On April 13, billionaire hedge fund manager Bill Ackman revealed plans for a dual initial public offering (IPO) for his firms, Pershing Square USA, Ltd. (PSUS) and Pershing Square Inc. (PSI). The IPO aims to raise between $5 billion and $10 billion, with both entities expected to be listed on the New York Stock Exchange (NYSE) simultaneously. During a conversation with Vlad Tenev, CEO of Robinhood Markets Inc., Ackman expressed his belief that the current market conditions, particularly following the onset of the conflict in Iran, have created opportunities to invest in high-quality businesses at historically low valuations. Ackman noted that the dual IPO would allow investors to purchase 100 shares of PSUS and receive 20 shares of PSI at no additional cost. He emphasized the importance of permanent capital, stating that 98% of Pershing's capital will be locked in permanent vehicles, preventing forced sales during market downturns. This strategic move reflects Ackman's confidence in the economic potential driven by infrastructure investments and the artificial intelligence boom.