TLDR
- Bill Ackman described Anthropic as one of the most impressive business stories in his career.
- Despite his admiration, Pershing Square will not invest in the AI startup.
- The company saw revenue climb 12-fold to approximately $4.6 billion in 2025.
- Net losses for the same period totaled $42 billion.
- Anthropic seeks a $2 trillion market cap for its upcoming public offering.
During a Wednesday appearance on Bloomberg TV, billionaire investor Bill Ackman shared his thoughts on AI startup Anthropic, describing its trajectory as among the most remarkable business developments he has witnessed throughout his career.
The Pershing Square founder made clear that while he holds the company in high regard, his investment firm has no plans to acquire a stake in Anthropic.
“Anthropic is perhaps the greatest business story I’ve ever seen,” Ackman remarked. He highlighted the firm’s explosive revenue expansion and its Claude AI assistant as key factors driving his assessment.
Investment Philosophy Drives Decision
The hedge fund manager outlined why Anthropic doesn’t fit Pershing Square’s investment criteria. His firm seeks companies with foreseeable and stable business trajectories.
Ackman referenced holdings such as Microsoft, S&P Global, Visa, and Mastercard as typical examples of investments that align with his fund’s philosophy.
The billionaire explained that Pershing Square steers clear of rapidly expanding ventures that consume substantial capital. He characterized such investments as wagers on the prospect that eventual profitability will justify current expenditures.
Additionally, Ackman questioned whether premier AI companies can maintain their competitive advantages long-term. He noted that open source and open weight AI models represent more affordable options that might challenge proprietary systems.
These concerns emerge as Anthropic moves toward a public market debut scheduled for later this year. The company has yet to file formal documentation for its offering.
Reuters published information this week from a confidential filing that revealed both impressive revenue expansion and substantial financial losses.
Financial Performance Shows Contrasts
The confidential filing indicated that Anthropic’s 2025 revenue surged twelve-fold compared to the previous year, reaching nearly $4.6 billion.
However, the company’s net losses expanded proportionately, totaling $42 billion during 2025.
Notwithstanding these losses, Anthropic is pursuing a $2 trillion valuation for its public market entry. Such a figure would rank it among the highest-valued companies to debut on stock exchanges.
Market participants will require assurance that revenue growth can eventually surpass operational spending. Financial analysts have begun questioning whether the economics support such optimism.
Competitor OpenAI is similarly anticipated to pursue a public listing eventually. Both organizations confront comparable scrutiny regarding the relationship between spending and revenue generation.
Ackman’s position doesn’t indicate complete avoidance of the artificial intelligence sector. His fund maintains positions in several major technology firms benefiting from AI advancement.
Public filings from August reveal that Pershing Square holds equity stakes in Meta, Amazon, and Microsoft. These investments demonstrate Ackman’s preference for accessing AI growth through mature corporations instead of emerging ventures.
During his television appearance, Ackman refrained from advocating for additional regulatory oversight of major AI companies. His remarks centered primarily on investment considerations rather than policy recommendations.
The interview contributes to broader conversations about appropriate valuation methods for AI companies approaching public markets. Market observers anticipate significant attention on Anthropic’s forthcoming IPO.
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