Tesla Bull Case ‘Unraveling in Real Time’? Analyst Says SpaceX Tie-Up Could Leave Trillions Of FSD, Optimus Value ‘On the Table’
TSLA
M&A Risk, Autonomous Driving, Analyst Commentary
Negative
A bearish analyst at GLJ Research, Gordon Johnson, has argued that a potential tie-up between Tesla and SpaceX would undermine a central pillar of the Tesla bull case, suggesting the scenario could leave significant value tied to Full Self-Driving (FSD) and the Optimus robotics program effectively stranded or uncaptured by Tesla shareholders.
Johnson's commentary frames the possible Tesla-SpaceX arrangement as a risk rather than a catalyst, contending that the bull case for Tesla is 'unraveling in real time' and that a deal structure could shift or dilute the value investors have attributed to Tesla's autonomous driving and humanoid robot initiatives.
Why it matters
Investor sentiment toward Tesla is heavily tied to the long-term value ascribed to FSD and Optimus; any deal structure that separates or dilutes those assets could materially alter the bull thesis. This analyst view adds to existing debate over whether Tesla's premium valuation is justified by its AI and robotics pipeline.
Key facts
GLJ Research analyst Gordon Johnson issued bearish commentary on a potential Tesla-SpaceX tie-up • Johnson argues such a deal would undercut a core pillar of the Tesla bull case • The concern centers on FSD and Optimus value potentially being left 'on the table' for Tesla shareholders • The analyst characterizes the Tesla bull case as 'unraveling in real time'