Nvidia has been discussing an investment in Perplexity that would value the AI search company at more than $30bn, according to The Information, which reported that the two sides also considered a technology licensing arrangement alongside the equity cheque.
The talks are the latest turn in a relationship that already runs deeper than the usual investor-and-customer arrangement, since Perplexity was among the first named takers for Nvidia’s Vera CPU.
At more than $30bn, the valuation would represent a jump of over 50% on the roughly $20bn Perplexity carried after its last reported round, and it would land the company among the most richly priced private AI businesses in the world. The round itself is described as worth billions of dollars, though neither the size of Nvidia’s proposed stake nor the identity of the other participants has been reported.
Neither company has commented publicly, and it is not clear whether the licensing component is still live or was set aside during the negotiations.
What makes the discussions unremarkable, in one sense, is how routine this kind of cheque has become for Nvidia. Its equity commitments passed $40bn in 2026 alone, spread across model developers, neoclouds, and infrastructure companies that, almost without exception, buy Nvidia silicon with the money.
