Michael Burry Is Still Short Palantir. Here's What Its Nov. 2 Report Has to Show.

Michael Burry is still short Palantir (PLTR), holding put options that expire in 2027 and arguing the company's fundamental value sits below $50 per share. Q3 earnings land Nov. 2, and the print could test his thesis directly.

Two metrics carry the most weight. First: does PLTR beat its revenue guidance? A beat would point to continued strong growth and cut against the bearish case. Second: U.S. commercial revenue. That segment needs to sustain roughly 22% quarter-over-quarter growth to hit full-year targets, so a slowdown below that pace would put the annual goal at risk.

Valuation is the backdrop Burry is leaning on. PLTR trades at 166x trailing earnings, a multiple that leaves little room for disappointment. Interpretation: at that price, the stock is priced for sustained acceleration, so even an in-line quarter could read as a miss, while a clean beat on both metrics would strengthen the argument that growth justifies the premium.

His 2027 expiration gives the position time, meaning one quarter will not settle the debate. But the earnings report is the nearest hard data point for either side to claim momentum.