Michael Burry, famous for predicting the housing market collapse, stated in a SubStack post that he currently holds no position in SpaceX, neither short nor long. He analyzed various bearish options but found them too expensive, with a put option priced at $25 for a $100 strike expiring in December 2028, while the stock trades around $212.
Burry criticized SpaceX's valuation, arguing it is disproportionate to its revenue of less than $20 billion, surpassing the market cap of established companies like Berkshire Hathaway. His comments contribute to ongoing discussions about whether investors are overvaluing SpaceX's diverse business segments, which include launch services and satellite internet.
Following a significant IPO that increased shares by over 25% in a week, Burry's caution reflects broader concerns about inflated tech stock valuations reminiscent of the dot-com bubble