Perplexity raises $200m at $20bn valuation

Perplexity, the AI-powered search and browser company, secured commitments from investors for $200 million in new funding at a $20 billion valuation, according to a report by The Information that Reuters said it could not independently verify at the time. Perplexity did not immediately confirm the figures.

The round marked the third markup in as many months. Perplexity had raised $100 million at an $18 billion valuation in July, an extension of a larger round earlier in the summer that valued the company at $14 billion. Reporting on the September close put Perplexity’s total capital raised across 2025 at roughly $800 million and cited monthly active users in the tens of millions, though neither figure came from a company-confirmed source.

The pace of the increases — three distinct valuation steps inside a single quarter — was characteristic of the funding environment for AI-native consumer products in 2025, where investor demand ran ahead of audited revenue disclosure and rounds were frequently reported by trade press before, or instead of, formal company confirmation. Perplexity’s rapid rerating also sat alongside a separate and less flattering thread running through the same period: a series of copyright lawsuits from publishers, including Encyclopaedia Britannica and Merriam-Webster, alleging its answer engine reproduced their content without licence.