Michael Burry questions SpaceX, Anthropic valuations

Michael Burry used recent Substack posts and subscriber chats to challenge the valuations being attached to SpaceX and Anthropic, arguing that neither company currently supports a $1 trillion price tag. The comments surfaced as Anthropic disclosed a $65 billion Series H round at a $965 billion post-money valuation on May 28, and after reports earlier this year said SpaceX was exploring an IPO that could value it above $1.75 trillion. No regulatory filing accompanied Burry’s latest remarks, which circulated through social media reposts and media pickups. Anthropic announced its financing on its website, while SpaceX has not publicly confirmed a valuation target for any listing. ### Where did Burry make the remarks? Michael Burry’s comments appeared on his Substack, where his profile shows recent posts and subscriber discussions under the “Cassandra Unchained” name. Media reports citing those discussions said Burry wrote that there was “nothing” in SpaceX’s IPO filing to justify a $1 trillion or $2 trillion valuation and that Anthropic might never be worth $1 trillion. Yahoo Finance and other outlets said the remarks were made in recent discussion threads and subscriber chats rather than in a formal investor letter or securities filing. (anthropic.com) Social media posts on X amplified the comments, but the underlying source cited in published coverage was Burry’s Substack activity. ### What number is Burry pushing back against on Anthropic? (substack.com) Anthropic said on May 28 that it raised $65 billion in Series H funding at a $965 billion post-money valuation. The company said the round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. CNBC and PitchBook both reported that the financing made Anthropic the world’s most valuable startup and put it ahead of OpenAI on that measure. (finance.yahoo.com) Burry’s criticism was aimed at that near-trillion-dollar benchmark, according to reports summarizing his posts. ### What valuation has been discussed for SpaceX? Reuters reported on February 27, citing Bloomberg News, that SpaceX was aiming to file confidentially for an IPO that could value the company at more than $1.75 trillion. (anthropic.com) Reuters also reported in December, via CNBC’s pickup, that SpaceX had opened a secondary share sale valuing the company at about $800 billion. (cnbc.com) Bloomberg reported in December that SpaceX told investors it was preparing for a possible 2026 public offering. Those figures help explain why Burry framed his criticism around both $1 trillion and $2 trillion valuation levels in the coverage that followed. That comparison is an inference from the reported valuation range and Burry’s quoted remarks. (money.usnews.com) ### Did Burry file anything or disclose a position? No securities filing tied to these remarks was cited in the coverage reviewed, and the comments appear to have been opinion shared through Burry’s publishing channels rather than through a disclosed trade or activist campaign. Reports describing the episode referred to Substack posts, subscriber chats and reposts on X. (bloomberg.com) Substack’s public profile page for Burry shows current posts but does not, by itself, disclose a position in either company. Because SpaceX and Anthropic are private companies, public position disclosure would in any case be limited compared with listed securities. ### Why were SpaceX and Anthropic paired in the same debate? Anthropic and SpaceX have both been linked in recent coverage to potential landmark private or public-market valuations. (finance.yahoo.com) Anthropic has already announced a valuation just below $1 trillion, while SpaceX has been the subject of reported IPO valuation targets far above that threshold. Burry has previously warned about investor enthusiasm around AI, according to media reports summarizing his recent posts. (substack.com) In this case, the next public milestones are likely to be any SpaceX IPO filing and any new Anthropic financing or IPO documentation beyond the May 28 funding announcement. (ndtv.com) (anthropic.com)