Outspoken billionaire Bill Ackman and his hedge fund Pershing Square are making another attempt at an IPO, in an unpredictable time for public markets.

Pershing Square plans for a dual listing on the New York Stock Exchange for Pershing Square Capital Management, Ackman’s hedge fund, and a new closed-end fund, Pershing Square USA, after earlier plans to list fell apart in 2024.

Once thought of as a potential blockbuster year for IPOs, 2026 could just as easily be an IPO winter, according to Drew Bernstein, cofounder of accounting firm Marcum Asia. “The most important factors that could determine what it comes down to is a few AI labs in Silicon Valley and a man sitting in the White House.”

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Oracle shares spiked 8% in after-hours trading Tuesday afternoon as the company’s better-than-expected earnings included a big jump in cloud revenue. Still, the company has taken a hit from investor skepticism, with shares falling 56% since reaching an all-time high on September 10—the worst performance across all stocks on the S&P 500 over that period.

At least three ships moving through the Strait of Hormuz were struck by projectiles on Wednesday, the United Kingdom Maritime Trade Operations agency announced, which could further raise tensions. Following reports that suggested Iran had begun placing mines in the strategic waterway, President Donald Trump warned the country to remove them or face “military consequences … at a level never seen before.”

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President Donald Trump’s second........

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