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Steve Eisman Warns Against SpaceX IPO as AI Capex Jumps to 215% of Revenue

GateNews
Stocks
According to Steve Eisman on CNBC's Squawk Box Monday, the "Big Short" investor is "not a fan" of the upcoming SpaceX IPO, which is expected to price as soon as Friday. Eisman cited the company's prospectus concern, noting that capex as a share of revenue surged from 42% in fiscal 2023 to 215% in the most recent first quarter, driven primarily by AI infrastructure spending. He flagged that the company's $28.5 trillion total addressable market figure is 85% attributed to AI, stating "the entire company is being bet on AI in terms of its future, not on SpaceX and not on Starlink." Eisman called SpaceX's Grok AI product "not a world class AI company" and warned that AI broadly is "very commoditized" with "no moats." He added he has no interest in shorting the stock.
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