Burry expressed his skepticism in a recent Substack post, confirming he holds no long or short positions in the company. Although he admitted to eyeing potential put options against the stock, he ultimately concluded the risk was not worth the reward. His primary grievance lies in the disconnect between the company’s revenue and its market capitalization, which he argues lacks fundamental justification.
To illustrate the absurdity of the current pricing, Burry noted that SpaceX’s valuation now eclipses the combined market caps of major global economies, including Russia and Italy. He further contrasted the rapid three-day rally against the legacy of Berkshire Hathaway, pointing out that Musk’s enterprise has soared past the value of the firm built by Warren Buffett and Charlie Munger over several decades. While Burry remains on the sidelines, the broader market is diving in with intensity; investors traded over 1.6 million options contracts on Tuesday alone, shattering the previous first-day record set by Facebook in 2012.
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