Investor Michael Burry, best known for predicting the 2008 housing collapse, said Tuesday that he was tempted to bet against Elon Musk’s SpaceX (NASDAQ:SPCX) but decided against it, citing expensive put options and questioned the company’s $2.8 trillion valuation.
“I am not involved with SpaceX now. Neither short nor, ahem, long,” Burry said in a post on Substack.
Burry Reviews SpaceX Options
Burry noted that a December 2028 put option with a $100 strike price was trading at about $25 while SpaceX shares were trading at around $212 at the time he wrote the post.
Burry added that the December 2026 put priced at $6.75 caught his attention, but he decided against placing the bet.
“Tempted by that one. But no thank you”, the investor said, adding that he believes the stock will settle up in the mid $200s and the volume will drain out of the put option chain.
The comments came as SpaceX continued its post-IPO rally, with shares touching an intraday high of $225.64 on Tuesday.
Burry Questions SpaceX Valuation
SpaceX, which remains unprofitable and generated $18.7 billion in revenue in 2025, reached a market capitalization of $2.8 trillion on Tuesday.
According to Burry, SpaceX is “fundamentally a small space company, a niche telecom, a bedeviled social media company, and a Coreweave-light”.
He compared the company’s valuation with Berkshire Hathaway (NYSE:BRK) (NYSE:BRK) and several national economies, adding that SpaceX’s market value could surpass countries including Canada, Italy and Russia.
Burry added that the valuation exceeded the combined fortunes of several of the world’s wealthiest individuals.
“With that $2.8 trillion, SpaceX's market cap could buy Page, Brin, Bezos, Zuckerberg, Ellison, Arnault, Huang, Buffett, and Ortega and still have $1 trillion left over,” he said.
SpaceX Shares Continue To Climb
SpaceX went public on Friday after raising $75 billion through its initial public offering, the largest IPO on record.
The stock opened at $150 and reached an intraday high of $176.52 on its first day of trading.
Price Action: SpaceX closed 4.83% higher on Tuesday at $201.80, and gained a further 2.06% in extended trading.
Benzinga Edge Stock Rankings show SPCX stock has a positive price trend across the short, medium and long-term.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Walter Cicchetti on Shutterstock.com
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