Michael Burry, the investor famous for betting against the housing bubble in the 2000s, is taking aim at two of the most highly valued private companies in the world. In subscriber chats on his Substack, Burry said neither SpaceX nor Anthropic justifies a trillion-dollar price tag. His comments target companies collectively seen as defining the next era of technology.

SpaceX filed its S-1 prospectus on May 20, revealing $18.7 billion in revenue and a $4.9 billion net loss last year. Burry wrote that nothing in the filing suggests the company is worth $1 trillion, let alone the roughly $2 trillion valuation reportedly targeted for its public listing. Anthropic, which raised capital last week at a $965 billion valuation, drew similar skepticism. Burry called its cutting-edge AI model development "far too expensive, too much brute force."

His broader argument targets the economics of AI infrastructure itself. Burry predicts computing power will be commoditized like internet access, and the current scramble for GPU capacity reflects a "false demand signal" driving buildout that will exceed actual needs within a few years. He has previously warned that the "tokenmaxxing" trend is unsustainable. Before paying $1 trillion for Anthropic, Burry quipped, he would count to one trillion, and after 240,000 years he might reconsider.