Elon Musk's SpaceX is set to begin trading on the Nasdaq on June 12 in what may be the largest IPO ever, but one prominent investor says the numbers no longer add up.
Steve Eisman, the investor made famous by "The Big Short," called the SpaceX valuation "crazy" on his latest weekly podcast and said the company's push into AI has made the story "far riskier." A Capex Ratio That Has Exploded Eisman pointed to one figure in the S-1 that he said reframes the entire story.
In fiscal year 2023, SpaceX generated $10.4 billion in revenue against $4.4 billion in capex, a capex-to-revenue ratio of 42%, according to Eisman.
In the first quarter of fiscal 2026, that ratio climbed to 215%, on $4.7 billion in revenue and $10.1 billion in capex.
Pre-AI SpaceX was relatively capital efficient because it could reuse its rockets, Eisman said.
