Bill Ackman Praises Anthropic as ‘Greatest Business Story’ Despite $42B Losses

Key Takeaways

• Bill Ackman described Anthropic as one of the most impressive business stories in his career.
• Despite his admiration, Pershing Square will not pursue an investment in the AI firm.
• The company’s 2025 revenue surged 12x, approaching $4.6 billion.
• Anthropic recorded staggering net losses of $42 billion during the same period.
• The AI startup aims for a $2 trillion valuation with its planned public offering.

During a Wednesday appearance on Bloomberg Television, billionaire hedge fund manager Bill Ackman shared his thoughts on Anthropic, the artificial intelligence startup making waves in the tech industry. He characterized the firm’s trajectory as among the most remarkable business narratives he’s witnessed throughout his investment career.

As the head of Pershing Square, Ackman made clear that despite his enthusiasm for Anthropic’s achievements, his investment firm has no plans to acquire a stake in the company.

“Anthropic is perhaps the greatest business story I’ve ever seen,” Ackman stated. He highlighted the firm’s explosive revenue expansion and its Claude AI assistant as key factors behind his assessment.

The Investment Philosophy Gap

Ackman elaborated on why Anthropic doesn’t align with Pershing Square’s investment criteria. His fund prioritizes businesses with foreseeable trajectories and stable economics. He cited holdings like Microsoft, S&P Global, Visa, and Mastercard as representative of the investment profile his team targets.

The hedge fund manager explained that Pershing Square steers clear of rapidly expanding companies that consume substantial capital. He characterized such investments as speculative wagers that eventual profitability will justify present-day expenditures.

Ackman additionally questioned whether leading AI firms can sustain their competitive advantages long-term. He referenced the emergence of open-source and open-weight AI models as potentially disruptive forces that could challenge proprietary systems through lower-cost alternatives.

These considerations gain relevance as Anthropic moves forward with preparations for its anticipated initial public offering scheduled for later in 2025. The company has yet to submit formal IPO documentation to regulators.

Financial details emerged this week through a Reuters report citing a confidential filing. The documents revealed dramatic revenue expansion paired with substantial operating losses.

Financial Performance: Rapid Growth Meets Massive Spending

The leaked financial documents indicate that Anthropic’s 2025 revenue multiplied twelvefold compared to the previous year. Total revenues approached $4.6 billion.

However, the company’s net losses expanded in tandem with its revenue growth. The filing showed net losses totaling $42 billion throughout 2025.

Notwithstanding these losses, Anthropic is pursuing a $2 trillion market capitalization when it debuts on public markets. Such a valuation would position it among the highest-valued companies ever to undertake an initial public offering.

Market participants will require assurance that future earnings potential justifies current spending levels. Financial analysts have already begun scrutinizing whether Anthropic’s economic model proves sustainable over time.

Anthropic’s competitor OpenAI similarly plans to eventually pursue public market access. Both organizations confront comparable investor skepticism regarding their burn rates relative to revenue generation.

Ackman’s reservations about Anthropic shouldn’t be interpreted as a wholesale rejection of the artificial intelligence sector. Pershing Square maintains positions in several major technology corporations benefiting from AI advancement.

Regulatory filings from August reveal that Pershing Square holds equity stakes in Meta, Amazon, and Microsoft. These positions demonstrate Ackman’s preference for accessing AI growth through mature, profitable enterprises rather than early-stage ventures.

During his television appearance, Ackman refrained from advocating for increased regulatory oversight of major AI companies. His remarks centered primarily on investment philosophy rather than policy prescriptions.

The interview contributes to broader market conversations about appropriate valuation frameworks for AI companies approaching public listings. Anthropic’s forthcoming IPO is anticipated to attract significant attention from institutional and retail investors alike.