Dissing SpaceX as simply not worth even $1 trillion! The prototype of the main “Big Short” character: He once considered shorting it but couldn’t bring himself to do it

The original prototype of "The Big Short" Barry admits he once considered shorting a company with a market value of $2.66 trillion SpaceX, but gave up because options were too expensive. Several bears questioned its sky-high valuation, but Fubon still invested about NT$200 million in the subscription.

The prototype of the main character in The Big Short: Once wanted to short SpaceX but couldn't act

Elon Musk's company SpaceX went public just a few days ago, and its market value has reached $2.66 trillion, making it the fifth-largest company in the world. The film "The Big Short" protagonist prototype Michael Burry (Michael Burry) remains bearish on SpaceX, but also admits: He seriously considered shorting SpaceX, but couldn't bring himself to do it.

Yesterday, Burry stated on SubStack that he studied several put option trading strategies, including a put option expiring December 2026 with a strike price of $100, which at the time was priced at about $6.75. These shorter-term contracts indeed tempted him greatly, but after evaluation, he ultimately decided to abandon all short positions.

Even though Burry still questions that SpaceX's annual revenue under $20 billion cannot support its current huge market cap, the options prices used to short the stock are simply too expensive.

He said he currently holds a wait-and-see attitude toward SpaceX, neither short nor long, and hopes its stock price can stabilize around the mid-$250 range, thereby reducing the implied volatility of options.

Burry previously bearish on SpaceX not worth $1 trillion

Before SpaceX went public in early June, Burry pointed out on social media that the company's valuation could not support $1 trillion, let alone $2 trillion.

He said that according to SpaceX's previous filing for its IPO, the company achieved $18.7 billion in revenue in 2025 but faced a net loss of $4.9 billion due to heavy spending on AI, resulting in a loss-making IPO, and believed that its high valuation was mainly driven by market enthusiasm rather than fundamentals.

• Related report: SpaceX's Epic IPO! Musk controls 85% voting rights, loss-making listing draws attention

Famous Wall Street bears also expressed similar concerns. Reuters previously reported that Jim Chanos, founder of the well-known short-selling firm Kynikos Associates, bluntly stated that SpaceX's IPO hype was entirely based on dreams and hopes, and its valuation of $1.75 trillion was unrealistic.

He analyzed that the company's valuation has reached 90 times its revenue, indicating a significant overvaluation, while Tesla, also under Musk, has a valuation multiple of only 14 times.

Senior investor Steve Eisman, also featured in "The Big Short," warned that the company's capital expenditure in the first quarter surged to 215% of revenue, and future growth overly depends on high-cost AI infrastructure races. The current valuation is quite foolish.

Image source: Google Finance SpaceX closed yesterday at $201.8, with a market cap of $2.66 trillion

Options guru optimistic about trading volume, Fubon invests NT$200 million cross-border subscription

However, since there are bears, there are also bulls.

According to CNBC, Tom Sosnoff, known as the "Options Guru," said that within the first 30 minutes of SpaceX's options listing, trading volume exceeded 300k contracts, attracting over $400 million in premium flows.

He predicts that once high-frequency trading firms reach a consensus on volatility and stabilize liquidity, SpaceX's options trading volume could surpass Tesla and Nvidia, becoming the most active stock in the US stock market.

Taiwanese financial giants are also actively participating in this investment. According to the Economic Daily, Fubon Financial Holdings Chairman Tsai Ming-hsing confirmed at the shareholders' meeting that Fubon Life has successfully participated in SpaceX's IPO subscription. Fubon Life ultimately received allotments of 50k common shares, priced at $135 per share, totaling about $6.75 million, equivalent to NT$300k.

Tsai Ming-hsing expressed that he is very optimistic about Musk's long-term vision of bringing AI computing power to space and the Moon, which can significantly reduce ground-based energy and heat dissipation costs. The company’s nearly 10-year lead in reusable rocket technology makes it a highly monopolistic and unique investment target in the market.

Further reading:
SpaceX acquires Cursor! Market value of $2.66 trillion makes it the fifth-largest company globally, once surpassing Microsoft

Criticizes SpaceX as a Wall Street Ponzi scheme! Nobel economist: Musk's big promises have yet to materialize