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LIVE BLOG: Tesla 2024 Cyber Roundup (Annual Stockholders’ Meeting)

Credit: Tesla

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2 years ago

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Tesla’s (NASDAQ:TSLA) 2024 Annual Stockholders Meeting, also known as the 2024 Cyber Roundup, is here. There’s a notable degree of excitement surrounding the event, thanks in no small part to Elon Musk’s post on X stating that TSLA shareholders are strongly on track to approve the ratification of his 2018 CEO Performance Award and the proposed redomestication of Tesla from Delaware to Texas. 

Tesla has posted a link to the official livestream of the 2024 Cyber Roundup on social media platform X. Images posted by Tesla investors who are at Giga Texas show that the event hall where the meeting will be held is now filling up. Based on videos and photos that have been shared of the 2024 Cyber Roundup so far, it would appear that TSLA stockholders are currently in good spirits. 

Tesla’s 2024 Cyber Roundup is expected to begin with stockholders voting on a number of key proposals. Following this, a Q&A session with CEO Elon Musk and a number of other executives is expected. 

The following are live updates from Tesla’s 2024 Cyber Roundup. I will be updating this article in real-time, so please keep refreshing the page every minute or two to view the latest updates on this story.

17:53 CT – And that ends Tesla’s 2024 Annual Stockholders’ Meeting! Elon Musk thanks the company’s shareholders for their support before exiting the stage.

17:50 CT – A Tesla investor asked about lithium refining and if the company would need to expand past Texas. Musk noted that there’s enough lithium if China is included, but if there’s a geopolitical conflict, then lithium might be a limiting factor.

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17:47 CT – An investor asked about Tesla without Elon. Musk noted that while he is a helpful accelerant to Tesla’s future, he believes that the company will be fine after him. But as things stand today, his biggest contribution to Tesla is the fact that he accelerates the company’s innovations. “What matters is if we can be faster than everybody else,” Musk noted.

17:41 CT – A shareholder asked if Optimus would have some sort of personality that could be set by the user. Musk noted that this would indeed be the case. “You would be able to customize the personality, customize its voice. It will kind of just understand you,” Musk said.

17:35 CT – Musk noted that the Cybertruck Foundation Series will be ending soon, with non-Foundation Series Cybertrucks being made available next quarter.

17:32 CT – A shareholder asked about the international reception for the Cybertruck. Musk noted that the Cybertruck is designed for North America, but Tesla may be able to get the vehicle certified for other markets next year.

Such a thing, however, requires complexity, and thus, it probably should not be done until the Cybertruck achieves volume production. At that point, the cost grind and other efforts to make the Cybertruck compliant to other markets would begin.

17:28 CT – A Tesla stockholder credited the efforts of the TSLA retail community for their work in encouraging investors to vote for the 2024 Cyber Roundup’s proposals. Musk agreed.

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Another shareholder asked about Tesla’s 4680 project and how it could help vehicles’ affordability. Musk noted that cell suppliers have drastically lowered the prices of their batteries. He also noted that making a car affordable is like playing Game of Thrones but with pennies. Thus, battery cells are only one part of the equation.

Tesla is seeing a path to cost parity with its battery efforts this year, Musk noted.

17:24 CT – A TSLA stockholder asked about Donald Trump admitted that he loves Tesla and Musk’s work. Musk joked that he could be persuasive, but he did talk to Trump after the presidential candidate called him. Musk also noted that a lot of Trump’s friends drive Teslas, and the candidate is a fan of the Cybertruck.

Another shareholder asked about the robotaxi’s steering wheel-less design and how Tesla would handle interventions in such a vehicle. Musk noted that such vehicles will be extremely cautious so the probability of the car hurting a pedestrian would be incredibly low. But in cases when an intervention is needed, Musk noted that Tesla could probably control its driverless cars remotely.

17:20 CT – A shareholder asked if Tesla is still working on an HVAC system. Musk acknowledged the question, stating that Tesla has a lot of innovations that can be used to make a good system. It is, however, not super high on Tesla’s things to do.

Another stockholder stated that the Tesla Cybertruck is really a hit with kids. The shareholder asked Musk if Tesla would eventually allow kids to tour the company’s factories. Musk stated that something like kid-friendly factory tours would indeed be rolled out.

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17:18 CT – A Tesla shareholder makes the case for more constant FSD transfers. Musk stated that it is tough since the company should have some revenue. He did note that FSD transfers would be active for one more quarter. The audience applauds.

Another stockholder noted that Musk should take care of himself for the sake of Tesla and its shareholders. Musk admitted that he probably needs to work out and not get assassinated or something. He joked that he’s probably on the list of some homicidal maniacs because his name is heard by a lot of people. Musk did admit that he is becoming a bit more cautious.

17:15 CT – A TSLA stockholder asked when Musk thinks Tesla could be the world’s most valuable company. Musk noted that it’s worth looking at ARK Invest’s analysis as their estimates are the most accurate. Musk noted that a five-year timeline might be feasible.

Another shareholder asked about Tesla’s referral program, and when the company could do a passenger van. Musk noted that the van would be added to his list. He also noted that Tesla will reexamine the referral program next quarter. Musk stated that the referral program increases the price of the car, but Tesla will look into it. “I think some kind of referral program makes sense,” Musk said.

The CEO also noted that the cost remains a limiter for demand. He noted that if the Model Y costs below $20,000, it would probably sell 5 million units per year. “We have to make it affordable. That’s essential,” he said.

17:09 CT – The Q&A sessions begin! The first shareholder thanked Elon Musk for his work in keeping the first amendment. Musk thanked the investor, stating that it’s pertinent for the future of civilization to have free speech.

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Another TSLA stockholder, who worked at Tesla’s sales department, asked if FSD could be bundled with other services to make it more attractive to consumers. Musk noted that FSD free trials should help. “I think we can keep offering people free trials of FSD every time we make a significant improvement,” Musk said.

A TSLA shareholder mentioned Musk’s 2018 CEO Performance Award. Musk stated that it’s important to note that his compensation plan is actually in the form of stock that he would not be able to sell for years. When asked about FSD’s safety, Musk noted that as long as the system is making roads safer, then the company is doing the right thing.

17:00 CT – Musk noted that Tesla is no longer compute-constrained. He noted that interventions are so rare nowadays that Tesla’s professional drivers get bored on the job.

Musk discusses the progress of Optimus, which has seen incredible progress over the years. He reiterated Tesla’s target for limited production next year, and that there might be thousands of Optimus robots working at the electric vehicle maker next year. “My prediction is we’ll have over 1,000, maybe a few thousand Optimus robots working at our factories next year.,” Musk said.

He teases some key improvements to Optimus, such as its upcoming update that would give the humanoid robot hands with 22 degrees of freedom. As per Musk, Optimus should be able to play the piano with such hands, and that even the most optimistic outlook on Optimus would be conservative. “I think Optimus is a $25 trillion dollar market cap situation; It’s an immense amount of work to get there, but we’re moving very fast down that road,” he said.

16:50 CT – Elon Musk noted that Tesla has completed the design of its Hardware 5 computer, which the company is calling “AI 5.” He noted that so far, everything that consumers are seeing right now is just Tesla’s Hardware 3, which is not even maxed out yet. “We still have a long way to go to reach the limits of Hardware 3,” Musk said.

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He noted that Hardware 4 is 3 times to 8 times better than Hardware 3, and Hardware 5 will be 10 times better than Hardware 4. Hardware 5 is expected to be rolled out in about 18 months. Musk shared some exciting updates for Hardware 4. “Later this year we will release a Hardware 4 specific model trained at Gigafactory Texas,” he said.

“AI Hardware 5 will be able to go up to 700 or 800 watts at peak load,” Musk stated.

16:45 CT – Musk noted that Tesla Energy is tracking for 200-300% growth. “We’re tracking for a 200-300% YoY growth for energy storage deployment in 2024,” Musk said. He noted that the Tesla Powerwall 3 is a game-changing product, and Megapack 3, which will be coming in a couple of years, will be the same. Musk noted that Megapack 3 would be optimized for easy and seamless installation.

He highlighted that Tesla is definitely more than a car company. “We do a lot of software at Tesla,” Musk said. “Car companies are not software companies,” Musk noted, adding that Tesla is actually ahead on real-world AI than any other company.

16:40 CT – Musk mentioned some of Tesla’s future products. He noted that while some of these projects may seem underwhelming at first, they would be game-changing in the long run.

He also highlighted that Tesla’s Supercharger Network is still growing, though the company will be more careful about where it places its charging stations. “Rumors of the death of the Supercharger Network are greatly exaggerated,” Musk said, reiterating that Tesla will be spending half a billion into the expansion of the Supercharger Network this year.

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“We will be deploying more Superchargers this year than the rest of the industry combined,” Musk said.

The CEO noted that Tesla is making good progress in its 4680 battery cell program. As per Musk, every Cybertruck on the road is equipped with 4680 cells. He did, however, also admit that the 4680 program has been very challenging.

16:35 CT – Elon Musk noted that Tesla Cybertruck production has reached a record of 1,300 per week, with a target to hit 2,500 per week by the end of 2024. He also noted that while the Cybertruck is divisive, it is a vehicle that resonates with people, even kids. Musk noted that if you would like to get an honest opinion about something, kids will definitely give it. And so far, kids love the Cybertruck. 16:50 CT –

The CEO also gave some praise to the reengineered Model 3, which is a “great, great car.” He reiterated the Model Y’s accomplishment of becoming the world’s best-selling car. Musk predicted that the Model Y will be 2024’s best-selling car by volume again.

He also noted that last week, he approved the plans for the volume production of the Tesla Semi. Musk stated that the Tesla Semi will eventually just make sense for businesses because it saves operators so much money.

16:30 CT – Musk noted that he would be starting his presentation. He also joked that Tesla may need to place a word limit on TSLA shareholder proposals, to much applause from the audience.

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He highlighted that Tesla’s impact is accelerating. He noted that Tesla’s factories are beautiful. “People are smiling at the factories. People are smiling and happy. It’s nice,” Musk noted. “We actually do care a lot about doing the right thing. We’re not perfect, but we care a lot about doing the right thing,” Musk said.

Musk also mentioned how Tesla’s batteries are lasting longer, and the company’s vehicles are getting more affordable. He noted that Tesla is still number one in EVs last year. He also personally thanked Tesla’s Fremont team.

16:25 CT – The CEO discusses the potential of Optimus, which he noted will probably be something that everyone would like to have. “Who doesn’t want a C3PO?” Musk joked, referencing the iconic Star Wars character.

Musk noted that Tesla could make Optimus at scale for $10,000. At $20,000 a unit, Tesla could make a trillion dollars in profit per year. That’s an incredible valuation based on Optimus alone. “When I say we’re starting a new book, it’s gonna be the best book. It’s next level — next, next level,” Musk said.

16:20 CT – Musk discusses Tesla’s robotaxi model. He noted that some vehicles in the fleet will be owned by Tesla while others will be owned by customers. This should give Tesla owners completely control over when their vehicles will be used as part of the robotaxi network.

Musk admits that he tends to be overly optimistic. “If I’m not optimistic, this factory would not exist,” Musk joked. “I’ve been pathologically optimistic from birth. But this is the reason why every one of these is happening. But, I do deliver in the end. That’s what’s important,” Musk said.

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Musk also advised that Cathie Wood’s ARK Invest has the most accurate take on Tesla’s potential in the future.

16:15 CT – Elon Musk enters the stage to much applause from the attending Tesla shareholders. The CEO seems to be in high spirits, as he quite literally jumped for joy as he took the stage. Musk seems very pleased with the current results of the shareholders’ vote.

“I just want to say, ‘Hot damn, I love you guys!’ We have the most shareholder base of any public company. It’s incredible,” Musk said.

He also highlighted that Tesla is about to see some incredible changes. “We’re not just opening a new chapter for Tesla. We’re starting a new book.”

16:12 CT – The meeting has now closed. Tesla CEO Elon Musk is taking the stage. He enters with a video highlighting how Tesla effectively made the impossible possible. This is quite unique.

Tesla is taking a victory lap — which the company, its executives, and its shareholders have completely earned.

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16:10 CT – The Tesla 2024 Annual Stockholders Meeting voting has commenced. For context, here are the proposals that TSLA investors are voting on this year, as well as the results of the shareholders’ vote.

Following are the results of TSLA shareholders’ vote.

TESLA PROPOSALS

  1. A Tesla proposal to elect two Class II directors to serve for a term of three years, or until their respective successors are duly elected and qualified (“Proposal One”). – Board Recommendation: “FOR” – Vote Results: “FOR”
  2. A Tesla proposal to approve executive compensation on a non-binding advisory basis (“Proposal Two”). – Board Recommendation: “FOR” – Vote Results: “FOR”
  3. A Tesla proposal to approve the redomestication of Tesla from Delaware to Texas by conversion (“Proposal Three”). – Board Recommendation: “FOR” – Vote Results: “FOR”
  4. A Tesla proposal to ratify the 100% performance-based stock option award to Elon Musk that was proposed to and approved by our stockholders in 2018 (“Proposal Four”). – Board Recommendation: “FOR” – Vote Results: “FOR”
  5. A Tesla proposal to ratify the appointment of PricewaterhouseCoopers LLP as Tesla’s independent registered public accounting firm for the fiscal year ending December 31, 2024 (“Proposal Five”). – Board Recommendation: “FOR” – Vote Results: “FOR”

STOCKHOLDER PROPOSALS

  1. A stockholder proposal regarding the reduction of director terms to one year, if properly presented (“Proposal Six”). – Board Recommendation: “AGAINST” – Vote Results: “FOR”
  2. A stockholder proposal regarding simple majority voting provisions in our governing documents, if properly presented (“Proposal Seven”). – Board Recommendation: “AGAINST” – Vote Results: “FOR”
  3. A stockholder proposal regarding annual reporting on anti-harassment and discrimination efforts, if properly presented (“Proposal Eight”). – Board Recommendation: “AGAINST” – Vote Results: “AGAINST”
  4. A stockholder proposal regarding the adoption of a freedom of association and collective bargaining policy, if properly presented (“Proposal Nine”). – Board Recommendation: “AGAINST” – Vote Results: “AGAINST”
  5. A stockholder proposal regarding reporting on effects and risks associated with electromagnetic radiation and wireless technologies, if properly presented (“Proposal Ten”). – Board Recommendation: “AGAINST” – Vote Results: “AGAINST”
  6. A stockholder proposal regarding adopting targets and reporting on metrics to assess the feasibility of integrating sustainability metrics into senior executive compensation plans, if properly presented (“Proposal Eleven”). – Board Recommendation: “AGAINST” – Vote Results: “AGAINST”
  7. A stockholder proposal regarding committing to a moratorium on sourcing minerals from deep sea mining, if properly presented (“Proposal Twelve”). – Board Recommendation: “AGAINST” – Vote Results: “AGAINST”

15:40 CT – Denholm welcomes Tesla shareholders to the company’s home in Texas. “No other company in the world has as diverse, engaged, and supportive shareholders as Tesla,” Denholm said.

She also mentions a number of highlights from Tesla’s past year, such as the Model Y becoming the world’s best-selling car, the first deliveries of the Cybertruck, and the rapid growth of Tesla Energy. She also mentions the launch of FSD (Supervised), as well as the company’s efforts on its next-generation projects.

The Board Chair further highlighted that Tesla is focused on operating as sustainably as possible. “We are working to build a battery recycling material ecosystem, both internally and with others,” Denholm said, adding that Tesla supported the recovery of enough battery materials to produce thousands of Model Y RWD units.

Denholm also emphasized that the Tesla Board is listening to shareholders and that the company’s leadership sets higher standards for itself. “You don’t see the day to day work of directors, but I can assure you, this is a highly-engaged Board,” she said.

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15:32 CT – Tesla’s livestream for the 2024 Cyber Roundup has gone live! Introductions are underway. Tesla Board Chair Robyn Denholm is giving the opening remarks, to much applause.

15:23 CT – Tesla Chair of the Board Robyn Denholm could be seen giving a hug to Tesla retail shareholder Alexandra Merz, who played a huge part in organizing a successful grassroots effort to encourage thousands of TSLA investors to vote on the ratification of Elon Musk’s 2018 CEO Performance Award and the proposed redomestication of Tesla from Delaware to Texas.

15:20 CT – Tesla’s displays at Giga Texas during these events are always great. Standouts of this year include the Tesla Model S Plaid that took on the Nürburgring and a Tesla Model Y with front and rear megacasts. Oh, and the banner that retail shareholders brought and signed is very interesting as well. 

15:15 CT – We are the heels of what could possibly be the most high-stakes Tesla shareholder meeting to date. In the weeks leading up to today, there were serious doubts that TSLA investors would not vote to ratify Elon Musk’s 2018 CEO Performance Award and Tesla’s proposed redomestication in Texas. These doubts seem to have completely disappeared. 

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

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Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Elon Musk

Tesla Q3 2026 Earnings results: in-line revenues, slight beat on EPS

Published

10 hours ago

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October 21, 2026

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Tesla (NASDAQ: TSLA) reported its earnings for the third quarter of 2026, marking a reasonable performance on the various financial metrics. Tesla still plans to hold a call that will field investor questions at 5:30 p.m. ET, 4:30 p.m. CT.

Here’s where Earnings came in:

  • Total Revenues: $28.046 reported vs. $28.34B expected
  • Non-GAAP EPS: $0.48 reported vs. $0.45 expected
  • Operating Margin: 2.6 % reported vs. 2.5% expected
  • Operating Income: $718M reported vs. $721M expected
  • Free Cash Flow: $1.531B reported vs. ~-$4.51B expected

Major Takeaways

Full Self-Driving (Supervised)

“FSD (Supervised)⁴ attach rate continued to grow, reaching over 75% of new vehicle deliveries in North America – our most mature market – a nearly twenty percentage point sequential increase. We believe that FSD is driving demand in markets where it is available, and we continue to work with regulators to get it approved in other markets.”

Tesla Semi

“We began volume production of Tesla Semi, our Class 8 heavy-duty truck. The top variant can go 500 miles at full 82,000 lbs gross combination weight while achieving an efficiency of 1.7 kWh/mile. That efficiency allows the Tesla Semi to use a third of the energy used by a comparable diesel truck to haul the same payload. In a transportation market where energy is one of the largest components of total cost per mile, this will provide a meaningful advantage to Tesla Semi operators.”

SI Compute

“We plan to reach 400 MW of SI training compute by the end of the year, supporting the development of both vehicle and humanoid robot autonomy software. Additionally, we continued construction for the Austin Fab, where we plan to start commissioning equipment in 2027.”

Robotaxi

“We began deployment of Cybercab into our Robotaxi fleet in Austin. We reached nearly two million cumulative unsupervised miles for our Robotaxi service as of the end of the quarter. Operating hours in Austin are now 6am to midnight, and we expect to reduce wait times via increased fleet supply and improvement of Robotaxi orchestration algorithms. Grok is available in Cybercab with access to Grok Bot and Connectors, which allows users to manage their inbox, calendars, files, chats and tasks – all hands free via voice command – making Cybercab a mode of transport, a productivity space and, with our entertainment options, a second living room.”

Interested in ordering a Tesla? Use my referral code for three free months of Full Self-Driving (Supervised) here.

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Investor's Corner

Tesla reports Q3 Earnings today: here’s what to expect

Published

14 hours ago

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October 21, 2026

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Credit: TechOperator | X

Tesla (NASDAQ: TSLA) reports its earnings for Q3 today. Here’s what to expect, as the company will reveal its balance sheet after the market closes on Wednesday.

Tesla already reported deliveries just after Q3 ended, and it demolished Wall Street consensus estimates of roughly 462,000 vehicles. Tesla delivered 486,532 cars in the third quarter, which was a big beat, but was down 2.1 percent from the same quarter last year. Energy storage deployments were 13.7 GWh, up year-over-year.

Tesla showrooms picked clean ahead of Q3 end as demand looks strong

For the quarter, analysts have already compiled their predictions for what Tesla will report this afternoon:

  • Total Revenues: $28.34B
  • Non-GAAP EPS: $0.43
  • Operating Margin: 2.5%
  • Operating Income: $721M
  • Free Cash Flow: ~-$4.51B

Here are a few things we are looking forward to hearing about on the call:

Automotive Gross Margin and Overall Profitability

This was 16.3 percent in Q2, down from 19.2 percent in Q1, and was impacted by warranty charges and some fading regulatory credits. Consensus implies overall gross margin near 18 percent, but a miss here would potentially reinforce concerns about pricing pressure on its vehicles.

Pay attention to energy storage margins as well, especially since Tesla missed GWh expectations, although it was still a strong quarter.

Robotaxi/Cybercab, Unsupervised FSD, and Optimus Progress

The Say questions from retail investors usually focus on these types of projects, and this quarter is no different. Scaling the Cybercab fleet beyond Austin amid the open NHTSA safety review, timeline for Unsupervised FSD in customer cars, Robotaxi unit economics, and Optimus cost per unit plus when it could start generating revenue, are all things to be looking for.

Any concrete timelines or regulatory path details will likely move the stock more than the near-term numbers. SpaceX merger speculation, which was detailed during SpaceX’s earnings call last night, may also surface, although the key details were shared last night.

Elon Musk just confirmed the Tesla and SpaceX merger step everyone was waiting for

Say Investor Questions

  1. How does the Cybercab fleet scale past Austin, and what’s the regulatory path outside Texas given NHTSA’s open safety review?
  2. When can we anticipate FSD unsupervised in customer cars?
  3. When will the CyberCab be available for customer purchase/ownership?
  4. What’s the unit economics per paid robotaxi mile, and how does it compare to the thirty-cent target?
  5. Tesla has acknowledged that HW3 vehicles cannot support unsupervised FSD. When will owners know whether they can upgrade their hardware for free, and when will Tesla provide a clear plan?

The full Earnings Call will be streamed this evening after market close around 5 p.m. this evening.

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Investor's Corner

SpaceX stock gets a slew of price target boosts after bullish earnings call

Published

17 hours ago

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October 21, 2026

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Wall Street analysts rapidly raised price targets on SpaceX (NASDAQ: SPCX) after the company reported a bullish third quarter for 2026 following the market close on October 20. Shares were sent sharply higher in after-hours and premarket trading.

SpaceX posted revenue of $14.6 billion, a 161 percent year-over-year increase that comfortably topped consensus estimates, which fell near $12.7 billion. The company also posted a net profit of $4.4 billion from a prior-year loss, with adjusted EBITDA reaching $8.8 billion.

Its Super Intelligence (AI) division generated roughly $7.6 billion and became the largest revenue contributor, growing nearly 830 percent year-over-year, while the Connectivity segment delivered $5.2 billion on strong subscriber additions that lifted the consumer base to 13.6 million for Starlink.

The Earnings Call proved especially catalytic, as CEO Elon Musk and CFO Bret Johnsen outlined Q1 2027 revenue guidance of $33 billion to $37 billion, which was far above the roughly $22 billion analysts had modeled, alongside fourth-quarter capital-expenditure plans of $35 billion to $40 billion focused on AI compute infrastructure at sites including Memphis and Southaven.

SpaceX delivers blockbuster Q3 results as Super Intelligence segment booms

Management targets 2.5 to 3 gigawatts of nameplate compute capacity by year-end and discussed pathways to 13 gigawatts or more by the end of 2027. Musk described relentless demand from hyperscalers and other customers, with compute pricing supporting payback periods of less than a year and potentially as short as six months.

Additional highlights included Starship’s recent orbital success and V3 satellite deployment, Starlink pricing and enterprise momentum, rapid Grok Bot adoption, spectrum expansion plans, and the formation of special committees to explore a possible combination with Tesla.

These elements prompted a wave of price-target increases:

  • JPMorgan more than doubled its target to $500 from $240 while maintaining an Overweight rating.
  • Cantor Fitzgerald lifted its target to $345 from $246 (Overweight).
  • Barclays raised its target to $300 from $254 (Overweight).
  • Citi increased its target to $240 from $200 (Buy),
  • UBS moved to $230 from $210 (Buy), and
  • TD Cowen raised its target to $224 from $200 (Buy).
  • Morgan Stanley held an Overweight rating with a $300 target.
  • Other firms also adjusted higher, including Wells Fargo (to $274 from $214) and Clear Street (to $248 from $217). Analysts broadly cited the strong quarterly print, accelerating AI compute expansion, Starlink progress, and Starship milestones as drivers of higher long-term growth and earnings power.

Shares, which closed at $147.79 on October 20, jumped roughly 8 percent in early premarket trading on October 21 as investors digested the results and the newly elevated Street targets.

The average analyst price target has moved higher, which reflects greater conviction in SpaceX’s trajectory across launch, connectivity, and the Super Intelligence business, even as elevated spending remains a point of focus.

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