An answer engine betting that search becomes a wrapper over models. A textbook case for the wrapper margin question.
Member of the US AI 100
An indicative per-share price for Perplexity, averaged across 2 private-share marketplaces. It is not a tradable quote.
Indicative Price
As of Oct 31, 2026 · averaged across 2 sources
Source: Aggregated from multiple private-share marketplaces
Last primary round: Series E · 2026 · $20B, curated from reported financings · For information only, not investment advice
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Cloudflare's product managers set out the terms of the reseller it launched on October 2: one bill at providers' list prices, no markup, and a crawler rule every supplier answers to. Exa's October 18 price sheet reads as if it were written for a buyer who cannot switch.
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