Michael Burry says he's tempted to bet against SpaceX, but passes on expensive options
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- Michael Burry said in a Tuesday SubStack post that he is "not involved with SpaceX now," neither short nor long, after reviewing several bearish options trades tied to the stock.
- Burry passed on a SpaceX put with a $100 strike expiring December 2026 priced around $6.75 — with shares trading near $212 — calling the premiums too expensive: "Tempted by that one. But no thank you."
- Burry described SpaceX's roughly $3 trillion valuation as a "small space company, a niche telecom, a bedeviled social media company, and a Coreweave-light" generating less than $20 billion in annual revenue.
- Burry noted that SpaceX has eclipsed Berkshire Hathaway's market capitalization by 2.5 times in just three days — "painstakingly assembled over two century-old lives."
- SpaceX shares jumped 20% on their first full day of trading after a blockbuster IPO debut and have risen more than 25% week-to-date, minting Elon Musk as the world's first trillionaire.
- Last month, Burry urged investors to scale back surging tech exposure and "reject greed," arguing AI-driven momentum increasingly resembles the final stages of the dot-com bubble.
Why it matters: Burry publishing specific put-option premiums — a Dec 2026 $100 strike at ~$6.75 against a ~$212 stock — gives retail traders a concrete pricing benchmark for betting against SpaceX, while his characterization of the company as worth 2.5x Berkshire Hathaway reframes the valuation debate in terms any investor can grasp. A bear of his profile flagging a stock without actually shorting it amplifies the cautionary signal without exposing his own book.
