Michael Burry, one of Wall Street's most well-known short sellers, said he decided against opening any positions on SpaceX. He looked at several put options to bet against the company and walked away from all of them — the premiums were too steep.
Burry laid out the numbers: a put with a $100 strike and a December 2028 expiration was priced at around $25, with the stock trading near $212. The June 2027 contract came in at around $13, and the December 2026 one at around $6.75. He came close to taking that last position but ultimately passed. He expects the stock to hold just above $200, with implied volatility across the put chain gradually compressing.
He also questioned whether SpaceX's valuation — now approaching $3T — adds up, calling the company a lighter version of CoreWeave with annual revenue below $20B. For comparison, he pointed to Berkshire Hathaway: SpaceX surpassed its market cap by 2.5x in just three days.
"Berkshire, which the two greatest investors of our time built across two century-long lifetimes," he wrote.
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