This work applies Taylor's theory of critical distance to quantify the effect of defects on fatigue initiation in an additively manufactured metal. We focus on hollow pores that are ideal spherical, prolate, and oblate spheroids isolated in an otherwise homogeneous linear‐elastic material. These conditions support the development of exact solutions using the exterior Eshelby tensor for a pore in a remote, arbitrary stress field. For spheres, this solution process admits simple closed‐form solutions for principal stresses disturbed by the pore. For prolate and oblate spheroids, we present the solutions as graphical curves showing stress variations under uniaxial tension. This report then extends the analysis to determine the effect of defects on a parametric, power‐law stress range vs fatigue life model. By propagating the distributed stress fields through this model, this study demonstrates the effect of pore size, pore shape, stress, and parametric fatigue properties on the life reduction due to porosity. These results suggest several approaches to increasing fatigue lives in porous materials, eg, reducing the pore size, promoting spherical pores, and increasing the microstructural parameter (comparable to the El Haddad parameter). Results presented in this work may be useful to inform trends of fatigue strength and fatigue initiation lives in metallic alloys with limited porosity, eg, additively manufactured materials that have been HIP'ed.