The man who predicted the 2008 financial crisis has just revealed the initial public offering of SpaceX and has become more exposed to AI now than a billion dollars.

Michael Burry looked at SpaceX's S-1 file and made a simple judgment.

"Nothing in SpaceX's S-1 indicates it is worth a trillion dollars, let alone a trillion dollars. Any progress will be due to hype."

For context, SpaceX will be offering a price range between 1.75 to 2 trillion dollars next week. Burry publicly states that the figures in the filing do not support this valuation. The valuation is narrative, not fundamentals.

Burry has invested significant money based on his doubts about AI since 2025. He currently holds a short position worth $912 million on Palantir and a $187 million short on Nvidia. In total, that amounts to over $1.1 billion betting against the AI deal.

Burry was wrong about the timing before. He described the market as a sell in 2023, which rose 130% before declining again. He was early on several calls.

But in 2008, when everyone thought he was wrong, he was right. Trading AI at its current valuations has some uncomfortable similarities to the housing market that was identified back then.

Whether he is early again or on time, the positioning is worth paying attention to. This is not financial advice, just what the data shows.