Tesla projected near $4,400 a share in 2031; SpaceX merger raised only as a hypothetical

ARK also writes that Tesla and SpaceX could merge within five years. The possibility is separate from its standalone Tesla valuation. ARK suggests a Tesla robotaxi network could help fund SpaceX orbital data centers, while SpaceX AI models could help plan deployments of Tesla's Optimus robots.

For a hypothetical combination, ARK estimates the companies could generate $3.8 trillion in revenue and $2.7 trillion in earnings before interest and taxes by 2031. It projects SpaceX would account for roughly 62% of that revenue and 69% of those earnings. These are forecasts for a possible combined business, not the figures behind the $4,400 Tesla share-price projection.

ARK describes its forecasts as hypothetical and highly speculative. It identifies a slower-than-expected expansion of robotaxi operations, including potential regulatory delays, as the primary risk to its forecast.