Pershing Square Inc. on Uber Technologies

Pershing Square believes Uber's share price substantially undervalues its mobility and delivery businesses because investors are overestimating the disruptive threats from autonomous vehicles and agentic commerce. Uber is expanding its multi-partner autonomous vehicle strategy, with commercial deployments in London, Dubai, and Croatia and plans to operate in 15 cities by year-end 2026. The fund argues that Uber's delivery business is structurally protected from AI-agent disintermediation because of its frequent transactions, low ticket sizes, real-time supply aggregation, dynamic inventory, and complicated physical fulfillment requirements. Uber's earnings are expected to grow approximately 35% in 2026, yet the stock trades at only 16 times earnings, its lowest historical valuation. By comparison, DoorDash trades at substantially higher earnings multiples, suggesting that the market is assigning minimal value to Uber's core mobility business. Pershing Square expects Uber to compound EPS at 25% or more for the foreseeable future and believes autonomous vehicle disruption presents minimal fundamental risk.