Nvidia is discussing investing in Perplexity as part of an equity round that would value the AI startup at more than $30 billion, according to people with knowledge of the discussion.

The round would be worth billions of dollars and boost the startup’s valuation more than 50% from its last financing a year ago, the people said. The proposed deal comes as the two companies have forged stronger business ties and Perplexity’s annualized revenue has climbed to more than $750 million from less than $250 million at the start of the year, thanks in part to Perplexity Computer, an AI agent that professionals use to automate computer tasks, according to one of the people and another person familiar with the matter.