Michael Burry Doubts SpaceX (SPCX-US) Valuation, Cites High Option Costs

Michael Burry, the investor famed for "The Big Short," expressed strong skepticism over SpaceX's (SPCX-US) near $3 trillion valuation on June 16, 2026, but confirmed he holds no position in the company. Burry stated he explored various bearish option strategies but found the cost of put options prohibitively expensive, leading him to abandon any short plays. In a Substack post, Burry detailed his research, noting a December 2028 put option with a $100 strike price cost approximately $25 per contract, while a June 2027 put was around $13. He criticized SpaceX's valuation, describing it as "essentially a small space company, a niche telecom, a troubled social media company, and a miniature CoreWeave." He highlighted that SpaceX's market capitalization, with annual revenue under $20 billion, has surpassed Berkshire Hathaway (BRK.B) and many industries. SpaceX shares surged 20% on its first full trading day last Friday, June 12, 2026, following its initial public offering (IPO).