(Incorporated in Nevada)

Bill Ackman’s Pershing Square USA filed its S-1 for an IPO on Tuesday, March 10, 2026, without disclosing the terms.

Note: Pershing Square Inc., which will be the company’s name, according to the prospectus, has disclosed an IPO price of $50.00 without disclosing the number of shares in the IPO, according to the S-1 filed on March 10, 2026.

Note: Estimated IPO proceeds are between $5 billion and $10 billion, according to the prospectus. The “estimated IPO proceeds” shown in this IPO Profile are $10 billion, using the maximum estimated figure stated in the S-1 filing. Under this scenario, the IPO would consist of 200 shares.

Please NOTE: The S-1 filing does NOT disclose the number of shares.

From the prospectus:

Pershing Square is a leading alternative asset manager with approximately $30.7 billion in total assets under management (“AUM”) and approximately $20.7 billion in fee-paying assets under management (“Fee-Paying AUM”), of which 96% (96 percent) is permanent capital, as of Dec. 31, 2025. For the year ended Dec. 31, 2025, we generated total revenue of approximately $762.5 million and GAAP net income attributable to Pershing Square Holdco, L.P. of approximately $249.8 million.

More from the prospectus:

Pershing Square Holdco, L.P., the registrant whose name appears on the cover of this registration statement on Form S-1 (this “Registration Statement”), is a Delaware limited partnership. Prior to the effectiveness of each of this Registration Statement and the PSUS Registration Statement (as defined below), Pershing Square Holdco, L.P. will convert into a Nevada corporation pursuant to a statutory conversion and change its name to Pershing Square Inc. This conversion is referred to throughout the prospectus included in this Registration Statement as the “Corporate Conversion.” Except as disclosed in the prospectus included in this Registration Statement, the historical consolidated financial statements and summary historical consolidated financial information and other financial information included in this Registration Statement are those of Pershing Square Holdco, L.P. or its predecessor Pershing Square Capital Management, L.P., as described in the section captioned “Financial Statement Presentation” in the prospectus included in this Registration Statement, and do not give effect to the Corporate Conversion. Shares of the common stock of Pershing Square Inc. are being offered by the prospectus included in this Registration Statement.

This initial public offering of common stock of Pershing Square Inc. (“this offering”), together with the initial public offering (the “PSUS IPO”) of common shares of beneficial interest (the “PSUS Shares” and each, a “PSUS Share”) of Pershing Square USA, Ltd. (“PSUS”), a Delaware statutory trust, as contemplated by the registration statement on Form N-2 (File Nos. 333-   and 811-23932) (the “PSUS Registration Statement”), are component parts of a single offering, which we refer to as the “combined offering.” PSUS is a non-diversified, closed-end investment company that is registered under the Investment Company Act of 1940, as amended. Our wholly owned subsidiary, Pershing Square Capital Management, L.P., serves as the investment manager of PSUS. The PSUS Shares are being offered at a public offering price of $50.00 per share. We currently expect to deliver to each initial investor in the PSUS IPO, for no additional consideration, 20 shares of our common stock for every 100 PSUS Shares purchased in the PSUS IPO, including any PSUS Shares acquired by the underwriters in the PSUS IPO in connection with the exercise of their option to purchase additional PSUS Shares, as described in the prospectus of PSUS. Each investor in the PSUS IPO will be delivered the prospectus of PSUS and the prospectus of Pershing Square Inc.