Structured secondary-market access to Perplexity — the leading AI-powered answer engine and direct challenger to Google Search. Exclusively for professional investors.
The bonds offered are an entrepreneurial investment with risks. In principle, a total loss of the invested capital cannot be ruled out.
Perplexity is a real-time, source-cited AI search platform that combines frontier LLMs (GPT-5.2, Claude 4.6, and proprietary Perplexity models) with live web indexing. Unlike traditional search engines that return ranked links, Perplexity delivers conversational answers with inline citations. The platform processes 780+ million queries per month from 45+ million monthly active users.
In August 2025, Perplexity made an unsolicited USD 34.5 billion bid for Google's Chrome browser — widely interpreted as a strategic positioning statement. The company has since launched Comet (AI-native browser), expanded its Enterprise offering, and operates subscription-only without advertising, aligning its model with user trust rather than ad-driven incentives.
ARR scaled from USD 35 million (mid-2024) to approximately USD 200 million (late 2025), with management targeting USD 656 million ARR for 2026. Total funding exceeds USD 1.7 billion across 11 rounds from a tier-one investor base including Nvidia, SoftBank Vision Fund 2, Accel, IVP, Jeff Bezos, NEA, Databricks, and Bessemer.
Perplexity's valuation has grown from USD 121 million (April 2023) to approximately USD 20–21 billion (Series E-6, early 2026) — one of the fastest valuation ramps ever recorded in private markets. With ARR of approximately USD 200 million (late 2025) and a 2026 ARR target of USD 656 million, the current valuation implies a forward revenue multiple of approximately 30x.
Solid line = primary funding rounds (post-money). All valuation figures are indicative. Source: Cometum analysis based on public data and market research (TechCrunch, PitchBook, Tracxn, Sacra, TSG Invest, Forbes, Reuters, Bloomberg). Valuations do not necessarily reflect Cometum's entry price.
Investors purchase the Cometum Bond — a German security with €1,000 denomination and €5,000 minimum subscription.
Cometum's SPV participates in one or more special purpose vehicles.
These special purpose vehicles are directly or indirectly holding the shares of Perplexity.
Subordinated bearer bond providing structured participation in the value development of Shield AI — issued as a German security.
Lawyer specialized in banking and capital markets law. Previously Ashurst LLP and CACEIS Bank.
sascha.miller@cometum.comSpecialist in Wealth Management & B2B Sales. Previously Scalable Capital and Reimann Investors.
uwe.passmann@cometum.comAvailable exclusively to professional clients as defined by MiFID II. Contact our team to receive the offering documents, terms and conditions, and the full risk notice.
Only the information provided in the issuer's offering documents is decisive for the assessment of the bond.This product is intended exclusively for professional clients as defined by MiFID II. Buyers of a bond assume a significant risk, which can lead to the complete loss of the invested capital. The information provided here is non-binding promotional material and, in its nature and form, expressly does not constitute financial or any other investment advice. The information mentioned in no way replaces investment advice tailored to the investor's circumstances. The issuer expressly points out the following facts: Only the information provided in the issuer's offering documents (Cometum Direct Invest GmbH & Co. KG), i.e., the terms and conditions of the bond and the risk notice, are decisive for the assessment of the bond. None of the information constitutes an invitation to submit an offer to purchase, nor is it an offer to subscribe to or buy the issuer's bond. Cometum is not a bank, but solely an issuer and product provider for exclusive private markets products. This investment does not involve the direct acquisition of Perplexity shares by the investor, but rather a structured participation that allows participation in the value development of Perplexity. The information regarding the current valuation of Perplexity serves informational purposes only. The valuation at which structured participation in Perplexity takes place may differ from the current market valuation. It does not indicate an indicative entry price from Cometum. The company operates in a highly competitive market environment characterized by regulatory developments and geopolitical uncertainties. The strategic focus is on technology-oriented clients who require innovative solutions and high adaptability. Cometum participates directly or indirectly through one or more investments in special purpose vehicles, which in turn are directly involved with Perplexity. The Perplexity bond is therefore an entrepreneurial investment with risks. In principle, a total loss of the invested capital cannot be ruled out. The shares of Perplexity Inc. are quoted in the foreign currency US Dollar ("USD"). Therefore, in addition to customary market price fluctuations, they are also subject to exchange rate risk. Changes in the exchange rate between the euro and the USD can affect the performance and the euro-denominated return of the investment both positively and negatively. An appreciation of the euro against the USD may lead to losses, even if the price of Perplexity shares in their home currency, USD, has risen. Additional fees may apply at underlying participation levels (management fees, performance fees, exit fees, fees in connection with an IPO). The exact number of Perplexity shares outstanding is not necessarily publicly known or fixed at the time of investment. Perplexity may issue additional shares — for example in connection with its IPO, the financing of an acquisition, further financing rounds, or employee participation programmes. Such issuances dilute existing holders: the total number of shares increases, and the proportion of the company attributable to each existing share decreases accordingly. As a result, the valuation at which the structured participation was entered may, in retrospect, prove higher relative to the effective per-share basis and may change to the investor's disadvantage. In particular, the total valuation of the company may increase while the value attributable to an individual share — and therefore to the investor's participation — does not increase to the same extent, or may even decline. The headline valuation figures stated in this material are therefore not a reliable indicator of the value development of the investor's participation, which depends on the per-share value at the relevant point in time. This presentation is a non-binding offer (invitatio ad offerendum) and is for informational purposes only.