The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Tesla

Capital · out

outflows: capex $12.9B/yr + ~$6.9B/yr net securities purchases (portfolio churn, not strategic stakes) + stock-comp dilution; FCF TTM only ~$5.8B — thin relative to the capex ramp, and buybacks are effectively zero (see optionality/thrust).

high confidence · as of 2026-07-28 · about Tesla

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the working

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A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Tesla.