Bill Ackman on Anthropic: What He Said and Why He Won't Invest

Bill Ackman's assessment of Anthropic is admiring but hands-off. In a Bloomberg TV interview on September 30, 2026, the Pershing Square CEO called Anthropic "perhaps the greatest business story I've ever seen" and "clearly an amazing company" – yet said his fund is unlikely to invest, because Pershing Square looks for businesses whose shape it can predict over a very long period.

This article separates what Ackman actually said from how it was reported, explains his reasoning, and lists what is still unconfirmed. It is not investment advice, and we are not affiliated with Anthropic or Pershing Square.

What Bill Ackman said about Anthropic

According to Yahoo Finance's write-up of the Bloomberg TV interview (September 30, 2026), Ackman said:

• "Anthropic is perhaps the greatest business story I've ever seen."
• "It's clearly an amazing company."
• On why he is unlikely to buy in: "We look to buy businesses that we can predict what they're going to look like over a very long period of time."

Some outlets quote the first line slightly differently (for example "probably the most extraordinary business story I've ever seen"). If you need the exact wording, watch the original Bloomberg interview rather than relying on a summary.

Why he says Pershing Square will likely pass

Ackman's reasoning, as reported, comes down to his fund's style rather than a negative view of the company:

1. Predictability over growth. Pershing Square runs a concentrated portfolio of businesses it expects to look similar in ten or twenty years. A frontier AI lab growing and changing this quickly doesn't fit that filter.
2. Capital intensity. He prefers businesses that don't consume large amounts of capital to grow. Training and serving frontier models is extremely capital-hungry.
3. Durability of the lead. Reports say he questioned whether frontier AI companies can keep their advantage as open-source models improve.

He compared this with the kind of companies he does like, naming Microsoft, S&P Global, Visa and Mastercard. Pershing Square's August filings showed positions in Meta, Amazon and Microsoft – so he has AI exposure through large platforms rather than through a lab.

The numbers behind the headlines

Coverage of Ackman's comments often quotes Anthropic's financials. Those figures come from Reuters reporting on Anthropic's IPO filing, not from Ackman, and had not been confirmed in a public, final prospectus at the time of writing. As reported:

• 2025 revenue of about $4.6 billion, roughly 12 times the prior year
• A 2025 net loss of about $42 billion, of which about $34 billion was attributed to fair-value changes (an accounting item), with an operating loss above $8 billion
• An IPO target valuation of up to $2 trillion, with a listing discussed for late 2026

The gap between "greatest business story" and a $42 billion net loss is exactly the tension Ackman described: extraordinary growth, but economics that are hard to forecast. Treat all of these numbers as reported, and check the final filing when it becomes public.

The S-1 risk-factor comment

Separately, Ackman drew attention for a jab at the risk-factors section of Anthropic's filing, asking – in the words of the headlines – whether a "10% chance" of AI killing humans would be listed as a top risk. Reporting on the filing says it devotes a long section to risks, including warnings that AI models may show behaviours such as resisting shutdown. Read the primary filing for the exact language before quoting it.

What this means – and what it doesn't

What it means:

• A well-known value-oriented investor publicly rates Anthropic's growth as exceptional.
• He is not planning a position, for reasons tied to his investing style.

What it doesn't mean:

• It is not a valuation call. Ackman did not publish a price target or a model of Anthropic's business.
• It is not a short thesis. Declining to invest is different from betting against a company.
• It is not an endorsement of Claude or any product. His comments were about the business.

How to check claims about Ackman and Anthropic

Plenty of reposts and AI-written summaries add details he never said. Before you quote anything:

1. Find the primary source – the Bloomberg TV clip or Ackman's own post on X.
2. Check the date. His comments are from September 30, 2026, around the reporting on Anthropic's IPO filing.
3. Separate his words from the financials. Revenue and loss numbers come from filing reports, not from him.
4. Watch for paraphrase. "Won't invest" is a summary; his words were that the fund is unlikely to.

FAQ

What did Bill Ackman say about Anthropic?

On September 30, 2026, on Bloomberg TV, he called Anthropic "perhaps the greatest business story I've ever seen" and "clearly an amazing company."

Did Bill Ackman invest in Anthropic?

There is no public record of a Pershing Square investment. He said the fund is unlikely to invest because it prefers businesses it can predict over a very long period.

Is Bill Ackman bullish on Anthropic?

He is positive about the business story but not buying. That is admiration without a position, not a bullish investment call.

Where do the $42 billion loss and $4.6 billion revenue figures come from?

From Reuters reporting on Anthropic's IPO filing, not from Ackman. Check the final public prospectus for confirmed numbers.

Did Ackman criticise Anthropic?

He questioned how durable any frontier AI lab's lead is against open-source models and poked at the filing's risk section, but he did not call the business weak.