Perplexity at $148M/year
Jan-Erik Asplund
TL;DR: Perplexity’s original wedge—LLM search with citations—has now been commoditized by every model lab. Now at a Sacra-estimated $148M in annualized revenue as of June, up from $63M at the end of 2024, Perplexity is betting on Comet, its agentic browser, to own the interface layer and go beyond answering queries to completing tasks. For more, check out our full report and dataset on Perplexity.
We first covered Perplexity at $11M annualized revenue in March 2024, growing 4,272% YoY, when it broke through with its strong initial product-market fit, and we last followed up at $100M in annualized revenue as it was first exploring vertical-specific features in shopping.
Here’s our Perplexity update with key points via Sacra AI:
- Sacra estimates Perplexity reached $148M in annualized revenue in June 2025, up from $63M at the end of 2024, with talks that they’re raising at a $20B valuation giving it a 135x revenue multiple—compare to foundation lab companies OpenAI at $13B ARR in July 2025, up 2x since January, in talks to do a tender offer at a $500B valuation for a 38x multiple and Anthropic at $5B ARR in July 2025, up 5x since 2024, now raising at a $170B valuation for a 34x multiple, in addition to AI product companies like Glean at $110M ARR at the end of 2024, up 203% YoY, valued at $4.6B in its September 2024 Series D for a 42x multiple.
- Now that web search with citations feature natively across ChatGPT, Claude, Gemini and Copilot, Perplexity's original wedge has been commoditized, with Perplexity’s opportunity now hinging on going deeper into key verticals like finance, travel, shopping & academia where domain-specific data & product partnerships (FactSet, PayPal) enable deeper research, engagement and the ability to transact.
- The battleground has now shifted to the browser, with Perplexity launching its agentic browser Comet in beta in July 2025—that can answer questions with browser context & execute actions (filling forms, making purchases, book flights) on users’ behalf—betting that they can seize control of the interface upstream where user intent originates and own search before agentic browsing efforts from OpenAI (ChatGPT Agent), Anthropic (Claude Computer Use), and Google (Project Mariner) take hold.
For more, check out this other research from our platform:
- Perplexity (dataset)
- OpenAI (dataset)
- Anthropic (dataset)
- Perplexity at $100M ARR
- How Perplexity hits $656M ARR
- Anthropic's ChatGPT
- Fal.ai at $95M/year growing 4,650% YoY
- Replit at $106M ARR
- OpenEvidence at $50M/year growing 30% MoM
- Lovable at $84M ARR growing 36% MoM
- $100M/year Plaid of AI
- Harvey at $75M ARR
- Danny Wheller, VP of Business & Strategy at Hebbia, on vertical vs horizontal enterprise AI
- Wade Foster, co-founder & CEO of Zapier, on AI agent orchestration
- Sam Hall, CEO of Wafer, on AI agent form factors
- Why OpenAI wants Windsurf
- Claude Code vs. Cursor
- Vibe coding index
