Will Perplexity's valuation hit (LOW) $12.5B by December 31?

The main risks are a delayed round, a valuation cut due to an AI market correction, or a lack of public confirmation before December 31. If Perplexity postpones fundraising to 2026 or investors re-rate multiples, the valuation may not hit the threshold. It is also possible the market resolves on a formal criterion that is not met, even if the company's actual value is higher.