「The Big Short」 Michael Burry Questions SpaceX and Anthropic Valuation: Both Not Worth $1 Trillion

June 1: Michael Burry, the central figure of *The Big Short* who famously bet against the U.S. housing market to profit from the 2008 financial crisis, recently expressed skepticism over the $1 trillion-plus valuations of SpaceX and Anthropic, asserting neither has the long-term fundamentals to justify such price tags. In comments on his Substack, Burry said any future growth in SpaceX’s valuation would come from market speculation and technical factors, not actual business performance. He argued the aerospace company’s IPO prospectus failed to provide a credible basis for valuations between $1 trillion and $2 trillion. SpaceX’s S-1 filing projects 2025 revenue of $18.7 billion and a net loss of $4.9 billion, while market consensus broadly pegs its upcoming IPO valuation at around $2 trillion. Turning to Anthropic—an AI startup that recently wrapped up a funding round at a $965 billion valuation—Burry voiced similar doubts. He called the large language model (LLM) development model "too costly and overly reliant on stacking computing power," warning that as computing resources grow increasingly commoditized, the AI industry’s current demand for massive computing capacity is sending a wrong signal that will lead to overbuilding and excess capacity in years ahead. Burry stated, "The long-term future value of Anthropic approaching $1 trillion is not guaranteed; the likelihood is low." He even quipped that before he’d consider paying $1 trillion for the AI firm, he'd "probably need to count to a trillion first… and rethink the whole thing 240,000 years later."