Company Report March 27, 2026 Rating: OUTPERFORM Price: $372.11 12-Month Price Target: $600.00 Analysts Dan Ives (212) 344-2073 Dan.Ives@wedbush.com Scott Devitt (646) 604-4230 scott.devitt@wedbush.com Steven Wahrhaftig (212) 931-7059 steven.wahrhaftig@wedbush.com Sam Brandeis (212) 222-3005 sam.brandeis@wedbush.com Matthew Weiss (212) 931-7096 matthew.weiss@wedbush.com Anish Jog (917) 747-3095 anish.jog@wedbush.com Chase Tohanczyn (917) 921-2199 chase.tohanczyn@wedbush.com Company Information Market Cap (M) $1,448,250 Enterprise Value (M) $1,202,694 Shares Outst (M) 3,539.0 52-Week Range $214.25 - $498.83 REV (M) in $ FYE Dec 2025A 2026E 2027E Q1 Mar 19,335.0A 23,791.5E 28,412.4E Q2 Jun 22,496.0A 26,354.9E 30,675.5E Q3 Sep 28,095.0A 28,901.2E 31,551.6E Q4 Dec 24,901.0A 29,643.2E 33,580.9E Year* 94,827.0A108,690.8E124,220.3E EPS in $ FYE Dec 2025A 2026E 2027E Q1 Mar 0.27A 0.25E 0.34E Q2 Jun 0.40A 0.38E 0.61E Q3 Sep 0.50A 0.52E 0.68E Q4 Dec 0.50A 0.70E 0.86E Year* 1.66A 1.85E 2.49E P/E NM NM NM Pricing data provided by Thomson Reuters. *Numbers may not add up due to rounding. Tesla (TSLA) SpaceX to Officially File IPO Around the Corner; Watershed Moment in Space/Tech According to media reports, SpaceX could file a prospectus for an IPO imminently with the goal of raising ~$75 billion above the prior expectation of ~$50 billion creating a ~$1.75 trillion valuation. Media reports state that SpaceX may go public as soon as mid-June with the goal of investing strategically across its key domains including: more flights for its Starship rockets, boost the AI data center in space strategy, building out its Lunar Base, expanding Starlink applications, and gaining defense contracts. While the company has FAA approval to pursue further launches of its Starship fleet, SpaceX still has significant manufacturing investments to make across support systems and propellants at scale to meet its ambitious space operations milestones. SpaceX will also be able to fund a base on the moon with the company already under contract with NASA for this broader vision to play out. SpaceX will also use its IPO proceeds to continue expanding Starlink across new satellite constellations while expanding into maritime, aviation, and direct-to- mobile services across new geographies with next-generation hardware. SpaceX is well-positioned to gain share in Golden Dome opportunities as part of the Trump Administration’s long-term missile defense shield program leveraging satellites to track missiles and aircraft. Greatest Focus on AI Data Centers; Helping with Energy Bottleneck. U.S. data center electricity consumption is expected to reach 470 TWh by 2030 driven by AI training and inference workloads requiring 10-50x the power density of traditional cloud computing. The highest interest for this IPO is within space AI data centers, which is directly tied with the xAI merger, where SpaceX expects to launch millions of satellites and build out data centers in space to bolster cloud and AI compute while addressing the growing energy and physical constraints of datacenters on Earth. Space expansion explores energy economics as solar panels can harness solar power more efficiently without having energy loss to atmosphere or day/night cycles on Earth. Still Expect Tesla and SpaceX to Merge in 2027. We continue to believe that SpaceX and Tesla will eventually merge into one company in 2027 with the groundwork already in place for both operations to become one organization. Tesla already owns a stake in SpaceX after the company’s $2 billion investment in xAI got converted to SpaceX shares following SpaceX’s acquisition of xAI earlier this year initially tying both of Musk’s ventures closer together but still represents <1% of SpaceX’s expected valuation. The recent announcement of a joint Terafab facility between SpaceX and Tesla further ties both operations together making it more feasible to merge operations given the now existing overlap being built out across the two with this the first step. While there are plenty of regulatory hurdles from the FTC and DOJ, this remains Musk’s end goal by owning 25% of TSLA over time as it enters the most important growth chapter in the company’s history. Musk wants to own and control more of the AI ecosystem and step by step the holy grail could be combining SpaceX and Tesla in some way to give the connected tissue between both disruptive tech stalwarts looking to lead the AI Revolution. Wedbush Securities does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see pages 2–4 of this report for analyst certification and important disclosure information. www.wedbush.com Page 1 This report is intended for aweinberg@btig.com. Unauthorized distribution prohibited. Valuation Our $600 price target represents SOTP analysis Company Description Tesla, Inc. designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems. The company's core automotive segment with Model 3 as its flagship vehicle has established itself as a leader in the EV segment. Risks to the Attainment of Our Price Target and Rating: -Potential capital raise to increase liquidity represents a potential overhang for Tesla. -Meeting production targets on Model 3/Y will be key as any major bottleneck out of Fremont/Shanghai with have significant negative ramifications for both growth and GM. -Tesla's ability to penetrate China as a market opportunity is key to its long-term growth and any regulatory and/or production issues out of Gigafactory 3 would be a clear negative growth catalyst for the name. Analyst Certification We, Dan Ives, Scott Devitt, Steven Wahrhaftig, Sam Brandeis, Matthew Weiss, Anish Jog and Chase Tohanczyn, certify that the views expressed in this report accurately reflect our personal opinions and that we have not and will not, directly or indirectly, receive compensation or other payments in connection with our specific recommendations or views contained in this report. Mentioned Companies Investment Rating System: OUTPERFORM: Expect the total return of the stock to outperform relative to the median total return of the analyst's (or the analyst's team) coverage universe over the next 6-12 months. NEUTRAL: Expect the total return of the stock to perform in-line with the median total return of the analyst's (or the analyst's team) coverage universe over the next 6-12 months. UNDERPERFORM: Expect the total return of the stock to underperform relative to the median total return of the analyst's (or the analyst's team) coverage universe of the next 6-12 months. The Investment Ratings are based on the expected performance of a stock (based on anticipated total return to price target) relative to the other stocks in the analyst's coverage universe (or the analyst's team coverage).* Rating distribution (as of March 27, 2026) Investment Banking Relationships (as of March 27, 2026) OUTPERFORM: 75.21% OUTPERFORM: 11.36% NEUTRAL: 21.79% NEUTRAL: 5.88% UNDERPERFORM: 2.99% UNDERPERFORM: 0.00% The Distribution of Ratings is required by FINRA rules; however, WS' stock ratings of Outperform, Neutral, and Underperform most closely conform to Buy, Hold, and Sell, respectively. Please note, however, the definitions are not the same as WS' stock ratings are on a relative basis. The analysts responsible for preparing research reports do not receive compensation based on specific investment banking activity. The analysts receive compensation that is based upon various factors including WS' total revenues, a portion of which are generated by WS' investment banking activities. Company Specific Disclosures This information is subject to change at any time. This research is provided for educational and informational purposes only and is not intended to be relied upon as a forecast, research, or investment advice, and is not a recommendation, offer, or solicitation to buy or sell any securities or to adopt any investment strategy. Investing involves risk, including the risk of loss of principal. Your investments may decline in value due to both real and perceived general market, economic, and industry conditions. Diversification does not ensure profits or protect against loss. This research was prepared without regard to specific investment objectives, strategies, tax status, investment horizon, financial situation or needs of any investor. Wedbush Securities, Inc. (“WSI”) encourages recipients of this report to read all relevant offering www.wedbush.com Page 2 This report is intended for aweinberg@btig.com. Unauthorized distribution prohibited. documents (e.g., prospectus) pertaining to any investment concerned, including without limitation, information relevant to its investment objectives, risks, and costs before making an investment decision and when deemed necessary, to seek the advice of a legal, tax, and/or accounting professional. Past performance is no guarantee of future results. Reliance upon information in this research is at the sole discretion of the reader. All information in this research is believed to be reliable as of the date on which this research was issued and has been obtained from public sources believed to be reliable. No representation or warranty, either express or implied, is provided in relation to the accuracy or completeness of the information contained herein. The opinions expressed are as of the date written and are subject to change without notice. In addition, this research may contain certain statements deemed to be “forward-looking” statements. All statements, other than historical facts, contained within this document that address activities, events or developments that this research report expects, believes, or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions and analyses made by WSI in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to assumptions, risks, uncertainties, many of which are beyond WSI’s control. Please note that any such statements are not guarantees of any future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Prepared by Wedbush Securities, Inc., a member of FINRA and SIPC. 1. WS makes a market in the securities of Tesla. Price Charts Tesla Rating History as of 03-26-2026powered by: BlueMatrix 700600500400300200100Apr 23Jul 23Oct 23Jan 24Apr 24Jul 24Oct 24Jan 25Apr 25Jul 25Oct 25Jan 26 OP:$215.0004/20/2023OP:$300.0006/09/2023OP:$350.0007/20/2023OP:$310.0010/19/2023OP:$350.0012/21/2023OP:$315.0001/25/2024OP:$300.0003/27/2024OP:$275.0004/24/2024OP:$300.0007/02/2024OP:$400.0011/11/2024 OP:$515.0012/16/2024OP:$550.0001/22/2025OP:$315.0004/07/2025OP:$350.0004/23/2025OP:$500.0005/23/2025OP:$600.0009/26/2025 Closing PricePrice TargetOutperform (OP); Neutral (N); Underperform (UP); Not Rated (NR) Wedbush disclosure price charts are updated within the first fifteen days of each new calendar quarter per FINRA regulations. Price charts for companies initiated upon in the current quarter, and rating and target price changes occurring in the current quarter, will not be displayed until the following quarter. Additional information on recommended securities is available on request. Disclosure information regarding historical ratings and price targets is available: Research Disclosures *WS changed its rating system from (Strong Buy/ Buy/ Hold/ Sell) to (Outperform/ Neutral/ Underperform) on July 14, 2009. Applicable disclosure information is also available upon request by contacting the Research Department at (212) 833-1375, by email to leslie.lippai@wedbush.com. You may also submit a written request to the following: Wedbush Securities, Attn: Research Department, 142 W 57th Street, New York, NY 10019. OTHER DISCLOSURES The information herein is based on sources that we consider reliable, but its accuracy is not guaranteed. The information contained herein is not a representation by this corporation, nor is any recommendation made herein based on any privileged information. This www.wedbush.com Page 3 This report is intended for aweinberg@btig.com. Unauthorized distribution prohibited. information is not intended to be nor should it be relied upon as a complete record or analysis: neither is it an offer nor a solicitation of an offer to sell or buy any security mentioned herein. This firm, Wedbush Securities, its officers, employees, and members of their families, or any one or more of them, and its discretionary and advisory accounts, may have a position in any security discussed herein or in related securities and may make, from time to time, purchases or sales thereof in the open market or otherwise. The information and expressions of opinion contained herein are subject to change without further notice. The herein mentioned securities may be sold to or bought from customers on a principal basis by this firm. Additional information with respect to the information contained herein may be obtained upon request. Wedbush Securities does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see pages 3–7 of this report for analyst certification and important disclosure information. Retail Investors The information provided is for general informational purposes only and should not be considered an individual recommendation or personalized investment advice. The companies/investments mentioned may not be suitable for everyone. Each investor needs to review their own respective situation(s) before making any investment decisions. All expressions of opinion are subject to change without notice due to shifting market(s), economic or political conditions. Investment involves risks including the risk of principal. Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. www.wedbush.com Page 4 This report is intended for aweinberg@btig.com. Unauthorized distribution prohibited. Biotechnology Enterprise Software & Disruptive Technology David Nierengarten, Ph.D. (415) 274-6862 david.nierengarten@wedbush.com Dan Ives (212) 344-2073 dan.ives@wedbush.com Biotechnology Enterprise Software & Disruptive Technology Robert Driscoll, Ph.D. (415) 274-6863 robert.driscoll@wedbush.com Steven Wahrhaftig (212) 931-7059 steven.wahrhaftig@wedbush.com Biotechnology Hardware/Semiconductors Laura Chico, Ph.D. (212) 668-9868 laura.chico@wedbush.com Matt Bryson (617) 695-6302 matthew.bryson@wedbush.com Biotechnology Hardware/Quantum Computing Yun Zhong, Ph.D. (212) 738-7409 yun.zhong@wedbush.com Antoine Legault (626) 497-1619 antoine.legault@wedbush.com Biotechnology Internet Martin Fan (213) 688-3404 martin.fan@wedbush.com Scott Devitt (646) 604-4230 scott.devitt@wedbush.com Media & Entertainment Alicia Reese (212) 938-9927 alicia.reese@wedbush.com Generalist Media & Entertainment Michael Piccolo (212) 668-9863 michael.piccolo@wedbush.com Matt McCartney (212) 738-7402 matthew.mccartney@wedbush.com Specialty Finance Henry Coffey, CFA (503) 471-6788 henry.coffey@wedbush.com TMT Program Trading Joel Kulina (212) 668-8533 joel.kulina@wedbush.com George Nikitiadis (646) 648-5879 george.nikitiadis@wedbush.com Healthcare Michael Bower (646) 648-5863 michael.bower@wedbush.com Pasadena 225 S Lake Ave Pasadena, CA 91101 (213) 688-8000 New York 142 W 57th Street New York, NY 10019 (212) 938-9920 Chicago 141 W. Jackson Boulevard, Suite 1710A Chicago, IL 60604 (312) 786-1930 San Francisco 4 Embarcadero Center San Francisco, CA 94103 (415) 274-6813 Boston 225 Franklin Street, 26th Floor Boston, MA 02110 (213) 688-8000 Director of Research seth.basham@wedbush.com (212) 938-9954 EVP, CAO kirsten.fraunces@wedbush.com (213) 688-4404 Equity Research TECH, MEDIA & ENTERTAINMENT Seth Basham, CFA Kirsten Fraunces HEALTHCARE RESEARCH MANAGEMENT SPECIAL SITUATIONS Financial Institutions WEDBUSH OFFICES CORPORATE ACCESS Sophia Dao Vice President, Corporate Access AVP, Corporate Access Avishai.Kantor@wedbush.com Sophia.Dao@wedbush.com Avishai Kantor (212) 259-6589 (213) 688-4380 TRADING (212) 259-6582 COMMODITIES & AGRICULTURE Al Kluis Kluis Commodity Advisors info@kluiscommodityadvisors.com (888) 345-2855 FIXED INCOME FUTURES & RATES Arthur Bass Managing Director Arthur.Bass@Wedbush.com This report is intended for aweinberg@btig.com. Unauthorized distribution prohibited.