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Investment firm Pershing Square Inc. PS founder Bill Ackman has backed Elon Musk and Space Exploration Technologies Corp. SPCX, calling the commercial space flight company a “very interesting business.”
Never Bet Against Elon
During an interview with Money News Network on Monday, Ackman was asked which AI company he would choose to back between Anthropic, OpenAI, or SpaceX. The investor said that Anthropic was the leader in frontier models while Ackman had concerns about losses for OpenAI in the “foreseeable future.”
Speaking about SpaceX, Ackman said that the company’s Starlink was “enormously profitable” and a “near monopoly” in the global satellite-based internet services. He also said that SpaceX was the only company that could provide businesses with the ability to “rent 100,000 GPUs.”
Ackman also called Musk the “most talented technologist, entrepreneur of our generation,” but said that its “price” was the only question at “six or seven” trillion, which meant there was less upside with the company. “The word is never bet against Elon,” he said.
However, Ackman outlined that SpaceX wasn’t a part of Pershing Square’s portfolio because it did not have the “degree of predictability that we’re looking for,” the investor said.
Bill Ackman on Meta, Amazon
The investor also said that companies like Microsoft Corp MSFT, Meta Platforms Inc. META and Amazon.com Inc. AMZN were cheap stocks. “If Microsoft and Amazon and Meta are cheap stocks, which we believe they are, you could argue the market’s not expensive at all," Ackman noted in the interview.
He gave the example of buying a book at a brick-and-mortar store compared to buying the same book on Amazon, which he said can get the book “delivered in two hours.”
Peter Schiff on SpaceX’s Decline
Economist and Echelon Wealth Partners co-founder Peter Schiff argued on Monday that the AI bubble had officially popped as SpaceX stock declined. He had earlier also said that SpaceX’s decline could spell the end for the “overpriced” U.S. stock market.
Investor Gary Black of The Future Fund LLC also expressed bearish sentiments on SpaceX, saying that the company’s market capitalization of approximately $1.7 trillion should not "mathematically" result in an enterprise value-to-revenue multiple of about 40 times.
According to Benzinga Edge Rankings, SpaceX fails to provide a favorable price trend in the Short, Medium and Long term.
Price Action: SpaceX shares were down 1.56% at $122.06 during pre-market trading on Tuesday.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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This article Bill Ackman Says 'Never Bet Against Elon' Amid SpaceX's Decline, Explains Why Pershing Square Doesn't Own SPCX originally appeared on Benzinga.com.
