Grok

Steve

Steve Eisman, the investor who made his name betting against subprime mortgages before the 2008 crash, wants no part of the SpaceX IPO.&nbsp;
However, crypto traders feel the opposite, and they have the price tags to prove it.
Eisman, now host of "The Real Eisman Playbook" podcast and a former senior portfolio manager at Neuberger Berman, told CNBC's "Squawk Box" he is <a href="https://www.cnbc.com/video/2026/06/08/abig-shorta-investor-steve-eisman-im-not-a-fan-of-the-upcoming-spacex-ipo.html" rel="noopener noreferrer nofollow">"not a fan"</a> of the offering, which is expected to price as soon as Friday and list on the Nasdaq under the ticker SPCX. SpaceX is targeting a valuation near $1.75 trillion and a raise of $75 billion to $80 billion, which would make it the largest IPO in history.
Meanwhile, on the decentralized exchange <a href="https://www.thestreet.com/crypto/markets/popular-oil-trading-platform-has-a-new-competition-to-watch-out-for" rel="noopener noreferrer nofollow">Hyperliquid</a>, a pre-IPO contract tied to SpaceX has been trading since May at a price that implies investors think the stock is worth more than its $135 offering price, not less.
<h2 id="why-eisman-is-staying-away">Why Eisman is staying away</h2>
Eisman's case starts with the prospectus itself.
<blockquote>
 "What I love about the S-1 is that it reads like a science fiction novel. It really does."
</blockquote>
He singled out the company's ambitions, noting that the filing lists asteroid mining as a potential future business and repeatedly invokes "extending the light of consciousness to the stars."
<blockquote>
 "My favorite part of the prospectus is that one of the things that SpaceX wants to do is asteroid mining. I thought that was kind of funny."
</blockquote>
His substantive worry is what the company has become. The business going public is not only rockets. SpaceX is listing together with its sister companies X, the social network formerly known as Twitter, and xAI, the artificial-intelligence startup behind the Grok chatbot. That combination has turned a space company into an enormous AI spender.
Eisman noted that capital expenditure jumped from 42% of revenue in fiscal 2023 to 215% of revenue in the most recent first quarter, driven by AI infrastructure. He is not convinced the payoff is there.
<blockquote>
 "Grok, with all due respect to Elon Musk, is not a world-class AI company, and I don't think anybody speaks of Grok as being at the leading edge."
</blockquote>
He argued that AI output has become "very commoditized" with "no moats," and that the valuation leaves no room for error. By his math, SpaceX is asking for close to 100 times sales, against Nvidia at roughly 14 times revenue despite far faster growth. He expects the stock to trade as a "retail cult stock" rather than on fundamentals.
<h2 id="the-s-1-s-28-5-trillion-bet-on-ai">The S-1's $28.5 trillion bet on AI</h2>
The filing leans hard into that AI story. SpaceX puts its total addressable market at $28.5 trillion, with the large majority tied to artificial intelligence rather than space or satellite internet. Less than $2 trillion of that figure relates to space and connectivity, the businesses most people associate with the company.
<blockquote>
 "The entire company is being bet on AI in terms of its future, not on SpaceX and not on Starlink."
</blockquote>
The numbers behind the pivot are steep. The AI segment generated about $3.2 billion in revenue in 2025 but posted an operating loss of roughly $6.4 billion, and the losses continued into 2026. To feed it, SpaceX has signed long-term compute deals, including an agreement for Anthropic to pay about $1.25 billion a month for the output of xAI's Colossus data center and a separate deal with Google worth roughly $920 million a month, together representing around $26 billion in annualized compute revenue.
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<h2 id="the-crypto-angle-eisman-did-not-mention">The crypto angle Eisman did not mention</h2>
There are two reasons this IPO matters to crypto, and Eisman raised neither.
The first is on SpaceX's own balance sheet. The S-1 disclosed that the company holds <a href="https://www.coindesk.com/markets/2026/05/20/elon-musk-s-spacex-holds-18-712-bitcoin-at-fair-value-of-usd1-29-billion-ipo-filing-shows" rel="noopener noreferrer nofollow">18,712 Bitcoin</a>, worth about $1.29 billion at the end of the first quarter against a cost basis near $661 million. That makes SpaceX one of the largest corporate <a href="https://www.thestreet.com/crypto/tags/bitcoin-treasury-company" rel="noopener noreferrer nofollow">Bitcoin holders</a> in the world, behind <a href="https://www.thestreet.com/crypto/tags/microstrategy" rel="noopener noreferrer nofollow">Strategy</a> and ahead of <a href="https://www.thestreet.com/crypto/tags/tesla" rel="noopener noreferrer nofollow">Tesla</a>. So the company Eisman is skipping is also one of the biggest crypto bets about to hit public markets.
The second is that crypto traders have already put a number on SpaceX, and it is a bullish one. The SPCX-USDC contract on Hyperliquid launched in May at a $150 reference price, spiked as high as $216, and has recently traded around $163. All of those levels sit above the $135 the IPO is expected to price at, meaning the on-chain market is betting the stock opens higher, the opposite of Eisman's stance. Where the "Big Short" investor sees a science-fiction prospectus, the crypto crowd sees a stock to front-run.
<h2 id="no-short-just-a-pass">No short, just a pass</h2>
Eisman is not betting against SpaceX. He learned that lesson the hard way wagering against Tesla, a position he abandoned in 2020.
<blockquote>
 "I have no interest in shorting this. I'm just not playing."
</blockquote>
It is the same discipline he described after walking away from the Tesla trade years ago: "If you are short, you've got to walk away. There's no glory in losing money."

'Big Short' investor sends warning on SpaceX's June 12 IPO

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