who claim their content is being used without compensation.

Acquisition Risk: Exit May Not Be IPO

Perplexity could be acquired rather than going public. While an acquisition could provide returns, it might also:

• Come at a lower valuation than current funding rounds
• Include earnouts or contingencies
• Eliminate the IPO upside investors are hoping for

When Will Perplexity AI Go Public?

There is no announced IPO timeline. Here’s what we can reasonably speculate:

What Leadership Has Said

CEO Aravind Srinivas has focused public comments on product and growth rather than IPO plans. The company is clearly in growth mode, not exit-planning mode.

Realistic Timeline Estimate

Based on typical venture-backed company trajectories:

Best estimate: 2027-2029 IPO if current trajectory continues. Could be earlier if AI market conditions are favorable, or later (or never) if growth slows or the company is acquired.

Comparable Timelines

AI companies have generally stayed private longer than previous tech generations, benefiting from abundant private capital. Perplexity may follow this pattern.

The Bottom Line

Can you buy Perplexity AI stock? No—not realistically. The company is too early-stage for meaningful secondary market access. Even accredited investors will struggle to find shares.

If you’re determined to try: Monitor platforms like EquityZen and Hiive for future availability. Understand that any investment would be highly illiquid, priced at aggressive valuations, and carry substantial risk of total loss.

For most investors: The better play is positioning for AI search broadly:

• NVIDIA (NVDA) wins regardless of which AI search engine succeeds
• Alphabet (GOOGL) offers exposure to AI search from the incumbent defending its moat
• AI ETFs (AIQ, IRBO) provide diversified exposure to the AI revolution

The honest assessment: Perplexity is an exciting company that may reshape search. But at a $9 billion valuation with no liquidity, the risk-reward for outside investors is questionable. The best move may be patience—wait for an IPO when you can buy liquid shares with full financial disclosure, or invest in the AI infrastructure companies that win regardless of which search engine dominates.

Frequently Asked Questions

Can you buy Perplexity AI stock?

No, you cannot buy Perplexity AI stock through any normal investment channel. The company is private and extremely early-stage. Secondary market platforms like EquityZen and Hiive do not currently list Perplexity shares. Even accredited investors will struggle to find access. Retail investors are limited to indirect exposure through AI ETFs or public competitors like Alphabet and Microsoft.

Is Perplexity AI publicly traded?

No, Perplexity AI is not publicly traded. The company remains private with a $9 billion valuation as of December 2024. There is no announced IPO timeline. The company was founded in 2022 and is still in hyper-growth mode, making a public offering likely several years away.

How much is Perplexity AI worth?

Perplexity AI was valued at $9 billion in its December 2024 Series D funding round. This represents a roughly 50x increase from its $180 million valuation in early 2023. The company has raised over $500 million in total funding from investors including Jeff Bezos, NVIDIA, and Institutional Venture Partners.

When will Perplexity AI go public?

There is no announced IPO date for Perplexity AI. Based on typical venture-backed company timelines and the company’s current growth stage, an IPO in 2027-2029 is plausible if the current trajectory continues. However, the company could also be acquired before going public, or remain private longer if market conditions are unfavorable.

Who are Perplexity AI’s investors?

Perplexity AI’s notable investors include Jeff Bezos (personal investment), NVIDIA (strategic investment), Institutional Venture Partners (IVP), Andreessen Horowitz, NEA, and Sequoia Capital. The NVIDIA investment is particularly significant as it likely provides Perplexity with preferred access to AI compute infrastructure.

How does Perplexity AI make money?

Perplexity AI generates revenue primarily through subscriptions. The company offers a free tier with limited queries and a Pro subscription at $20/month for unlimited access to advanced features. The company also offers enterprise solutions for businesses. Unlike Google, Perplexity is not primarily ad-supported, though the company has explored advertising as an additional revenue stream.

Sources

• TechCrunch: “Perplexity AI raises $500M at $9B valuation” (December 2024)
• Bloomberg: “Jeff Bezos-Backed Perplexity AI Triples Valuation” (2024)
• SEC: Accredited Investor Definition, Rule 501 of Regulation D
• EquityZen: Secondary market platform documentation
• Hiive: Secondary market platform documentation
• Forge Global: Private market data and transaction information
• NVIDIA: Strategic investment announcements
• Company announcements: Funding round details and product information
• Yahoo Finance: Public company data for GOOGL, MSFT, NVDA, AIQ, IRBO