Tesla earnings put robotaxis, Optimus and SpaceX buzz in the spotlight

Tesla heads into its second-quarter earnings with a big number already on the board: 480,126 electric vehicles delivered from April through June, according to the company.

That figure beat expectations, MarketWatch reported, giving the automaker a cleaner setup for its financial results due Wednesday afternoon. Tesla also said it deployed 13.5 gigawatts of energy-storage products, a total that missed expectations but improved from the prior quarter.

Morgan Stanley analyst Andrew Percoco said in a client note that the figures point to a “solid quarter.” His larger question for investors is whether Tesla’s robotaxi and Optimus humanoid-robot programs can advance fast enough to support the company’s growing artificial-intelligence spending plans.

Percoco titled his note, “Show us the bots.”

The robotaxi rollout is under the microscope

Tesla said Tuesday through its Robotaxi account on X that the service is now available in Tampa and Orlando. The Florida additions follow an expansion to Miami earlier in July, though MarketWatch reported the service is still limited to small parts of those new markets.

The company now offers rideshare trips in seven cities, according to MarketWatch. It is providing unsupervised rides in at least three of them, though MarketWatch reported it was not clear whether that option is available in the Florida locations.

Tesla had previously targeted five new cities by the end of June. Chief Executive Elon Musk has said he wants the service to grow from three states to “probably a dozen states” by year-end. Of the first-half 2026 targets named by the company, Las Vegas and Phoenix are the remaining cities without Tesla’s robotaxi network, according to MarketWatch.

The network mostly uses Model Y SUVs, MarketWatch reported.

Optimus timing slips into focus

Investors are also waiting for a fuller look at the new Optimus model intended for mass production. Musk delayed its unveiling in April, saying competitors could copy the design, according to MarketWatch.

Musk said the robot could be shown in the “middle of this year.” MarketWatch reported that timing makes it unlikely Tesla will ship Optimus units to outside customers in the second half of 2026, as Musk had earlier forecast.

Cantor Fitzgerald analyst Andres Sheppard now expects initial commercial deliveries of Optimus in the third quarter of 2027, according to MarketWatch.

Spending, margins and SpaceX talk

Tesla plans about $25 billion in capital expenditures this year, MarketWatch reported, making it the company’s most expensive year to date. Some of that spending is expected to support robotaxis and humanoid robots, two projects tied closely to Tesla’s valuation.

Analysts tracked by FactSet expect Tesla to report second-quarter revenue of $26.4 billion and net income of $1.8 billion. Those estimates would represent year-over-year increases of 17% and 30%, respectively. Earnings per share are expected at 53 cents, up from 40 cents a year earlier.

Deutsche Bank analyst Edison Yu is watching automotive gross margins excluding credits, a key gauge of Tesla’s vehicle business. Yu expects that measure to fall to 18% from 19.2% in the previous quarter, with strong sales offset by promotions. He rates Tesla shares at buy with a $465 price target.

Tesla shares are down 17% so far this year, according to MarketWatch.

Wall Street may also press Tesla on SpaceX. Deutsche Bank’s Yu said investors are considering the possibility that the two Musk-led companies could combine within the next one to two years, adding that the subject could come up on the earnings call.

J.P. Morgan has said a deal could face regulatory and national-security questions because of Tesla’s close ties to China, according to MarketWatch. BNP Paribas analyst James Picariello, who rates Tesla underperform, said a combined company’s cash burn would worry him and could dilute Tesla shareholders if more capital were needed.

This story draws on original reporting from MarketWatch.