**Katy Perry and Justin Trudeau have been publicly dating since mid-2025, with their relationship confirmed through multiple verified sightings, an Instagram post, and a June 2026 red-carpet debut at the Tribeca Festival for Perry’s concert film.** Perry has described Trudeau as “the love of my life” in public remarks, and the pair continued appearing loved-up during a late-July 2026 vacation in Saint-Tropez. As of mid-August 2026, roughly four and a half months remain before the market resolves, and no official statements, announcements, or credible reports have surfaced about an engagement or wedding plans. Celebrity timelines vary widely, and personal milestones like proposals are rarely predictable even in established relationships. Traders appear to weigh the relationship’s solid but still relatively short public track record against the compressed timeframe and the absence of any engagement signals, producing the 76.5% market-implied probability on “No.” Upcoming public appearances or holiday-season updates could shift sentiment, but current verified developments provide little basis for expecting a proposal before year-end.