TLDR
- Bill Ackman called Anthropic “perhaps the greatest business story” he’s seen.
- Pershing Square likely won’t invest in the AI company.
- Anthropic’s 2025 revenue grew 12 times to nearly $4.6 billion.
- The company’s net losses reached $42 billion in the same year.
- Anthropic is targeting a $2 trillion valuation ahead of a planned IPO.
Billionaire investor Bill Ackman spoke about artificial intelligence company Anthropic during a Bloomberg TV interview on Wednesday. He called the company’s growth one of the best business stories he has ever followed.
Bill Ackman says Anthropic is perhaps the greatest business story he's ever seen and he's less likely to own it
[ Dani: What do you make of an IPO with that sort of thing in it? And is that a company you would even buy? ]
"So I think Anthropic, it's perhaps the greatest… https://t.co/17c2WBfo6U pic.twitter.com/oRJQ8GTM5t
— CEOInterviews.AI (@CEOinterview) September 30, 2026
Ackman leads the hedge fund Pershing Square. He said his fund likely will not buy shares in Anthropic despite his praise for the company.
“Anthropic is perhaps the greatest business story I’ve ever seen,” Ackman said. He pointed to the company’s revenue growth and its Claude product as reasons for his view.
Why Ackman Is Staying Away
Ackman explained that his fund looks for businesses with predictable futures. He named companies like Microsoft, S&P Global, Visa, and Mastercard as examples of the type of business Pershing Square prefers.
He said his fund avoids fast-growing companies that use large amounts of cash. Ackman described this as betting that future profits will eventually catch up to current spending.
Ackman also raised doubts about how long top AI companies can keep their edge. He pointed to open source and open weight models as cheaper alternatives that could compete with leading AI systems over time.
This question comes up as Anthropic prepares for a planned public stock offering later this year. The company has not released official IPO paperwork yet.
A Reuters report this week shared details from a leaked filing. That filing showed sharp revenue growth alongside large losses.
The Numbers Behind Anthropic’s Growth
According to the leaked filing, Anthropic’s 2025 revenue grew twelve times over the prior year. The total reached close to $4.6 billion.
At the same time, the company’s net losses grew as well. Those losses reached $42 billion for 2025.
Despite the losses, Anthropic is aiming for a $2 trillion valuation when it goes public. That figure would place it among the most valuable companies to list on the stock market.
Investors will need confidence that future revenue can outpace the company’s spending. Analysts have already raised questions about whether that math works out.
Anthropic’s rival OpenAI is also expected to pursue a public listing at some point. Both companies face similar questions from investors about spending levels compared to revenue.
Ackman’s comments do not mean he is avoiding the AI sector altogether. His fund holds shares of other major tech companies tied to artificial intelligence growth.
According to an August filing, Pershing Square owns shares in Meta, Amazon, and Microsoft. These holdings show Ackman is investing in AI through established companies rather than newer startups.
Ackman did not call for new government rules on larger AI companies during his interview. His comments focused mainly on investment strategy rather than regulation.
The interview adds to ongoing discussion about how investors should value AI companies ahead of public listings. Anthropic’s upcoming IPO is expected to be closely watched by the market.
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