DISCLAIMER: GoldInvestors.news is not a registered investment, legal or tax advisor or broker/dealer. All investment/financial opinions expressed by GoldInvestors.news are from the personal research and experience of the owner of the site and are intended as educational material. Although best efforts are made to ensure that all information is accurate and up to date, occasionally unintended errors and misprints may occur.

Billionaire investor Bill Ackman offered extraordinary praise for Anthropic on Wednesday, even as he signaled that his hedge fund probably will not invest in the artificial intelligence company. His enthusiasm centered on Anthropic’s rapid revenue growth, rising valuation, and Claude product.

“Anthropic is perhaps the greatest business story I've ever seen,” Ackman said during an interview with Bloomberg TV. The remark placed the frontier AI model maker among the most impressive companies the billionaire investor has examined.

Ackman followed that sweeping assessment with another endorsement: “It's clearly an amazing company,” he said. He specifically praised the pace of Anthropic’s revenue and valuation increases, along with the quality of Claude.

Yet admiration does not automatically translate into an investment for Pershing Square. Ackman stopped short of saying the hedge fund, identified with the tickers PS and PSUS, would add Anthropic shares to its portfolio.

Ackman explained Pershing Square’s investment approach: “We look to buy businesses that we can predict what they're going to look like over a very long period of time. You know, kind of boring things like perhaps Microsoft or S&P Global or Visa or Mastercard.”

That preference puts Anthropic outside Pershing Square’s typical comfort zone, despite Ackman’s praise. The company is growing rapidly, consuming substantial capital, and asking investors to judge whether its revenue can eventually move ahead of its spending.

“We are less likely to be an investor in a very fast-growing business that's consuming a huge amount of capital, and you're betting on kind of the lines crossing at some point in the future,” Ackman said.

Ackman also raised a central question about whether frontier model companies can defend their positions against alternatives that cost less. The durability of Anthropic’s competitive advantage remains a concern as the company moves toward a planned public offering.

“Query whether the frontier model companies will be able to maintain their market presence in light of the power of … open source and open weight models,” he added.

That question is confronting investors ahead of the IPO that Anthropic is targeting for later this year. The company has not publicly released its customary IPO paperwork, leaving the market without the formal filing normally used to examine a prospective public company.

A Reuters report earlier this week revealed a leaked copy of the filing. According to that report, Anthropic’s revenue grew 12 times in 2025 and finished the year at nearly $4.6 billion.

The leaked figures also showed the heavy financial cost behind that expansion. Anthropic’s net losses climbed to $42 billion in 2025, creating a stark contrast between its fast rising sales and even larger spending burden.

Despite those losses, Anthropic is targeting a valuation of $2 trillion for its public debut. That ambitious figure raises the stakes for investors who must decide how much optimism to place on future revenue growth relative to capital consumption.

The same basic issue also applies to rival OpenAI, which is expected eventually to pursue its own public debut. Successful offerings for both companies depend on whether investors believe revenue will ultimately outpace spending, and two analysts have already questioned the calculations.

Ackman’s reluctance to invest in Anthropic does not mean Pershing Square is avoiding the broader AI boom. According to an August filing, the hedge fund currently holds shares of Meta, Amazon, and Microsoft.

Those holdings show that Pershing Square already has exposure to major companies participating in artificial intelligence. The distinction is that Ackman favors businesses whose future operations he believes can be predicted over a long period.

Anthropic therefore occupies an unusual position in Ackman’s assessment. He regards it as an extraordinary company and perhaps the greatest business story he has witnessed, while its capital demands and uncertain competitive durability keep Pershing Square on the sidelines.

The tension captures the challenge surrounding Anthropic’s planned IPO. Its revenue growth and product quality have earned exceptional praise, but the company’s $42 billion net loss and targeted $2 trillion valuation leave investors with demanding questions about spending, competition, and eventual profitability.

DISCLAIMER: GoldInvestors.news is not a registered investment, legal or tax advisor or broker/dealer. All investment/financial opinions expressed by GoldInvestors.news are from the personal research and experience of the owner of the site and are intended as educational material. Although best efforts are made to ensure that all information is accurate and up to date, occasionally unintended errors and misprints may occur.