The original "Big Short" prototype Steve is cautious about the SpaceX IPO, saying it is overly betting on AI and has excessive capital expenditure.

BlockBeats News, June 9 — The original "Big Short" figure Steve Eisman, known for successfully shorting the U.S. real estate market, stated that he would not short immediately after SpaceX goes public, but remains cautious about its IPO prospects.

Eisman pointed out that SpaceX's capital expenditure is expanding rapidly. Data shows that the company's capital spending as a percentage of revenue has increased from 42% in fiscal year 2023 to 215% in the first quarter of 2026. He believes this is mainly due to SpaceX accelerating its transformation into an AI services and infrastructure company, rather than a pure aerospace technology firm.

Eisman said that currently, AI large models and intelligent agent products lack clear differentiation, and industry competition is becoming homogenized, making it difficult to establish long-term moats. "The huge investments being made are essentially more like commodities," he stated.

Although acknowledging Musk's ability to sustain innovation and cycle through periods, Eisman still believes that SpaceX's future growth logic overly depends on AI, rather than aerospace or Starlink. "The entire company's future is betting on AI, not space business or Starlink," he said.