<?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>0001974892</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>650-331-3485</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>PAULINA KLIMENKO</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Director</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>40000</noOfUnitsSold>
            <aggregateMarketValue>687872.00</aggregateMarketValue>
            <noOfUnitsOutstanding>37303647</noOfUnitsOutstanding>
            <approxSaleDate>08/12/2026</approxSaleDate>
            <securitiesExchangeName>NASDAQ</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>04/01/2024</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1676</amountOfSecuritiesAcquired>
            <paymentDate>04/01/2024</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>04/01/2024</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1349</amountOfSecuritiesAcquired>
            <paymentDate>04/01/2024</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>07/01/2024</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1255</amountOfSecuritiesAcquired>
            <paymentDate>07/01/2024</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>07/01/2024</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>98</amountOfSecuritiesAcquired>
            <paymentDate>07/01/2024</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>07/01/2024</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1671</amountOfSecuritiesAcquired>
            <paymentDate>07/01/2024</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>09/30/2024</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>569</amountOfSecuritiesAcquired>
            <paymentDate>09/30/2024</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>10/01/2024</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>3225</amountOfSecuritiesAcquired>
            <paymentDate>10/01/2024</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>10/01/2024</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1443</amountOfSecuritiesAcquired>
            <paymentDate>10/01/2024</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>10/01/2024</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>3275</amountOfSecuritiesAcquired>
            <paymentDate>10/01/2024</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>12/31/2024</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>579</amountOfSecuritiesAcquired>
            <paymentDate>12/31/2024</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>01/01/2025</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1881</amountOfSecuritiesAcquired>
            <paymentDate>01/01/2025</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>01/01/2025</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>3950</amountOfSecuritiesAcquired>
            <paymentDate>01/01/2025</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>01/01/2025</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>3911</amountOfSecuritiesAcquired>
            <paymentDate>01/01/2025</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>04/01/2025</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1930</amountOfSecuritiesAcquired>
            <paymentDate>04/01/2025</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>07/01/2025</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>3318</amountOfSecuritiesAcquired>
            <paymentDate>07/01/2025</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>07/01/2025</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>4247</amountOfSecuritiesAcquired>
            <paymentDate>07/01/2025</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>07/01/2025</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1440</amountOfSecuritiesAcquired>
            <paymentDate>07/01/2025</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>07/01/2025</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>4183</amountOfSecuritiesAcquired>
            <paymentDate>07/01/2025</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>PAULINA KLIMENKO</name>
                <address>
                    <ns2:street1>3 Lagoon Drive, Suite 180</ns2:street1>
                    <ns2:city>Redwood City</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94065</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>COMMON</securitiesClassTitle>
            <saleDate>07/06/2026</saleDate>
            <amountOfSecuritiesSold>9009</amountOfSecuritiesSold>
            <grossProceeds>120518.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>Klimenko Paulina</name>
                <address>
                    <ns2:street1>3 Lagoon Drive, Suite 180</ns2:street1>
                    <ns2:city>Redwood City</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94065</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>COMMON</securitiesClassTitle>
            <saleDate>07/02/2026</saleDate>
            <amountOfSecuritiesSold>14914</amountOfSecuritiesSold>
            <grossProceeds>203553.73</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>PAULINA KLIMENKO</name>
                <address>
                    <ns2:street1>3 Lagoon Drive, Suite 180</ns2:street1>
                    <ns2:city>Redwood City</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94065</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>COMMON</securitiesClassTitle>
            <saleDate>07/01/2026</saleDate>
            <amountOfSecuritiesSold>9254</amountOfSecuritiesSold>
            <grossProceeds>124175.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>08/12/2026</noticeDate>
            <planAdoptionDates/>
            <signature>/s/ Paulina Klimenko</signature>
        </noticeSignature>
    </formData>
</edgarSubmission>
