Key Points For years, Tesla has served as investors' primary public market vehicle for aligning with Elon Musk's broader ambitions. A SpaceX IPO could reshape how investors value Tesla's stock. Still, robotaxis, AI, and robotics could create enormous value if Tesla executes successfully. For years, Tesla(NASDAQ: TSLA) offered investors something unique: a public market way to invest alongside CEO Elon Musk's technological ambitions. As the company has evolved far beyond an electric vehicle (EV) maker, investors have gradually viewed Tesla as a bet on artificial intelligence (AI), self-driving cars, robotics, automation, and Musk's ability to build industry-defining businesses. That perception helped Tesla command a premium valuation in the market. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » But a potential SpaceX initial public offering (IPO) could quietly change how investors view Tesla stock. For the first time, investors may have another large-scale Musk company to compare directly against Tesla. And that comparison could matter more than many investors realize. Tesla's valuation was never just about cars Tesla delivered roughly 1.6 million vehicles in 2025, making it one of the world's largest EV manufacturers. But traditional automakers also sell millions of vehicles. None trade at a valuation anywhere close to Tesla's. For perspective, Tesla's stock has a price-to-sales (P/S) ratio of 15.6, far ahead of General Motors' P/S ratio of 0.4. That's because investors never valued Tesla like a normal car company. They gave Tesla credit for businesses that remain largely ahead of it, including robotaxis, autonomous driving, humanoid robots, AI-driven software, and energy infrastructure. Investors effectively treated Tesla as a technology platform with multiple long-term growth opportunities. For years, Tesla also benefited from a powerful