Michael Burry Calls SpaceX $3T Valuation Too High, Won't Short

Michael Burry posted on X that SpaceX's $3 trillion valuation is excessive. The investor, famous for betting against subprime mortgages before the 2008 crisis, said he will not short the private rocket and satellite company. Put options are too expensive.

SpaceX is not publicly traded. Its $3 trillion price tag comes from secondary-market trades and funding rounds. The latest primary round, in late 2024, valued the company at roughly $350 billion. Secondary markets have pushed that multiple higher as institutional investors and sovereign wealth funds compete for a limited float.

A short position on a private company is rare. Options don't trade on any exchange. A broker would need to structure bespoke put contracts, and the premium reflects the illiquidity and the long time horizon. Burry said that cost made the trade unattractive.

The post carries more opinion than market weight. Burry has criticized high-growth tech valuations before, including Tesla and ARK Innovation. In this case, the absence of a short position means no capital supports the view.

For investors tracking the private-company valuation debate, the comment adds noise, not data. SpaceX's next funding round, expected later this year, will set a new primary-market price. That number will tell the market where the stock actually trades.

SpaceX declined to comment.