$Tesla(TSLA.US) bulls’ arguments that Elon is holding back TSLA’s robotaxi scale-up so $SpaceX(SPCX.US) can buy $Tesla(TSLA.US) at a relatively cheap valuation seems absurd, given the massive dilution that would result from a stock-for-stock transaction of SPCX at 160x 2026 EV/EBITDA vs TSLA at 90x 2026 EV/EBITDA, let alone the governance issues associated with such a strategy. We remain cautious on $Tesla(TSLA.US) due to declining earnings estimates, the coming commoditization of unsupervised autonomy, and a seemingly extended valuation.
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