Michael Burry Questions SpaceX's $2 Trillion and Anthropic's $965 Billion Valuations
Updated
Updated · Business Insider · Jun 1
Michael Burry Questions SpaceX's $2 Trillion and Anthropic's $965 Billion Valuations
3 articles · Updated · Business Insider · Jun 1
Michael Burry said SpaceX's IPO filing does not justify a $1 trillion valuation, "let alone $2 trillion," arguing any further rise would be driven by hype and technical factors.
SpaceX's May 20 S-1 showed $18.7 billion in 2025 revenue and a $4.9 billion net loss, even as the Elon Musk company is widely reported to be targeting a roughly $2 trillion public-market value.
Anthropic drew similar skepticism after saying last week it raised capital at a $965 billion valuation, with Burry arguing there is neither a guarantee nor a strong likelihood it will be worth near $1 trillion long term.
Burry said AI model development is too capital-intensive and that today's scramble for computing power is a "false demand signal" that could leave the industry with excess buildout and orders in a few years.
The comments extend the "Big Short" investor's recent warnings about AI and "tokenmaxxing" after he shifted from hedge-fund management to publishing his personal investment views on Substack.
SpaceX loses billions and targets a $2 trillion IPO. Is this visionary investing or a repeat of the dot-com bust?
As AI costs plummet, will the massive data center buildout become the 21st century’s costliest investment bubble?
If AI makes intelligence nearly free, what happens to the value of human cognitive work and creativity?
The 2026 Trillion-Dollar IPO Wave: SpaceX, Anthropic, and the Skepticism of Michael Burry
Overview
Michael Burry, famous for predicting the 2008 housing crash, has recently warned about the 'sky-high valuations' of companies like SpaceX and Anthropic as they approach massive IPOs. SpaceX, driven by its mission to make life multiplanetary, is aiming for a trillion-dollar valuation, while Anthropic is riding the AI boom. However, both face intense competition and risks of commoditization, raising doubts about their long-term profitability. As these mega-IPOs approach, investors are caught between excitement for innovation and concerns about market bubbles, echoing Burry’s skepticism and highlighting the challenges of navigating today’s volatile financial landscape.