Billionaire Bill Ackman unveils bold IPO plan to Robinhood CEO

On Apr. 13, billionaire hedge fund manager Bill Ackman revealed that he is going to take his firms public. 

It's a combined initial public offering (IPO) of two entities, namely, Pershing Square USA, Ltd. (PSUS) and Pershing Square Inc. (PSI).

Related: Billionaire Bill Ackman kicks off dual IPO race

Ackman discusses Pershing combined IPO with Tenev

The same day, the Pershing Square Capital Management founder and CEO sat down with Robinhood Markets (Nasdaq: HOOD) CEO Vlad Tenev to discuss the combined IPO.

Tenev and his Stanford friend Baiju Bhatt founded Robinhood in 2013, and its zero-commission stock trading made the e-trading platform extremely popular among young traders.

The Menlo Park, California-based broker is best known for its stock, cryptocurrency, and tokenized stock offerings. The company went public in 2021 and joined the S&P 500 benchmark in September 2025.

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During the conversation, Ackman told Tenev that he plans to pump billions of dollars into large- and mega-cap stocks within weeks as he believes that since the beginning of the war in Iran, some of the world's best businesses have become available at some of the lowest valuations in their history.

So, it's a good environment to deploy capital in the stock market, he remarked. 

He added that though the Iran conflict has created an incremental risk premium across equities, uncertainty should fade over time.

The billionaire highlighted the artificial intelligence (AI) infrastructure boom, the infrastructure legislation during the tenure of former president Joe Biden, the tax legislation during the current Donald Trump administration, and $18 trillion in investment deals as massive drivers of demand, jobs, and economic progress.

What does the dual IPO look like?

While Pershing Square USA, Ltd. (PSUS) is a closed-end fund, Pershing Square Inc. (PSI) is a hedge fund that is the prospective parent company of Pershing Square Capital Management.

As per a filing from March, both will be listed on the NYSE at the same time. For every 100 PSUS shares an investor purchases in the IPO, they will receive 20 PSI shares for no additional cost. The combined listing aims to raise $5 billion-$10 billion.

The deal is anchored around permanent capital, as investors cannot redeem and force sales at the wrong time. After closing, 98% of Pershing’s capital will sit in permanent vehicles, Ackman told Tenev.

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