特斯拉和SpaceX两家马斯克旗下的关键企业近日双双面临投资者信心危机。特斯拉第二季度财报发布后股价收跌14.52%，报收319.69美元，单日市值蒸发约2145亿美元[1]；同时SpaceX股价跌至107.01美元，较IPO发行价135美元下跌超20%，较历史高点225.64美元回落超50%，市值蒸发约1.2万亿美元[1]。
特斯拉的困境主要源于财务状况恶化。虽然公司第二季度营收达282.4亿美元，同比增长26%，交付汽车480,126辆创历史同期新高[1]，但第二季度资本开支达58亿美元，导致自由现金流转为-11亿美元，系两年多来首次出现季度自由现金流为负[1]。公司维持全年超过250亿美元的资本开支指引[1]。更令市场担忧的是核心增长驱动力的疲软：Robotaxi车队第二季度新增付费运营里程约70万英里，低于第一季度约110万英里，环比下降约36%[1]。投资者对公司未能兑现承诺表示不满，在投资者问答平台上，直指特斯拉连续三次未能兑现Robotaxi短期指引的问题获得最高票支持，获741票，代表约150万股[1]。
这两家公司承载的未来故事——包括Robotaxi、Optimus机器人和Starship火箭等项目——尚未按照市场预期的节奏实现商业化兑现[1]。对于Cybercab的部署进展，马斯克表示需要首先利用配备方向盘和踏板的测试车辆积累驾驶数据，再扩大无方向盘版本的部署[1]。此外，特斯拉限制员工使用外部AI工具的费用在每人每周200美元[1]，反映成本压力的加大。在SpaceX方面，空头的账面盈利约155亿美元，约56%自由流通股处于出借状态[1]，马斯克曾于7月18日表示，长期维持SpaceX大规模空头头寸的机构"生存概率非常低"[1]。
Tesla and SpaceX, the two flagship companies under Elon Musk's portfolio, are experiencing concurrent investor pressure as both stocks have declined sharply in recent trading. Tesla's share price fell 14.52% following the release of its second-quarter earnings report, wiping out approximately $214.5 billion in market value, while SpaceX has seen its valuation contract by roughly $1.2 trillion from peak levels [1].
Tesla's second-quarter results revealed mounting challenges beneath surface growth metrics. Although the company delivered 480,126 vehicles—a record for that quarter—and generated $282.4 billion in revenue, a 26% year-over-year increase, profitability metrics deteriorated significantly [1]. Capital expenditures reached $5.8 billion in the quarter, pushing free cash flow into negative territory at negative $1.1 billion, marking the company's first quarterly deficit in cash generation in over two years [1]. Tesla maintained its guidance for full-year capital spending exceeding $25 billion [1]. More concerning for investors, Robotaxi paid miles additions slowed to approximately 700,000 miles in the second quarter, down 36% sequentially from roughly 1.1 million miles in the prior quarter [1].
The shortfall in near-term commercialization is emerging as a key investor concern. On investor forums, the highest-voted question directly criticized Tesla's failure to deliver on three consecutive Robotaxi timeline commitments, garnering 741 votes representing approximately 1.5 million shares [1]. Musk acknowledged that the Cybercab would initially require test vehicles equipped with steering wheels and pedals to accumulate driving data before expanding deployment of steerless versions [1]. Meanwhile, SpaceX's stock declined to $107.01 on July 29, representing a 20% drop from its $135 IPO price and a more than 50% retreat from its peak of $225.64 [1]. The derivatives market reveals significant bearish positioning, with short sellers holding approximately $15.5 billion in paper gains, while roughly 56% of freely traded shares remain on loan [1].
