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Pershing Square USA Raises $5B, Stock Drops 18%

5/2/2026

24 5 Full Breakdown

Summary

Story summary

Pershing Square USA raised US$5 billion in a NYSE IPO at $50 per share.
The fund’s stock fell 18% on debut, closing at $40.90.
Buyers of five PSUS shares got one free Pershing Square Inc. share as a discount offset.
Institutional investors supplied over 80% of the capital while retail investors contributed $750 million (?15%).
Bill Ackman and his team invested $500 million and plan to deploy it within weeks.

History

Historical Context

After the 2008 crisis—when Lehman Brothers collapsed, the Treasury launched a $700 billion TARP and the Fed cut rates to near-zero—activist investors like Bill Ackman’s Pershing Square bought distressed assets. The 2024 NYSE debut of Pershing Square USA, a $5 billion IPO backed by Vanguard and BlackRock, mirrors the post-crisis wave of public hedge-fund listings.

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Story summary

Pershing Square USA raised US$5 billion in a NYSE IPO at $50 per share.
The fund’s stock fell 18% on debut, closing at $40.90.
Buyers of five PSUS shares got one free Pershing Square Inc. share as a discount offset.
Institutional investors supplied over 80% of the capital while retail investors contributed $750 million (?15%).
Bill Ackman and his team invested $500 million and plan to deploy it within weeks.

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