“Big Short” investor Michael Burry questioned the valuations of SpaceX and Anthropic in subscriber chats on his Substack, arguing neither warrants a $1 trillion price tag. Of SpaceX, which filed its IPO prospectus on May 20 showing $18.7B in 2025 revenue and a $4.9B net loss, Burry wrote that “nothing in that S-1 suggests it is worth $1 trillion let alone $2 trillion,” its reported target. He was similarly skeptical of Anthropic, which raised at a $965B valuation last week, calling its model-building business “far too expensive, too much brute force” and predicting computing power will be commoditized “like internet use.” Burry described the current rush to secure compute as “a false demand signal” that is driving more buildout than will be needed in a few years, echoing his recent warning that the “tokenmaxxing” trend won't last.
