- Burry is short PLTR, arguing its valuation assumes SaaS economics while deferred revenue resembles consultancy: 32% of revenue versus 80–207% for cited SaaS peers.
- Accounts receivable exceeded revenue growth in 9 of 12 quarters; Customer A represents 25% of 2025 AR despite under 10% of revenue, while year-end DSO rose from 52 to 85 days since 2020.
- Burry argues SBC, dilution, tax shields and FOMO subsidize growth, while former employees describe a labor-intensive model; he expects PLTR below $100 billion market cap and eventual revenue decline.
Investment pitches
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