Tesla, Inc. is shifting its narrative from being just an electric vehicle company to focusing on FSD, robotaxis, and the Optimus humanoid robot. One analyst believes that buying Tesla stock today could get investors exposure to Optimus for “free” based on the sum-of-the-parts valuation.
The Tesla Analyst
Piper Sandler analyst Alexander Potter has maintained an Overweight rating on Tesla stock with a price target of $500. In a recent investor note, Potter breaks down the value of different aspects of Tesla’s businesses, stating that “Tesla isn’t a car company” and highlighting the future value of Tesla’s non-EV businesses.
Analyst Says Optimus Is Free With Tesla Stock
Potter’s report includes revenue and profit estimates for 17 different product lines, which make up around $400 per share in value for Tesla. However, this analysis excludes Optimus, Tesla’s forthcoming humanoid robot. According to Potter, “at $400/share, we think investors can buy Optimus for ‘free’.” The model assigns financial forecasts for Insurance and separates the robotaxi business from FSD, which were not factored into the previous report.
Optimus Future Valuation
Elon Musk believes that Optimus could be worth $15 trillion, with the potential to be more significant than the vehicle business over time. Musk has stated that roughly 80 percent of Tesla’s future value will come from the robot program, making Optimus a multi-trillion bet for the company. With Tesla expected to begin third-party sales and high-volume production of Optimus in 2027, the bet on Optimus could be big for the future and a good value based on Potter’s sum-of-the-parts valuation.
Potential Applications of Optimus
Musk has highlighted various potential applications of Optimus, including:
- Household work such as cooking and mowing lawns
- Helping parents with their children or taking care of the elderly
- Performing surgery, with Musk calling it an “infinite money glitch”
- Operating 24 hours a day while being plugged in, with five times the productivity of a person
Tesla Stock Price Action
Tesla stock currently trades at $430.08, with a 52-week trading range of $273.21 to $498.83. The stock is down 3.2% year-to-date in 2026. With the potential of Optimus and other non-EV businesses, Tesla investors may be getting a good value based on the sum-of-the-parts valuation.