<?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>0001833465</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>STEVE M PANTELICK</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>19716</noOfUnitsSold>
            <aggregateMarketValue>341205.10</aggregateMarketValue>
            <noOfUnitsOutstanding>37303647</noOfUnitsOutstanding>
            <approxSaleDate>08/13/2026</approxSaleDate>
            <securitiesExchangeName>NASDAQ</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>06/30/2021</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1965</amountOfSecuritiesAcquired>
            <paymentDate>06/30/2021</paymentDate>
            <natureOfPayment>Compensation</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>09/30/2021</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1065</amountOfSecuritiesAcquired>
            <paymentDate>09/30/2021</paymentDate>
            <natureOfPayment>Compensation</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>12/31/2021</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>2261</amountOfSecuritiesAcquired>
            <paymentDate>12/31/2021</paymentDate>
            <natureOfPayment>Compensation</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>03/31/2022</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>2260</amountOfSecuritiesAcquired>
            <paymentDate>03/31/2022</paymentDate>
            <natureOfPayment>Compensation</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>11/30/2023</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Vesting Under a Registered Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>61</amountOfSecuritiesAcquired>
            <paymentDate>11/30/2023</paymentDate>
            <natureOfPayment>Compensation</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>4177</amountOfSecuritiesAcquired>
            <paymentDate>04/01/2024</paymentDate>
            <natureOfPayment>Compensation</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>2169</amountOfSecuritiesAcquired>
            <paymentDate>07/01/2024</paymentDate>
            <natureOfPayment>Compensation</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>189</amountOfSecuritiesAcquired>
            <paymentDate>07/01/2024</paymentDate>
            <natureOfPayment>Compensation</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>1819</amountOfSecuritiesAcquired>
            <paymentDate>07/01/2024</paymentDate>
            <natureOfPayment>Compensation</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>05/28/2021</acquiredDate>
            <natureOfAcquisitionTransaction>Shares Purchased Through Employee Stock Purchase Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>2500</amountOfSecuritiesAcquired>
            <paymentDate>05/28/2021</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>05/31/2022</acquiredDate>
            <natureOfAcquisitionTransaction>Shares Purchased Through Employee Stock Purchase Plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1250</amountOfSecuritiesAcquired>
            <paymentDate>05/31/2022</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>Steve Pantelick</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>08/12/2026</saleDate>
            <amountOfSecuritiesSold>22203</amountOfSecuritiesSold>
            <grossProceeds>383063.92</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>Steve Pantelick</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>07/06/2026</saleDate>
            <amountOfSecuritiesSold>12548</amountOfSecuritiesSold>
            <grossProceeds>168336.44</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>Steve Pantelick</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>07/01/2026</saleDate>
            <amountOfSecuritiesSold>23548</amountOfSecuritiesSold>
            <grossProceeds>321430.20</grossProceeds>
        </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>08/13/2026</noticeDate>
            <planAdoptionDates/>
            <signature>/s/ Steve Pantelick</signature>
        </noticeSignature>
    </formData>
</edgarSubmission>
