Investor's Corner
Here’s what Tesla owner-investors will be asking Elon Musk today
During Tesla’s upcoming Q4 and Full Year 2018 earnings call this Wednesday at 2:30 p.m. PT (5:30 p.m. ET), the electric car maker would be taking questions from retail investors that are aggregated from Say, a startup that creates and develops investor communication tools.
Over the past weeks, Tesla’s retail investors have submitted and voted on questions that they wish to be discussed in the company’s upcoming earnings call. After collecting the shareholder inquiries on its website, Say would be delivering them to Tesla’s investor relations department. In a statement to Bloomberg Law, a Tesla spokesperson has confirmed that the company would indeed be answering some questions from retail investors.
The Say campaign appears to be quite popular among shareholders. So far, over 250 inquiries have been posted by investors representing more than $50 million worth of TSLA shares. Among the most popular questions for the company involve Tesla’s customer service issues, Model 3’s annual targets, and a possible 2170 battery update for the Model S and X. The inquiries are vetted as well, since Say only allows verified Tesla shareholders to vote and submit questions.
Here’s the Top 5 questions from Say’s Tesla Q4 earnings page.
- Owners, many of them with large followings online, are becoming very vocal about Tesla’s worsening customer service experience with delivery, service, and repair. This has a severe impact on sales and returning sales. What are you doing to change this growing negative reputation?
- How are feeling about demand right now across the product line? Is 500k-700k units at ~$42k ASP still a realistic annual target for Model 3, even considering the impact of Model Y on demand? Do you continue to see S/X ~100k annually?
- If and when will Tesla switch Model S & X to 2170 battery cells? What percent range improvement do you expect?
- Can you please share an update on Full Self Driving and Tesla Network development? When will customers start to see FSD features? What’s a best case timeline for the Tesla Network to go live?
- Where will the Tesla Semi & Model Y be produced? Can you share a timeline on the expected production ramp of these vehicles?
This would not be the first time for Tesla to take a question from a retail investor. Last May, Elon Musk courted Wall Street’s ire after he dismissed a couple of analysts, dubbing their inquiries as “boring” and “boneheaded.” Instead, Musk opted to take questions from retail investor Galileo Russell, a retail investor who hosts a YouTube channel called HyperChange TV. Rusell’s inquiries, which were also compiled from the Tesla community, were appreciated by Musk, who proceeded to give a notable amount of updates on the company’s upcoming projects. Ultimately, Galileo and Say would end up working together in the development of the question platform that would be used in Tesla’s earnings call later today.
In a statement to Teslarati, Galileo shared some questions that he hopes Tesla would address in its Q4 and Full Year 2018 earnings call.
“I’m so happy Tesla has chosen to take retail questions from SAY. The top questions surrounding Tesla’s worsening Net Promoter Scores & customer service pinpoint exactly what I want to know. What is Tesla doing to address its biggest weakness? Additionally, Rob’s question from Tesla Daily (currently #2) about Model 3 demand at maturity, will give us clarity on normalized demand for the car now that it has been available for more than a year.”
Ultimately, Tesla appears to be set on democratizing its process of communicating its earnings to shareholders, the media, as well as institutional investors. This is yet another step away from convention, considering that earnings calls usually feature inquiries from Wall Street analysts and the occasional member of the media. By supporting Say’s campaign, electric car maker is all but ensuring that its retail investors would be able to ask inquiries that are relevant and pertinent to the Tesla community as a whole.
if any, Tesla’s support for the retail investors’ questions would most definitely make today’s earnings call the last thing from “boring.”
Tesla is set to release its Q4 and Full Year 2018 financial results after markets close today. Following the release of its Q4 and full-year 2018 financial results, Tesla will be holding its earnings call, which will begin at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time).
The full list of questions submitted by TSLA retail investors in Say’s platform could be accessed here.
Elon Musk has firmly denied recent media reports suggesting that SpaceX has reduced its target valuation for an upcoming initial public offering.
The denial came directly from the SpaceX and Tesla frontman on his social media platform X, where he responded with a single word, “False,” to a post from ZeroHedge that cited Bloomberg sources.
This swift rebuttal underscores Musk’s ongoing effort to manage speculation surrounding one of the most anticipated market debuts in recent history.
False
— Elon Musk (@elonmusk) May 29, 2026
According to the disputed reports, SpaceX had lowered its IPO valuation goal to at least $1.8 trillion from previous ambitions exceeding $2 trillion.
The claims emerged amid growing anticipation for the company’s confidential S-1 filing, which positions it for a potential public listing as early as June.
Some had pointed to strong revenue growth, particularly from the Starlink satellite internet service, which contributed heavily to the firm’s 2025 figures of $18.7 billion. Yet challenges persist in other areas, including substantial investments and losses tied to ambitious projects like Starship development and artificial intelligence initiatives, which plan to make life multiplanetary eventually.
Musk’s response highlights a pattern in which he actively counters what he views as inaccurate portrayals of his companies’ trajectories.
SpaceX, already valued privately at extraordinary levels, stands as a cornerstone of Musk’s empire alongside Tesla and xAI. The entrepreneur has long emphasized the transformative potential of reusable rockets and global broadband access, factors that fuel investor enthusiasm despite operational hurdles.
By rejecting the valuation downgrade narrative, Musk signals confidence in SpaceX’s fundamentals and its readiness for public markets on terms favorable to its long-term vision. People have been waiting a very long time to invest in SpaceX, and the valuation, as well as the introductory share price, is not going to need adjusting.
They’ll have plenty of suitors.
This episode reflects broader dynamics in the technology sector, where rumors often swirl around high-profile entities. Musk’s direct engagement with media narratives serves to maintain transparency and control the narrative around his ventures.
As SpaceX prepares for greater scrutiny in public markets, the founder’s denial reinforces optimism about its prospects. Supporters argue that the company’s innovative edge positions it for enduring success, far beyond short-term valuation debates. With the denial now public, attention turns to forthcoming regulatory filings that could provide clearer insights into SpaceX’s strategy and financial health.
The coming weeks promise to reveal more about how SpaceX will transition into a publicly traded powerhouse.
Elon Musk
The Tesla and SpaceX merger everyone is talking about is quietly building
Tesla and SpaceX may be closer to merging than Wall Street or either company is admitting.
Elon Musk has reportedly discussed merging Tesla and SpaceX with people close to him, according to CNBC, which cited sources familiar with the conversation. Tesla employees have long expected such a transaction and the topic is openly discussed internally, according to internal sources. With SpaceX is days away from kicking off its Wall Street roadshow for what could be the largest IPO in market history, this would be the first time the company will have public market currency to execute a stock-for-stock deal with Tesla.
The financial logic for a merger would make sense. A combined SpaceX and Tesla would create a conglomerate spanning rockets, satellites, electric vehicles, AI infrastructure, and energy storage valued at roughly $3.35 trillion to $3.6 trillion based on SpaceX’s IPO target range and Tesla’s current market capitalization. The two companies are already more intertwined than most people realize. SpaceX bought $697 million worth of Tesla Megapack systems for xAI data centers and $131 million worth of Cybertrucks. Tesla invested $2 billion in xAI, which subsequently merged with SpaceX. Past transactions also include Tesla selling solar equipment and parts to SpaceX, and SpaceX helping with Cybertruck materials.
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Musk himself signaled where this was heading in November 2025 when he posted on X, “My companies are, surprisingly in some ways, trending towards convergence.” Tesla and SpaceX announced a joint semiconductor fabrication facility in Austin called Terafab on the Gigafactory Texas campus, covering two advanced chip factories, with one serving Tesla’s AI needs for vehicles and Optimus robots, the other targeting space-based data centers under SpaceX’s infrastructure vision.
Wedbush analyst Dan Ives places the probability of a merger at 80% to 90% with a target completion in the first half of 2027. The mechanics of a deal became possible the moment SpaceX filed its S-1. Legal experts said a merger likely would not spark antitrust issues but would raise concerns among shareholders in each company, with questions around which company would be the parent, how a stock swap would take place, and who determines the appropriate price. Musk holds about 20% of Tesla’s equity but controls 85.1% of SpaceX’s voting power through a super-voting share class, meaning he would largely be negotiating the terms with himself.
Not everyone is convinced the timing is imminent. Traders on Kalshi place only 33% odds that a merger will happen before May 2027. The more immediate concern for Tesla shareholders is whether the SpaceX IPO pulls capital and Musk’s attention away from Tesla before any merger consolidates the upside for both.
What is clear is that the structural groundwork is already being laid. The Terafab announcement, the xAI merger, the shared supply chain, the cross-company balance sheet transactions, and now the IPO all point in the same direction. Whether the merger follows in 2027 or later, the two companies are already operating more like divisions of a single entity than independent competitors.
Elon Musk
SpaceX just filed for the IPO everyone was waiting for
SpaceX filed its public S-1, revealing $18.7 billion in revenue and billions in losses.
SpaceX publicly filed its S-1 registration statement with the Securities and Exchange Commission on May 20, 2026, making its financial details available to the public for the first time ahead of what could be the largest IPO in history.
An S-1 is the formal document a company must submit to the SEC before going public. It includes audited financials, risk factors, business descriptions, and how the company plans to use the money it raises. Companies are required to file one before selling shares to the public, and it must be published at least 15 days before the investor roadshow begins. SpaceX had already submitted a confidential draft to the SEC in April, which allowed regulators to review the filing privately before it went public.
The S-1 reveals that SpaceX generated $18.7 billion in consolidated revenue in 2025, driven largely by its Starlink satellite internet division, which posted $11.4 billion in revenue, growing nearly 50% year over year. Despite that growth, the company lost about $4.9 billion in 2025 and has burned through more than $37 billion since its founding.
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A significant portion of those losses trace back to xAI, Elon Musk’s artificial intelligence company, which was recently merged into SpaceX. SpaceX directed roughly 60% of its capital spending in 2025 to its AI division, totaling around $20 billion, yet that division lost billions and grew revenue by only about 22%.
SpaceX plans to list its Class A common stock on Nasdaq under the ticker SPCX, with Goldman Sachs, Morgan Stanley, and Bank of America leading the offering. The dual-class share structure means going public will not meaningfully reduce Musk’s control, as Class B shares he holds carry 10 votes per share compared to one vote for public Class A shares.
The company is targeting a raise of around $75 billion at a valuation of roughly $1.75 trillion, which would make it the largest IPO ever. The investor roadshow is reportedly planned for June 5.
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