The man who predicted the 2008 financial crisis has just revealed SpaceX’s first initial public offering, and his position in artificial intelligence is now exposed to more than $1 billion.

Michael Burry looked at SpaceX’s S-1 file and reached a simple conclusion.

“Nothing in SpaceX’s S-1 indicates that it’s worth a trillion dollars, let alone a trillion dollars. Any progress will be due to hype.”

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

Burry has invested large sums based on his doubts about artificial intelligence since 2025. He currently holds a $912 million short sale position in Palantir and a $187 million short sale in Nvidia. In total, that amounts to more than $1.1 billion betting against the artificial intelligence deal.

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

But in 2008, when everyone thought he was wrong, he was right. Trading artificial intelligence based on its current valuations has some uncomfortable similarities to the mortgage market that was identified back then.

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