<\/p>\n
Steve Eisman, the investor who became famous for his prescient bet against subprime mortgages ahead of the 2008 financial crisis, says he wants no part of the upcoming SpaceX IPO \u2014 and the company\u2019s own prospectus is his primary exhibit.<\/p>\n
Eisman, host of \u201cThe Real Eisman Playbook\u201d podcast and former Neuberger Berman senior portfolio manager, told CNBC\u2019s \u201cSquawk Box\u201d Monday that he is simply<\/a> \u201cnot a fan\u201d of the offering, which is expected to price as soon as Friday.<\/p>\n According to Eisman:<\/p>\n \u201cLet\u2019s see. If you read the prospectus, I mean, there\u2019s some amusing stuff in the prospectus. Like 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.\u201d<\/em><\/p>\n His more substantive concern is the company\u2019s pivot into AI. Eisman noted that capex as a share of revenue jumped from 42% in fiscal year 2023 to 215% in the most recent first quarter, driven by AI infrastructure spending. He called Grok, SpaceX\u2019s AI product, \u201cnot a world class AI company\u201d and warned that AI output broadly is \u201cvery commoditized\u201d with \u201cno moats.\u201d<\/p>\n Eisman pointed to the SpaceX S-1\u2019s total addressable market figure of $28.5 trillion, with 85% attributed to AI, noting that \u201cthe entire company is being bet on AI in terms of its future, not on SpaceX and not on Starlink.\u201d<\/p>\n According to Eisman:<\/p>\n \u201cWhat I love about the S-1 is that it reads like a science fiction novel. It really does.\u201d<\/em><\/p>\n He clarified he has no interest in shorting the stock. \u201cI have no interest in shorting this. I\u2019m just not playing,\u201d he said.<\/p>\n Eisman previously bet against Tesla before abandoning the short position in 2020. \u201cIf you are short, you\u2019ve got to walk away. There\u2019s no glory in losing money,\u201d he said at the time.<\/p>\n Follow us on X<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>  <\/p>\n Featured Image: Shutterstock\/Rana Ali Hasan Arif\/Nikelser Kate<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Steve Eisman, the investor who became famous for his prescient bet against subprime mortgages ahead of the 2008 financial crisis, says he wants no part of the upcoming SpaceX IPO \u2014 and the company\u2019s own prospectus is his primary exhibit. Eisman, host of \u201cThe Real Eisman Playbook\u201d podcast and former Neuberger Berman senior portfolio manager, […]<\/p>\n","protected":false},"author":2,"featured_media":430049,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-430048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/430048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=430048"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/430048\/revisions"}],"predecessor-version":[{"id":430050,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/430048\/revisions\/430050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/430049"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=430048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=430048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=430048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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