Investor Steve Eisman has voiced strong reservations about SpaceX's imminent initial public offering (IPO) and its strategic pivot towards artificial intelligence. Speaking on CNBC, he noted that SpaceX's capital expenditures have dramatically increased, reaching 215% of revenue as the company invests heavily in AI infrastructure. Eisman pointed out that a significant portion of SpaceX's valuation is now tied to AI, with over 85% of its projected $28.5 trillion addressable market linked to this sector rather than its traditional space operations. He also criticized the viability of ambitious projects like asteroid mining, labeling them as unlikely in the near term. Additionally, Eisman expressed skepticism regarding a potential merger with Tesla, highlighting the electric vehicle maker's declining earnings and increasing competition from lower-cost Chinese rivals. As SpaceX prepares for what could be the largest IPO in history, targeting a valuation exceeding $1.77 trillion, retail sentiment appears bullish despite these concerns.