Nvidia is reportedly negotiating an equity investment in Perplexity during its latest funding round.

Nvidia is in discussions to invest in Perplexity as part of an equity funding round that would value the AI startup at more than $30 billion, The Information recently reported, citing people with knowledge of the discussions. The round would mark an increase of more than 50% from Perplexity’s previous valuation of $20 billion, which The Information reported was finalised in September last year. Perplexity’s annualised revenue has grown to more than $750 million, up from under $250 million at the start of the year, according to the report. Part of that growth has come from Perplexity Computer, a cloud-based AI agent used by professionals to automate computer tasks.

Earlier this year, Perplexity signed a $750 million agreement with Microsoft to use its Azure cloud service, according to a Bloomberg News report. In June, chief executive Aravind Srinivas told CNBC that Perplexity plans to go public in 2028 regardless of how the market receives the listings of AI rivals Anthropic and OpenAI. Perplexity’s existing backers include Amazon founder Jeff Bezos, SoftBank Group, and Nvidia, according to the report.