By Nick Brown, Tech and Politics Correspondent, Stock Trader Network 

Pershing Square (PSUS) CEO Bill Ackman said the stock is trading at a roughly 20% discount to the value of its holdings. He used a post on X (formerly known as Twitter) to pitch the newly public fund as an extremely attractive bargain only weeks after its IPO. 

He said investors are buying the portfolio at a price that sits well below the value of the companies inside it.

PSUS is the closed end equity fund Pershing Square brought public on April 29. Ackman said the fund has already deployed nearly 85% of its IPO capital into 12 companies. The list includes Amazon (AMZN), Microsoft (MSFT), Uber (UBER), Meta (META), Brookfield Asset Management (BAM), Restaurant Brands (QSR), Fannie Mae and Freddie Mac. 

He said the buying took place at levels Pershing Square views as compelling for long term investors.

Ackman Calls the Fund an Attractive Bargain

Ackman said the portfolio reflects what he considers some of the highest quality growth companies in the world. He argued that many of these names are trading near their lowest valuations even as their fundamentals remain strong. He said the discount to net asset value gives investors a second layer of value because the market is offering the PSUS portfolio at a price that does not match the worth of the underlying holdings.

The Pershing Square leader noted that the discount is tied to short term technical factors related to the IPO. He expects those pressures to ease as the stock trades more actively. He also pointed to insider buying as a sign of confidence. Pershing Square management and affiliates have purchased more than ten million shares of PSUS in the offering and in the open market. He said that level of buying shows the firm is aligned with outside shareholders and willing to commit significant capital to the fund.

Ackman said the fund’s holdings represent an extremely attractive bargain at today’s share price and that Pershing Square has backed that view with its own money.

A Separate Post on SpaceX and Valuation Power

Later in the day, Ackman posted a separate note about SpaceX (SPCX) and its plan to buy Anysphere, the company behind the Cursor coding agent. He said SpaceX’s high valuation makes the deal less dilutive for existing shareholders. He also said the company’s market value gives it the ability to pursue acquisitions that are economically and strategically accretive.

Ackman said high value attracts talent and that strong companies can use their equity as a powerful form of currency. He wrote that value begets value and talent begets talent. 

The Broader Read on Valuation

Taken together, the two posts show how Ackman is thinking about valuation in the current market. On one side, he is telling investors that PSUS is cheap relative to the value of its assets. 

On the other, he is pointing to SpaceX as an example of how a premium valuation can strengthen a company’s ability to pursue acquisitions and attract top talent.

The combined message is that valuation can work in both directions. A discount can create opportunity for investors who want exposure to a portfolio they believe is mispriced. A premium can give a company the flexibility to make strategic moves that reinforce its position. 

Ackman is arguing that PSUS sits on the discount side of that equation while companies like SpaceX show how high valuations can become a form of strategic currency.