Investors Fret Over Tesla’s $25 Billion A.I. Bet

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Investors Fret Over Tesla’s $25 Billion A.I. Bet

Elon Musk’s electric vehicle company said that it needs to spend big on artificial intelligence and robots. Wall Street is worried about the bill.

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By

Andrew Ross Sorkin

Bernhard Warner

Sarah Kessler

Michael J. de la Merced

Niko Gallogly

Brian O’Keefe

Michelle Leder

and

Lauren Hirsch

April 23, 2026,

7:53 a.m. ET

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Tesla’s giant bet on artificial intelligence, humanoid robots and more isn’t going over well with investors this morning.

Credit...

Go Nakamura/Reuters

In today's newsletter:

The costs of Musk’s vision for Tesla

The costs of backsliding peace prospects

The case for, and against, saving Spirit

Shareholder proposals get squeezed

Andrew here.

Should taxpayers rescue Spirit Airlines? That is the question being discussed in the White House. We’ve bailed out industries before, including the bank and auto sectors after the 2008 financial crisis and airlines during the Covid pandemic.

But remember that the government blocked Spirit’s proposed sale to JetBlue during the Biden administration. Now, we may pick up the tab for a rescue. Please

tell me what you think

.

Image

The costs of Musk’s vision for Tesla

Tesla shareholders initially breathed a sigh of relief when Elon Musk’s electric carmaker reported

better-than-expected earnings

and

positive free cash flow

.

But company executives later told Wall Street that Musk has bigger, expensive ambitions. It’s a reminder that, whether at Tesla or at SpaceX, investing in a Musk-owned company means contending with moonshots that may take years and billions to finance.

Tesla’s $25 billion surprise:

That’s how much the company expects to lay out in capital expenditures this year, to finance its work on artificial intelligence, humanoid robots and more. It’s expected to drag Tesla’s free cash flow into negative territory, Vaibhav Taneja, the company’s C.F.O., told analysts on Wednesday.

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