BlockBeats news, on June 9, Steve Eisman, the real-life inspiration for "The Big Short" known for successfully shorting the U.S. real estate market, said he would not immediately short SpaceX after its IPO, but expressed caution regarding its prospects ahead of the offering.
Eisman noted that SpaceX's capital expenditures are rapidly expanding. Data shows that the company's capital spending as a percentage of revenue has risen from 42% in fiscal year 2023 to 215% in the first quarter of 2026. He believes this is primarily due to SpaceX accelerating its transformation into an AI services and infrastructure company, rather than remaining solely a space technology enterprise.
Eisman said that current large AI models and agent products lack clear differentiation, leading to homogenized industry competition and making it difficult to build long-term competitive advantages. “What is created through massive investment is essentially more like a commodity,” he said.
While acknowledging Musk’s ability to continuously innovate and navigate cycles, Eisman argues that SpaceX’s future growth logic relies too heavily on AI rather than its space business or Starlink. “The entire company’s future is bet on AI, not on its space business or Starlink,” he said.