Tom @ TSLA Proxy

World’s first dual-asset treasury: Tesla + Bitcoin. Uncorrelated huge growth assets, leveraged exposure, transformative assets, one scalable listed vehicle.

[Tom @ TSLA Proxy @tslaproxy]

🔑 Q4 & FY25: Investor-Relevant Takeaways
1️⃣ Capital Strength & Self-Funding (underrated)

$44.1B cash & investments (+$7.5B YoY)

Q4 free cash flow: $1.4B

FY25 free cash flow: $6.2B (+74% YoY)

No equity raises, no balance sheet stress

Autonomy, AI, energy, robotics funded internally

👉 Tesla is no longer capital constrained — this materially reduces execution risk on Robotaxi & Optimus.

2️⃣ Margin Inflection Despite Lower Volumes (very important)

Q4 gross margin: 20.1% (+386 bps YoY)

Automotive gross margin ex-credits: 17.9%

Operating margin stabilized at ~5.7% despite:
Lower deliveries
Tariffs
Higher AI/R&D spend

👉 Confirms operating leverage is returning even before autonomy monetization.

3️⃣ Robotaxi: Transition from Pilot → Operations (critical)

Driverless Robotaxi live in Austin

Safety monitors already being removed

Paid customer rides underway

Bay Area ride-hailing expanded to San Jose Airport

Robotaxi iOS app no longer has a waitlist in served areas

Robotaxi miles now count toward CEO compensation metrics

👉 This is a huge governance signal. Tesla is telling regulators and investors this is production-grade.

4️⃣ Robotaxi Expansion Pipeline (forward visibility)

Planned 1H26 launches:

Dallas

Houston

Phoenix

Miami

Orlando

Tampa

Las Vegas

👉 Market is pricing Robotaxi as binary. Tesla is executing city-by-city, exactly how regulators prefer.

5️⃣ FSD = Emerging Software Flywheel

1.1M active FSD subscriptions (+38% YoY)

Monthly subs more than doubled in 2025

Transitioned to subscription-only (sunsetting upfront payments)

FSD adoption now directly linked to insurance discounts

👉 Tesla is optimizing for recurring, high-margin ARPU, not short-term cash.

6️⃣ Energy Is Now a Real Profit Engine (still ignored)

Record Q4 & FY25 energy storage deployments

FY25 deployments: 46.7 GWh (+49% YoY)

~$1.1B quarterly gross profit (record)

Fifth consecutive record profit quarter

Megapack 3 + Megablock production starts in 2026

1M+ Powerwalls supporting 89,000 VPP events

Customers saved >$1B on electricity bills

👉 Energy margins are approaching software-like durability with utility-scale demand locked in.

7️⃣ AI Infrastructure: Scale Without Recklessness

100k H100-equivalent GPUs already deployed

Cortex 2 will more than double compute in 1H26

Compute scaled only when training backlog demands it

Focus explicitly on capital efficiency, not arms-race spending

👉 This is not Big Tech burn. It’s vertically integrated, ROI-driven AI spend.

8️⃣ Custom AI Silicon = Long-Term Moat

AI5 inference chip targets 50x performance vs AI4
10x raw compute
9x memory
5x efficiency from quantization & softmax

AI5 production: 2027

AI6 already in development (2028)

👉 This lowers Robotaxi cost-per-mile and locks out competitors reliant on NVIDIA.

9️⃣ Optimus: From Concept → Manufacturing Plan

Gen 3 Optimus unveiled in Q1 2026

First mass-production design

Production line prep underway

Target capacity: 1M robots/year

Volume production before end of 2026

👉 Even low utilization materially moves Tesla’s TAM. This is long-dated but asymmetric upside.

🔟 Manufacturing Optionality (hidden leverage)

Cybercab tooling complete; production starts 1H26

Tesla Semi production begins 2026

Megapack Houston factory online in 2026

4680 packs now shipping in Model Y

Domestic cathode + lithium refining reduce tariff exposure

👉 Tesla is quietly de-risking geopolitics and supply chains.

1️⃣1️⃣ Regulatory & Strategic Alignment Signals

Tesla investment in xAI ($2B) at market terms

Formal AI collaboration framework signed

Aligns Tesla’s physical AI roadmap with frontier models

👉 This tightens the autonomy feedback loop without Tesla owning model-layer risk.

1️⃣2️⃣ What the Market Is Missing

The market is still anchoring on:

Vehicle deliveries

Auto ASPs

Short-term margins

But Tesla is already monetizing:

Software

Fleet utilization

Energy infrastructure

AI inference

(Soon) labor via robotics

👉 Q4 wasn’t weak. It was transitional.

🧠 Bottom Line

Tesla Q4 shows:

Execution > promises

Cash > hype

Platform leverage quietly turning on

This is what early-stage multiple expansion looks like before revenue explodes.

[Tom @ TSLA Proxy @tslaproxy]

@CryptoMichNL @Bitwise Are there any chainlink treasury companies like mstr for btc?

[Tom @ TSLA Proxy @tslaproxy]

I’m one of the 3.6m UK households that chooses not to pay £180 / year BBC TV license fee.

#bbcnews is establishment propaganda

News on @x is unfiltered free speech

Entertainment on Netflix / Amazon prime is far better.

#defundthebbc Kill off bbc news

Thank you @elonmusk

[GB News @GBNEWS]

BBC faces hundreds of redundancies in major savings drive amid £180 licence fee revolt

https://t.co/e4kMhGvDyr

[Tom @ TSLA Proxy @tslaproxy]

@mikealfred You’re an arrogant cunt and your calls on btc have been consistently wrong. Eventually you’ll be right but your posts are not worth following as youve been consistently wrong and you’re far too arrogant and full of self importance that I’ve lost interest in you.

Unfollowed

[Tom @ TSLA Proxy @tslaproxy]

@pfqfdr @ibiza_beach_club

[Tom @ TSLA Proxy @tslaproxy]

@teslayoda @grok what’s the answer

[Tom @ TSLA Proxy @tslaproxy]

@elonmusk @TheEVuniverse @teslaownersSV @tesla_semi You’ll never get one from him 😂

[Elon Musk @elonmusk]

in case u need to lose a boner fast

[Tom @ TSLA Proxy @tslaproxy]

His reaction 🤣

[Tom @ TSLA Proxy @tslaproxy]

Elon, thanks for the insight but based on your earlier post we all thought v14.3 would unlock mass scale self driving.

‘The last big piece of the puzzle’ which has obviously turned out to be wrong.

Does this mean Robotaxi mass scale out will be delayed?

Could you set out your thinking and rough roadmap?

Will v15 allow wide scale unsupervised driving?

Will RoboTaxi be able to mass scale unsupervised using V14.3?

When can we expect V15?

I know it’s not easy to forecast but we now don’t know what to think and when the stock is tanking it’s not easy to stay calm when there’s so many unknowns

Thanks 🙏🏻

[Elon Musk @elonmusk]

@DevinOlsenn 14.3 is where the last big piece of the puzzle finally lands

[Tom @ TSLA Proxy @tslaproxy]

@elonmusk @grok Can you make the rocket and pocket tiny and a strong muscly man wearing them with bare chest looking sad and dejected

[Tom @ TSLA Proxy @tslaproxy]

@elonmusk @grok @grok the boxer shorts must contain a micro pocket with a micro toy rocket in the pocket

[Tom @ TSLA Proxy @tslaproxy]

@elonmusk @PeterDiamandis Will Tesla ever build an evtol Elon?

[Tom @ TSLA Proxy @tslaproxy]

@elonmusk In time for RoboTaxi big bang rollout with Cybercabs on 20th April

4.20

It couldn’t be any other date 🤣

[Living Life @TheZacher]

Parking lot is filled with Tesla Model Y’s in Henderson, the suburbs of Las Vegas. Could this be getting ready for Robotaxi?

[Tom @ TSLA Proxy @tslaproxy]

It’s increasingly clear that Tesla is going to have a mass scale shock and awe launch of RoboTaxi / Cybercab.

The world is not ready!

[Eric @EricETesla]

@SecDuffy, thank you and your team for meeting with us this week at the AV Safety Forum. Innovative, American made AVs, like Cybercab, will vastly improve roadway safety and we look forward to working with you on launching them at scale this year.

[Tom @ TSLA Proxy @tslaproxy]

Tesla's Terafab Project is a massive in-house semiconductor fab to produce billions of custom AI chips/year (logic + memory + packaging) for Optimus, FSD, Dojo/xAI clusters — bypassing TSMC/Samsung constraints & geopolitical risks.

🚀

[Elon Musk @elonmusk]

Terafab Project launches in 7 days

[Tom @ TSLA Proxy @tslaproxy]

@KodyonX @piersmorgan Utter hypocrite. Piers I blocking you. You’re a moron whose views change with popular opinion.

[Tom @ TSLA Proxy @tslaproxy]

@handre I am no socialist but in UK we have universal free healthcare and we spend 10% of gdp on health compared to 18% in US and we have universal coverage and good outcomes. It’s not perfect but it is a good system so not all government services are poor.

[Tom @ TSLA Proxy @tslaproxy]

@jiminLondon78 @benhabib6 @elonmusk @RupertLowe10 @RestoreBritain_ @_AdvanceUK Bring the right together. The competition is 2029 not advance vs restore, otherwise both will fail

[Tom @ TSLA Proxy @tslaproxy]

@RestoreBritain_ Yes