Global Utility

Tesla Is Quietly Becoming a Global Utility and Wall Street Barely Notices

Tesla (NASDAQ: TSLA) is trading near $361, down 19.8% year-to-date, and the dominant narrative across financial media remains the same: missed delivery numbers, slumping EV demand, and Elon Musk’s divided attention. That framing misses the more consequential story building inside Tesla’s balance sheet. The energy business generated nearly $12.8 billion in revenue in 2025, a ... Tesla Is Quietly Becoming a Global Utility and Wall Street Barely Notices