Tokenized Access to Perplexity Pre-IPO Equity.

Perplexity is building an “answer engine” that sits between search and chat, trying to win users with cited responses and productized research workflows. Funding momentum remains strong: TechCrunch reported a $200M raise at a $20B valuation (September 2025), following earlier rounds and accelerating competitive pressure in AI search. Strategically, Perplexity has pursued publisher alignment: Semafor reported revenue-sharing agreements with major media brands (including Fortune, Time, and Der Spiegel). More recently, reporting indicates Perplexity is being tested as part of a Samsung Bixby reboot an integration path that, if it expands, could unlock enormous default distribution. Investors get exposure to consumer AI search adoption, monetization experiments, and potential OEM/channel leverage.