'Big Short' investor sends warning on SpaceX's June 12 IPO

Jun 9, 2026 12:28 PMPublished Jun 9, 2026 12:28 PM

SpaceX is no longer a space company; it’s a massive AI gamble disguised as a rocket business. With capital expenditures hitting 215% of revenue to fund Grok—an AI that isn't even industry-leading—the company is betting its entire $1.75 trillion valuation on a commoditized market with no moat. It’s priced at 100x sales, making it a "retail cult stock" rather than a fundamental investment. Is SpaceX a visionary leap into the future, or just the world's most overvalued AI experiment?
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Steve Eisman says SpaceX's prospectus reads like science fiction and its AI-driven valuation is crazy. On Hyperliquid, traders have pushed the stock well above its IPO price, and SpaceX is quietly one of the largest corporate Bitcoin holders going public.

www.thestreet.com'Big Short' investor sends warning on SpaceX's June 12 IPOSteve Eisman says SpaceX's prospectus reads like science fiction and its AI-driven valuation is crazy. On Hyperliquid, traders have pushed the stock well above its IPO price, and SpaceX is quietly one of the largest corporate Bitcoin holders going public.

Elon Musk •SpaceX

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