Michael Burry questions SpaceX’s $2.8 trillion valuation, cites 2028 $100 puts near $25

Michael Burry challenged SpaceX’s $2.8 trillion market value in a Substack post, describing the company as a “small space company” and a “bedeviled” telecom and noting it remains unprofitable. He wrote that a December 2028 put option with a $100 strike was trading around $25 and said he considered, but did not take, a December 2026 put priced at $6.75. SpaceX, which raised $75 billion in what was described as the largest IPO on record, continued to climb after listing, with shares closing Tuesday at $201.80 and rising to $205.94 in extended trading.