Michael Burry dismisses trillion-dollar bets on SpaceX and Anthropic

Michael Burry, the investor famously depicted in "The Big Short," has dismissed the astronomical valuations currently assigned to SpaceX and Anthropic. In a series of recent subscriber discussions, Burry argued that neither company justifies a trillion-dollar price tag, labeling the current market enthusiasm for both as driven by unsustainable hype.

Burry focused his critique on the financial realities behind the excitement. Regarding SpaceX, he noted that the company’s recent S-1 filing—which reported $18.7 billion in revenue against a $4.9 billion net loss—provides no fundamental basis for the $2 trillion valuation the firm is reportedly targeting. He maintains that any upward movement in the stock would rely entirely on technical momentum rather than intrinsic value.

His assessment of Anthropic is equally skeptical. Addressing the AI startup’s recent fundraising at a $965 billion valuation, Burry argued that the business model is built on "brute force" development that ignores the inevitable commoditization of computing power. He characterized the current race to secure massive amounts of hardware as a "false demand signal" that will likely lead to an oversupply of infrastructure in the coming years. To emphasize his point, Burry quipped that he would need 240,000 years to count to a trillion—the only timeframe in which he might reconsider the company's current worth.