Perplexity AI, an AI search startup, is reportedly in discussions to raise $1 billion at an $18 billion valuation, marking a doubling of its valuation in just three months and an 18-fold increase over the past year. The company has achieved a milestone of over $100 million in annualized revenue, which does not account for any free trial users across consumer, enterprise, or API segments. This revenue achievement comes within 20 months of launching Perplexity Pro in 2023, reflecting a year-over-year growth rate of 6.3 times. Despite this growth, the company is noted to be highly under monetized.