Billionaire investor Bill Ackman recently stated that the AI startup Anthropic represents what he considers “perhaps the greatest business story I’ve ever seen.” However, despite his high praise for the company’s potential, Ackman indicated that his hedge fund, Pershing Square, is unlikely to purchase shares of the frontier AI model maker.
Ackman’s Assessment of Anthropic’s Potential
Speaking to Bloomberg TV, Ackman lauded Anthropic, describing it as an “amazing company.” He specifically highlighted the quality of the company’s Claude product, as well as its impressive trajectory in revenue and valuation growth. Despite this enthusiasm, he remained reserved about making a direct investment. “Anthropic is perhaps the greatest business story I’ve ever seen,” Ackman stated, while clarifying that Pershing Square would not be adding the AI company to its investment portfolio.
Investment Philosophy and Sector Concerns
Ackman explained that his investment strategy favors businesses that are highly predictable over an extended period. He noted that he prefers “kind of boring things,” citing examples such as Visa, Mastercard, Microsoft, and S&P Global. He further cautioned against investing in businesses that are growing rapidly and consuming substantial amounts of capital, especially when the future economic lines are unclear. Furthermore, Ackman questioned the long-term competitive durability of frontier model companies, specifically querying whether they can maintain their market standing against the growing power of open-source and open-weight models.
Anthropic’s IPO Prospects and Financial Data
These comments come as Anthropic prepares for a potential Initial Public Offering (IPO) later this year. While the company has not released its official IPO paperwork, a report revealed a leaked filing detailing Anthropic’s financial performance. According to the report, Anthropic’s revenue for 2025 is projected to have grown 12 times, reaching close to $4.6 billion. However, the filing also showed that the company’s net losses soared to $42 billion in 2025. The company is targeting a massive $2 trillion valuation for its public debut. Analysts suggest that the success of Anthropic’s IPO, and that of its rival OpenAI, will depend on investor confidence that the company’s revenue will eventually surpass its spending.
Current Holdings and Market Outlook
Despite his general caution regarding highly speculative, fast-growing tech sectors, Ackman clarified that his hedge fund is not entirely detached from the AI boom. According to an August filing, Pershing Square currently maintains holdings in shares of Meta (META), Amazon (AMZN), and Microsoft (MSFT).
