Michael Burry Questions SpaceX's $3 Trillion Valuation, Declines to Short on June 16

According to a Substack post on June 16, Michael Burry, the investor featured in "The Big Short," expressed skepticism about SpaceX's near-$3 trillion valuation, saying he researched multiple put option strategies to short the company but abandoned all of them due to high premiums. At SpaceX's stock price of around $212 per share, a December 2028 put with a $100 strike was priced at roughly $25, while a June 2027 equivalent cost $13. Burry acknowledged temptation regarding shorter-dated options expiring December 2026 at $6.75 but ultimately decided against the trade. He described SpaceX as essentially a small space company with annual revenue falling short of $20 billion, despite a market value now exceeding Berkshire Hathaway's.
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