For 15 years Tesla (TSLA.O) was investors' sole public vehicle for exposure to Elon Musk; since SpaceX (SPCX.O) began trading in June, Tesla shares have come under pressure. In the three months after SpaceX's IPO, Tesla is down 8.9% while the S&P 500 is up 2.7%; SpaceX is up 9.8% from its $135 June 11 issue price. Tesla's weakness follows recent earnings and product releases that failed to convince markets its pivot to physical AI products will succeed; investors now view SpaceX as a purer growt

For 15 years Tesla (TSLA.O) was investors' sole public vehicle for exposure to Elon Musk; since SpaceX (SPCX.O) began trading in June, Tesla shares have come under pressure. In the three months after SpaceX's IPO, Tesla is down 8.9% while the S&P 500 is up 2.7%; SpaceX is up 9.8% from its $135 June 11 issue price. Tesla's weakness follows recent earnings and product releases that failed to convince markets its pivot to physical AI products will succeed; investors now view SpaceX as a purer growth story and Tesla as a higher-risk transformation bet. Roundhill Financial CEO Dave Mazza said SpaceX must now demonstrate a $100 billion annualized revenue run-rate, and Tesla must prove it is more than a pre-IPO 'Musk concept' stock.