<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:ns2="http://www.sec.gov/edgar/common">
    <headerData>
        <submissionType>144</submissionType>
        <filerInfo>
            <filer>
                <filerCredentials>
                    <cik>0001833462</cik>
                    <ccc>XXXXXXXX</ccc>
                </filerCredentials>
            </filer>
            <liveTestFlag>LIVE</liveTestFlag>



        </filerInfo>
    </headerData>
    <formData>
        <issuerInfo>
            <issuerCik>0001422930</issuerCik>
            <issuerName>PUBMATIC, INC.</issuerName>
            <secFileNumber>001-39748</secFileNumber>
            <issuerAddress>
                <ns2:street1>601 MARSHALL STREET</ns2:street1>
                <ns2:city>Redwood City</ns2:city>
                <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                <ns2:zipCode>94063</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>6503313485</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>MUKUL KUMAR</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>8th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>24000</noOfUnitsSold>
            <aggregateMarketValue>293280.00</aggregateMarketValue>
            <noOfUnitsOutstanding>38180751</noOfUnitsOutstanding>
            <approxSaleDate>06/02/2026</approxSaleDate>
            <securitiesExchangeName>NASDAQ</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>06/02/2026</acquiredDate>
            <natureOfAcquisitionTransaction>Exercise of Stock Options</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>24000</amountOfSecuritiesAcquired>
            <paymentDate>06/02/2026</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>MUKUL KUMAR</name>
                <address>
                    <ns2:street1>601 MARSHALL STREET</ns2:street1>
                    <ns2:city>Redwood City</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94063</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>04/02/2026</saleDate>
            <amountOfSecuritiesSold>7830</amountOfSecuritiesSold>
            <grossProceeds>63996.94</grossProceeds>
        </securitiesSoldInPast3Months>
        <remarks>The securities to be sold were and will be received upon the exercise of stock options over the next three months. The dates of acquisition and payment were and will be the dates of exercise/sale.&#13;
</remarks>
        <noticeSignature>
            <noticeDate>06/02/2026</noticeDate>
            <planAdoptionDates>
                <planAdoptionDate>03/03/2026</planAdoptionDate>
            </planAdoptionDates>
            <signature>/s/ Mukul Kumar</signature>
        </noticeSignature>
    </formData>
</edgarSubmission>
