Tesla, Inc.
TSLApublicEVs, Energy & AI
Building Dojo supercomputer for self-driving AI training. CAPEX split between Gigafactories (manufacturing) and Dojo (AI compute). AI compute a growing but minority share.
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2025 CAPEX
$9.6B
YoY 2025 vs 2024
-17.9%
Latest Quarter
$2.5B
Q4'25
FY2026 Guidance
$10.0B–$12.0B
CAPEX History — Quarterly
Quarterly Data & Sources
| Quarter | CAPEX | Revenue | % Rev | Source |
|---|---|---|---|---|
| Q4'25 | $2.5B | $26.0B | 9.6% | 10-K FY2025 (est.) |
| Q3'25 | $2.4B | $24.0B | 10.0% | 10-Q Q3 2025 (est.) |
| Q2'25 | $2.3B | $22.5B | 10.2% | 10-Q Q2 2025 (est.) |
| Q1'25 | $2.4B | $19.3B | 12.4% | 10-Q Q1 2025 |
| Q4'24 | $2.9B | $25.7B | 11.3% | 10-K FY2024 |
| Q3'24 | $3.5B | $25.2B | 13.9% | 10-Q Q3 2024 |
| Q2'24 | $2.6B | $25.2B | 10.3% | 10-Q Q2 2024 |
| Q1'24 | $2.7B | $21.3B | 12.7% | 10-Q Q1 2024 |
| Q4'23 | $2.3B | $25.2B | 9.1% | 10-K FY2023 |
| Q3'23 | $2.5B | $23.4B | 10.7% | 10-Q Q3 2023 |
| Q2'23 | $2.1B | $24.9B | 8.4% | 10-Q Q2 2023 |
| Q1'23 | $2.2B | $23.3B | 9.4% | 10-Q Q1 2023 |
| Q4'22 | $2.7B | $24.3B | 11.1% | 10-K FY2022 (Q4 2022) |
Q4'22 — Last pre-ChatGPT quarter. Giga Texas/Berlin ramping.
Q4'23 — Full 2023: ~$9.1B
Q4'24 — Full 2024: ~$11.7B
Q2'25 — Estimated
Q3'25 — Estimated
Q4'25 — Estimated. FY2025 total est. ~$9.6B — guidance revised down to 'above $9B'.
Guidance Tracker
FY2025
Completed
“We expect 2025 capital expenditures to be above $9 billion, focused on Dojo 2, Gigafactory expansions, and energy storage. Initial $10-12B guidance revised down amid cost discipline.”
Guided: $9.0B
Actual to date: $9.6B
107%
FY2026
On Track
“We expect capital expenditures in 2026 to be in the range of $10 to $12 billion, driven by continued Dojo 2 expansion, new Gigafactory investments, and energy storage manufacturing. AI compute for autonomous driving remains a growing priority.”
Guided: $10.0B–$12.0B
Compute Clusters
Dojo ExaPOD
Tesla D1 chip
operational
SEC Filings
EVAIDojoself-drivingmanufacturingmag7