San Francisco start‑up Perplexity posted a 50% month‑over‑month revenue jump as it pivots from its chatbot‑style search to AI agents that execute tasks for users. Monthly active users now top 100 million, with enterprise clients adding a steady subscription stream. The shift aims to offset rivals’ deeper pockets by offering higher‑margin services.

Annual recurring revenue crossed $450 million in March, buoyed by the February launch of the Computer agent and a new usage‑based pricing tier. Subscribers pay $20‑$200 per month, while top tiers receive a credit bundle before extra usage fees apply. This model, though more volatile, better reflects the compute costs of running sophisticated agents.

Perplexity’s growth follows a tumultuous year that saw lawsuits over alleged copyright infringement and a privacy claim alleging data sharing with Google and Meta. The company denied wrongdoing and continues to market its Comet browser and Model Council tools, which route queries to the most efficient model—ranging from OpenAI’s GPT to Chinese offerings like DeepSeek.

Valuation hit $20 billion in September, up from $500 million at the start of 2024, thanks to backing from Nvidia, SoftBank Vision Fund 2, Jeff Bezos and former Meta AI chief Yann LeCun. The firm’s ability to triage workloads across multiple models positions it as a niche player in a market dominated by giants such as Anthropic and OpenAI.