Key Notes
- Nvidia is in talks to invest in Perplexity in an equity round that could value the AI search and agent startup at more than $30 billion.
- Perplexity's annualized revenue has climbed above $750 million, up from under $250 million at the start of 2026, growth partly driven by Perplexity Computer, a cloud-based AI agent that automates computer tasks for professional users.
- Per The Information, Nvidia had earlier considered alternatives to a direct investment, including a technology licensing deal or hiring some of Perplexity's staff, before talks shifted to equity.
- No transaction is confirmed, and Perplexity's CEO has separately said the company plans to IPO in 2028 regardless of how OpenAI's and Anthropic's listings perform.
Nvidia is in talks to invest in Perplexity as part of an equity funding round that could value the AI search and answer engine at more than $30 billion, The Information reported, citing people familiar with the discussions. The round is described as worth several billion dollars, with Nvidia among the prospective investors, though the deal has not been finalized and Perplexity declined to comment.
If completed at that valuation, the financing would mark an increase of more than 50% from Perplexity’s previous round about a year ago, when the company was valued at approximately $20 billion in September 2025. Perplexity’s valuation trajectory has been unusually steep even by AI-industry standards, climbing from roughly $1 billion in late 2024 to more than $30 billion now, driven largely by investor enthusiasm for AI-powered search and, increasingly, agentic software.
Nvidia is not a new name in Perplexity’s cap table. The chipmaker has participated in earlier funding rounds alongside investors including Amazon founder Jeff Bezos, SoftBank, Accel and IVP. According to The Information, Nvidia had previously explored alternative ways to work with Perplexity, including a technology licensing arrangement or hiring some of the startup’s staff, before the conversation shifted toward a direct equity investment.
The financial case rests heavily on Perplexity’s revenue acceleration. Its annualized revenue has climbed above $750 million, up sharply from less than $250 million at the start of 2026, a more than threefold increase in under a year. Part of that growth has been driven by Perplexity Computer, a cloud-based AI agent that helps professional users automate tasks performed on a computer, reflecting the company’s broader push beyond search into agent-based software capable of handling more complex workflows on a user’s behalf.
At a $30 billion valuation against $750 million in annualized revenue, investors would be pricing the company at roughly 40 times current revenue, a rich multiple even set against Perplexity’s unusually fast growth.
Deepening Nvidia’s Exposure to the AI Ecosystem
A completed investment would extend a pattern already visible in Nvidia’s dealings with CoreWeave and other AI infrastructure customers: taking equity stakes in companies further up the AI stack, beyond its core business of selling chips. Nvidia has become the central supplier of computing infrastructure for AI developers broadly, and strategic investments in application-layer businesses like Perplexity give it additional financial exposure to the demand its own hardware helps generate.
Analysts have noted this raises questions about circular financing dynamics across the AI industry, though in this case there is no public indication that Perplexity would use the new funds specifically to purchase Nvidia chips, distinguishing it from more direct compute-for-equity arrangements. Neither the investment nor the valuation has been confirmed as a completed transaction, and terms could still change as negotiations continue.
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