Big Short Legend Calls SpaceX Valuation 'Crazy,' Warns AI Push Has Made The Story 'Far Riskier'

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Elon Musk’s SpaceX is set to begin trading on the Nasdaq on June 12 in what may be the largest IPO ever, but one prominent investor says the numbers no longer add up. Steve Eisman, the investor made ...

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The AI division has changed that.\n“By adding AI to its business mix, SpaceX has gone from a capital efficient company to an incredibly capital intensive one,” Eisman said.\nEisman said SpaceX’s reported 15% revenue growth in the first quarter is “fine, but it is less than every trillion dollar market cap company.”\nEisman framed SpaceX as the “punctuation point” on a shift in how IPOs get priced, away from institutional dog and pony shows and toward retail FOMO. He had previously warned investors the stock could become a “retail cult stock.”\nMajor indices have also abandoned their traditional wait-and-see rules for new issues, Eisman said, meaning passive and pension funds may be forced to buy SPCX at inflated valuations.\nRetail demand has not flinched. On Polymarket, traders assign a 67% probability that SPCX closes above a $2 trillion market cap on day one, with more than $7.5 million in volume.\nAnthropic confidentially filed for its own IPO this week and OpenAI is expected to follow, setting up a test of Wall Street’s appetite for mega-cap AI offerings.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2642435518","isCrawlerRequest":true}