Investing in pre-IPO shares involves significant risk and is not suitable for all investors. These securities are illiquid and may be subject to transfer restrictions and long holding periods.
There is no guarantee the company will go public, be acquired, or otherwise provide liquidity. Investments may be held through special purpose vehicles (SPVs) or other structures that could affect voting rights, liquidity, and cap table representation. Valuations are often based on limited or non-public information and may not reflect the actual market value.
Past performance is not indicative of future results, and investors should be prepared to lose their entire investment. Carefully review all offering documents and risk disclosures before making an investment decision.
Offering Details
Offering Name:
Perplexity – IPO CLUB Series 32
Minimum Investment Size:
$100,000
Type of Offering:
Reg D 506(c)
Investor Type:
Accredited
Launch Date:
August 1, 2025
Fees:
20% carried interest on net profits*
Anticipated Final Close:
August 6, 2025
Asset Class:
Pre-IPO
*Alto Securities, LLC, will receive a placement fee of up to 3.5% of the total capital raised in connection with this offering. This is a limited-capacity opportunity, and participation will be accepted on a first-come, first-served basis, subject to availability and investor qualification. The price per share is estimated and may vary based on final SPV terms and share acquisition costs.
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Additional offering details
All-in valuation (inclusive of fees): $22.5 billion*
Underlying Security: Perplexity Series E Preferred Shares
This offering is for IRAs only.
*The stated all-in valuation of approximately $22.5 billion reflects the estimated total enterprise value of Perplexity Inc. as implied by this investment opportunity. This figure includes the estimated underlying value of the equity interests held or expected to be held by the Series entity, along with all applicable platform, administrative, structuring, and sourcing-related fees associated with this offering. This valuation is based on internal estimates and third-party secondary market indications as of August 2025 and is subject to change without notice based on market conditions, updated third-party data, or changes in fund terms. Investors should be aware that the offering is made at a valuation that may represent a premium over the most recent institutional benchmarks.
Disclosures
This is a limited-capacity investment opportunity. Participation is not guaranteed and will be accepted on a first-come, first-served basis, subject to availability and investor qualification, including applicable accreditation or eligibility requirements.
In addition to any one-time or recurring fees assessed by the platform, manager, or service providers, the Series is structured to include a performance-based carried interest. Specifically, the Manager (or its affiliate) is entitled to receive 20% of all profits realized above each investor’s original contributed capital, payable only in the event of a qualifying liquidity event such as an IPO or acquisition of the underlying equity.
The price per share is currently estimated and may change prior to finalization based on the terms of the special purpose vehicle (SPV), share acquisition costs, and other transaction-related expenses. Prospective investors should carefully review all offering materials, including risk factors and fee disclosures, and consult with their financial, legal, and tax advisors before making an investment. Past performance is not a guarantee of future results. No assurance can be given that a company will complete an IPO or achieve a liquidity event.
