Michael Burry Questions SpaceX and Anthropic’s $1 Trillion Valuations

Huo Xing Finance reports that on June 1, Michael Burry, the investor known for his role as the real-life inspiration behind "The Big Short" for successfully shorting the U.S. real estate market, recently expressed skepticism about the high valuations of SpaceX and Anthropic, arguing that neither company has a fundamental basis to support a long-term value exceeding $1 trillion. Regarding SpaceX, Burry stated on his Substack: “Any further price increases will come from market hype and technical factors.” He noted that SpaceX’s IPO prospectus does not provide a reasonable foundation for a valuation of $1 to $2 trillion. According to SpaceX’s previously filed S-1 documents, the company generated $18.7 billion in revenue in 2025 with a net loss of $4.9 billion; the market generally anticipates its IPO valuation to be around $2 trillion. Burry also expressed doubt about Anthropic, the AI company that recently completed a funding round with a $965 billion valuation. He believes the current large model development model is “prohibitively expensive and overly reliant on brute-force compute.” As computing resources become increasingly commoditized, he argues that today’s AI industry’s demand for compute may send misleading signals, leading to overbuilding and excess capacity in the coming years. Burry stated: “There is no guarantee—and even a low probability—that Anthropic’s long-term value will approach $1 trillion.” He jokingly added that before he would be willing to pay $1 trillion for Anthropic, “I’d have to count to one trillion first—and come back to reconsider in 240,000 years.”