No sugar coating…
SpaceX is oversubscribed. OpenAI filed its S-1 Monday afternoon. Anthropic filed a week ago. Everyone in AI is racing to the public markets like there is a fire sale and the doors close Friday.
Everyone except Perplexity.
While Sam Altman was announcing his third phase and Dario Amodei was quietly letting his filing speak for itself, Perplexity CEO Aravind Srinivas went on CNBC and said the thing everyone is thinking but nobody wants to say out loud.
“The SpaceX IPO this week will definitely be a leading indicator of how Anthropic or OpenAI will go out. I certainly think there will be ripple effects if they don’t go well — there is no sugar coating on that.”
— Aravind Srinivas, CEO, Perplexity, CNBC, June 8, 2026
Here’s the story. ⇩
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2028. Not 2026.
Perplexity is an AI-powered search engine. It answers questions with cited sources in real time — a direct challenge to Google Search.
It raised $500 million in January 2026 at a $9 billion valuation. It is growing fast, it is not burning cash at SpaceX or OpenAI scale, and its CEO is apparently comfortable enough with where the business is to sit out the most frenzied IPO market in a decade.
While Wall Street debates OpenAI, Anthropic, and SpaceX…
Perplexity is talking about 2028.
The AI search startup said this week it still plans to go public in 2028 regardless of how the upcoming AI IPOs perform.
That’s been the plan all along.
Perplexity Chief Business Officer Dmitry Shevelenko told Reuters that holding 2028 as the company’s earliest IPO date has helped it build a “healthy, high-growth business.”
CEO Aravind Srinivas isn’t ignoring the IPO frenzy.
Quite the opposite.
He called the SpaceX IPO a “leading indicator” for how Anthropic and OpenAI could be received by investors.
Everybody in AI will be watching Friday.
Even the companies that aren’t going public.
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Here is What Happened Yesterday…
!!! OpenAI filed its S-1.
$2 billion a month. Growing 4x faster than Alphabet and Meta did.
$852B valuation – below Anthropic’s $965B.
1 The bull case is genuinely extraordinary.
→ $2 billion in monthly revenue as of March 2026
→ Growing 4x faster than Alphabet and Meta at comparable stages
→ Was $1B in quarterly revenue at end of 2024 — roughly 8x growth in 12 months
→ 900 million weekly active users on ChatGPT
→ $122 billion raised — heavyweight backers including SoftBank, Amazon, Nvidia
→ New $8 tier projected to reach 122 million subscribers in 2026
2 The bear case is also genuinely real.
→ Not profitable until 2030 — company’s own forecast
→ Missing some internal revenue targets recently per WSJ
→ Anthropic pulling ahead among business customers
→ Pace of cash consumption “unprecedented among publicly traded companies”
→ CFO previously suggested government should “backstop” chip spending — walked it back
→ Ads projected as biggest revenue driver by 2030 — not yet proven
The IPO does not resolve that tension. It just makes it public. Literally.
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The Question
By the time OpenAI arrives in September — how much capital is left?
SpaceX goes first.
Anthropic is already in line.
Google just raised $80 billion.
And OpenAI is coming after all of them.
As D.A. Davidson analyst Gil Luria put it, what OpenAI doesn’t want is for public market capital to run out before its turn arrives.
The market can absorb hundreds of billions of dollars.
But not all at once.
That is what makes Perplexity’s approach so interesting.
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