Tesla is currently trading at 161 times expected 2026 earnings. At this valuation, the market is mostly pricing in future revenue from the robotaxi network and Optimus robots rather than just the core EV and energy businesses. Wall Street has massive earnings growth penciled in, but the robotaxi business isn't scaling as fast as expected. Tesla is starting volume production of the Cybercab in April and investing billions in things like a new battery factory, but regulatory approval and actual city rollouts are lagging behind. Right now, the unsupervised network is mostly limited to a few cars in Austin. They are targeting seven new cities for early 2026, but expansion hasn't started yet. If the network delays continue, the company could struggle to hit those high analyst estimates.