Perplexity's plan would allow the U.S. to own up to half of the new entity once it makes an initial offering of at least $300 billion.

A proposal document viewed by CNBC, which was shared with ByteDance and prospective new investors, detailed the creation of a new U.S. holding company, "NewCo."

Perplexity AI has submitted a revised proposal to merge with TikTok, in an arrangement that would give the U.S. government up to 50 percent ownership of