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The $34.5 Billion Mystery — How Perplexity AI Is Challenging Google for Control of Google Chrome

  • pdolhii
  • Aug 15
  • 3 min read

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A close look at the boldest high-tech deal of the year.


The Surprise Offer That Shook Silicon Valley


On the morning of August 12, 2025, a letter landed at Google’s Mountain View headquarters that made even the most seasoned executives pause. An all-cash offer of $34.5 billion to acquire Chrome — the browser used by more than 3.5 billion people every day. The sender: Perplexity AI, a startup that didn’t even exist three years ago.


Here’s the twist: Perplexity itself is valued at just $18 billion. How can a company offer nearly twice its own valuation? And where does a young company find the audacity — and financing — for such a move? 


Following the Money


Our analysis reveals a compelling picture. Behind Perplexity are not just typical investors — but a consortium of “large, unnamed funds” that have reportedly agreed to finance the deal in full. The company declines to disclose them, but sources point to a powerful coalition.

Known Perplexity investors include:

  • Jeff Bezos (via Bezos Expeditions)

  • NVIDIA Corporation

  • SoftBank Vision Fund

  • Institutional Venture Partners (IVP)

  • Databricks Ventures

  • NEA (New Enterprise Associates)


But that’s just the tip of the iceberg. Far more powerful players are moving behind the scenes.


The Man Challenging Google


Aravind Srinivas, a 31-year-old engineer, is no ordinary CEO. A graduate of the prestigious IIT Madras, he completed his PhD at UC Berkeley and worked in some of the world’s most secretive AI labs: OpenAI, Google Brain, and DeepMind.


A curious detail: Srinivas was born in the same city as Google CEO Sundar Pichai — Chennai, India — just 22 years apart. Coincidence or foreshadowing?

Stranger still: during a DeepMind internship in 2019, Srinivas reportedly memorized Steven Levy’s “In The Plex” — the inside chronicle of Google — learning the backstory of a company he’d one day challenge. 


Meteoric Rise


Perplexity’s valuation trajectory raises eyebrows:

  • Early 2024: $520 million

  • June 2024: $3 billion

  • December 2024: $9 billion

  • March 2025: $18 billion


Today’s valuation of $18 billion represents faster growth than even the most successful startups in Silicon Valley’s history.


A Timeline of “Coincidences”


  • 2020: The U.S. Department of Justice sues Google over search engine practices. 

  • 2022: Srinivas co-founds Perplexity AI.

  • August 2024: Judge Amit Mehta finds Google monopolized search.

  • October 2024: Perplexity launches its own browser — Comet Perplexity.

  • August 2025: Perplexity bids for Chrome one day before the expected remedies ruling. 


Is such perfect timing just luck?


The Antitrust Bomb Ticking


Judge Amit Mehta could announce remedies against Google “any day now.” The U.S. Department of Justice has proposed forcing Google to divest Chrome as part of the solution. 

But here’s what matters: some experts estimate Chrome’s value at $50–$630 billion, making Perplexity’s $34.5 billion bid appear dramatically low. 


Tom Tunguz’s Analysis: What Chrome Is Really Worth


Venture investor Tomasz Tunguz offers a framework that reframes the numbers:

  • Google reportedly pays Apple $20 billion per year for default placement on Safari’s ~850 million users.

  • Chrome has ~3.5 billion users — about 4x Safari’s base.

  • On comparable terms, Chrome’s annual revenue potential could exceed $73 billion.

  • Implied value: $172–$630 billion, depending on revenue multiples.


Browser Clash: History Repeats

  • 1995–2001: Netscape vs. Microsoft Internet Explorer; Microsoft’s bundling triggered antitrust scrutiny.

  • 2004–2017: IE vs. Firefox vs. Chrome; Google wins on speed and innovation.

  • 2025: Race for AI Browser Leadership. Perplexity, OpenAI, and others are battling for control of the “intelligent” internet layer.


Unanswered Questions

  • Who is really financing Perplexity’s bid — and why the secrecy?

  • Why is the offer so low — a $34.5 billion opening gambit against $50–$630 billion estimates?

  • How tightly linked is Perplexity’s rise to the antitrust calendar?

  • What happens to user data for 3.5 billion Chrome users under a new owner?


If Perplexity Gets Chrome: Three Scenarios

  • Status quo with an AI layer: Chrome retains Google Search as default; Perplexity invests in Chromium and adds AI features — the least disruptive path for users and regulators. 

  • Default redistribution: Remedies alter default search arrangements; some traffic shifts away from Google — the biggest shock to search ads and market share. 

  • Prolonged appeals: The deal stalls for years in courts and regulatory reviews — Perplexity gains brand impact, but operational benefits are delayed.


Verdict: Revolution or Calculated Play?

Perplexity’s bid isn’t just a business move. It’s a potential paradigm shift for the internet — where AI replaces traditional search and browsers evolve into “intelligent agents.” The real question remains: is this the dawn of a new era — or the boldest financial gambit in tech history?


One thing is certain: the next few months will determine how we use the internet.


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