Michael Burry said he briefly considered betting against newly listed SpaceX, trading under the ticker SPCX, but decided not to proceed after reviewing the options market. In a June 16 post, the investor known from The Big Short said he is currently “neither short nor long” SpaceX, pushing back on speculation that he had already taken a bearish position.
Option prices were the immediate obstacle
According to the figures he cited, SpaceX shares were trading around $212 at the time. A $100 strike put expiring in December 2028 was priced at about $25. The June 2027 contract was around $13, while the December 2026 version traded near $6.75. Burry wrote that the cheapest contract was tempting, but not enough to justify the trade.
That setup would require a very large decline before the puts became meaningfully profitable. The stock would have to fall sharply and do so before expiration. For Burry, the premium looked too high relative to the payoff.
Burry questioned the company’s valuation
His larger objection was valuation. Burry said SpaceX was carrying a market capitalization of roughly $2.8 trillion while generating less than $20 billion in annual revenue. He described the company as a combination of “a small space company, a niche telecom, a troubled social media company, and a lite CoreWeave.”
Those labels point to the business lines investors are tying together in the stock story: rocket launches, Starlink’s satellite communications business, Elon Musk’s social platform X, and expectations tied to AI computing exposure. In Burry’s view, that mix does not support a valuation approaching $3 trillion.
He may revisit the trade if volatility cools
Burry did not shut the door completely. He wrote that he would like to see SPCX settle somewhere in the mid-$200s so volatility in the put chain could come down. The message was clear: he is not only waiting for the right directional call, but also for cheaper downside protection. If implied volatility eases and puts become less expensive, he could reconsider.
The stance fits with his recent public comments. The source material notes that Burry has warned about the Nasdaq 100 trading at a 43x price-to-earnings ratio, while also taking aim at semiconductors and major technology companies.
The same report said Scion Asset Management was closed by the end of 2025. For the market, any confirmation of future short exposure would depend on later portfolio disclosures.