Elon Musk floats $20 trillion valuation days after Tesla misses earnings

Elon Musk floats $20 trillion valuation days after Tesla misses earnings originally appeared on TheStreet.

Elon Musk believes Tesla could one day become a $20 trillion company, and he says it’s possible with “extreme execution.”

The projection came via Musk’s reply on X to a post quoting investor Keith Fitz-Gerald, who compared Musk to Steve Jobs and claimed Tesla could hit the eye-popping milestone. If achieved, Tesla would be worth more than the combined market caps of Apple, Microsoft, Saudi Aramco, and Alphabet — combined.

For now, though, Tesla is far from that target. The EV giant currently sports a market cap of about $956.65 billion, down over 19% year-to-date, making it 2025’s worst-performing Big Tech stock. Meanwhile, the Nasdaq Composite is up nearly 9%.

Join the discussion with CryptosRUs on Roundtable here.

Tesla’s recent second quarter earnings didn’t help. The company posted revenue of $22.5 billion, missing Wall Street’s estimate of $22.74 billion. Adjusted earnings per share came in at $0.40, shy of the expected $0.43. Vehicle deliveries also declined — down 14% year-over-year to 384,000 units, marking the second consecutive quarter of shrinking sales. Revenue from its core automotive business also slid 16% from the same quarter last year.

Amidst product delays — including the much-anticipated “Model 2” EV — and growing competition from Chinese rivals, Tesla is feeling the pressure. Yet Musk remains undeterred in his long-term outlook.

Could Bitcoin help?

One wildcard that could play a surprising role in Tesla’s trajectory: Bitcoin.

Tesla made headlines in 2021 by buying $1.5 billion worth of Bitcoin. While the company has since sold most of its holdings — including a large 75% sale in Q2 2022 — it still retains 9,720 BTC, valued at roughly $1.15 billion at today’s prices.

Despite investor curiosity, Tesla’s latest 10-Q filing (released July 23) made zero mention of crypto activity. This marks the eighth straight quarter of no movement — no buying, no selling.

Join the discussion with Scott Melker on Roundtable here.

With Bitcoin now trading above $118,000, Tesla’s remaining BTC holdings have ballooned in value. But could Bitcoin play a material role in helping Tesla climb toward that $20 trillion dream?

Let’s do some napkin math. Suppose Bitcoin hits $1 million per coin, a figure floated by several Wall Street analysts and crypto bulls like MicroStrategy CEO Michael Saylor and Jan3 CEO Samson Mow. Tesla’s 9,720 BTC would then be worth $9.72 billion — a tidy sum, but still a fraction of Tesla’s current market cap and nowhere near the contribution needed to move toward a trillion-multiple valuation.

Even in the most optimistic scenarios — say Bitcoin soars to $5 million per coin — Tesla’s BTC stash would be worth about $48.6 billion. Not insignificant, but still far from transformative on its own.

Bitcoin would need to reach nearly $2 billion per coin for Tesla’s current holdings to single-handedly bring its market cap to $20 trillion, which is quite unlikely.

Disclaimer: This article contains projections and hypothetical calculations based on current prices and public data. None of this should be considered investment advice.

Elon Musk floats $20 trillion valuation days after Tesla misses earnings first appeared on TheStreet on Jul 25, 2025

This story was originally reported by TheStreet on Jul 25, 2025, where it first appeared.

View Comments