SpaceX Is Worth About $800 Billion More Than Tesla on Less Than a Quarter of Its Sales

Impact · against what's priced in

Tesla's valuation is further decoupled from its core business as operating margins collapse to 1.4%, reinforcing that the stock's price depends entirely on non-car ventures. While SpaceX shows strong connectivity growth, this is likely already factored into the valuation gap between the two companies.

TSLA−0.30

Challenges what's priced in

The price assumes

The current, contracting automotive business