Perplexity AI valued at $20B, partners with Snapchat to reach 1B users
Perplexity AI hit $20B valuation with $200M Series D in September 2025. Total funding: $1.22B across 9 rounds. Valuation grew from $520M to $20B in under 2 years. Processing 780M+ queries/month with ~$150M ARR. Major expansion in January 2026: partnership with Snapchat (1B MAU) to power AI search in chat. 2026 revenue target of $656M implies 230% growth. Key backers include Jeff Bezos, Nvidia, SoftBank.
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The Snapchat partnership is a brilliant distribution play. Instead of competing head-to-head with Google for browser search traffic, Perplexity is embedding itself where users already are - messaging apps. With 1B MAU on Snapchat alone, this could be their path to mainstream adoption. The real question: can they convert casual Snapchat users into power users who pay $20/month?