Bill Ackman told Robinhood Markets (NASDAQ:HOOD) CEO Vlad Tenev on Monday that he plans to deploy billions into large-cap stocks within weeks, calling current valuations on some of the best businesses in the world among the lowest in their history.

The comments came as Pershing Square kicked off the roadshow for Pershing Square USA, a closed-end fund targeting $5 billion to $10 billion at $50 per share with pricing expected April 28.

Ackman said the Iran conflict has created an incremental risk premium across equities but argued that uncertainty should fade over time.

He pointed to AI infrastructure spending, the Biden-era infrastructure bill, Trump’s tax legislation and what he described as trillions in corporate investment commitments as tailwinds heading into the back half of 2026.

Polymarket traders appear to agree.

The Iran-Israel/U.S. conflict ending by year-end is priced at 94%, with $38 million in total volume on that contract alone, even as the ceasefire remains fragile after talks in Islamabad stalled Saturday.

How The Deal Works

PSUS shares are priced at $50 each.

For every five shares purchased, investors get one free “bonus share” in Pershing Square Inc, the management company that collects fees across all Pershing vehicles.

Ackman framed the bonus share as the investor’s IPO pop rather than betting on a first-day premium in the fund itself.

The offering is targeting between $5 billion and $10 billion in gross proceeds, including $2.8 billion already locked in from a concurrent private placement. If fully subscribed, PSUS would grow Pershing’s total AUM from roughly $20 billion to $30 billion.

Ackman withdrew a similar offering in 2024 after slashing the target from $25 billion to $2 billion.

He told Tenev the revived deal is built around permanent capital, meaning investors can’t redeem and force sales at the wrong time. After closing, 98% of Pershing’s capital will sit in permanent vehicles.

Ackman Bets Against The Recession Crowd

The odds of a U.S. recession in 2026 sit around 32%, up from below 20% in early February, driven largely by oil prices topping $100 a barrel during the Iran conflict escalation.

Pershing Square Holdings’ existing portfolio includes Brookfield Corp (NYSE:BN), Uber Technologies (NYSE:UBER), Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOG) and Meta Platforms (NASDAQ:META) as its top five positions.

Several of those names have sold off 20% or more since the conflict began in late February.

Pershing Square has not disclosed its target names, but Ackman said he runs a concentrated book of roughly 12 companies, with the top three or four making up about half the portfolio.

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