TSLA · Forward model · FSD / Autonomy · Bull case
What has to happen in FSD / Autonomy
Model as of
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FSD / Autonomy
Basis quarter$600M
Final quarter$11.66B
Implied CAGR+81%
Final revenue mix13%
The software layer sold on top of the fleet: one-time purchases and subscriptions. High margin, attach-rate driven, and the enabler without which Robotaxi does not exist.
Last four quarters
2025 Q3
$450M
Estimated
2025 Q4
$500M
Estimated
2026 Q1
$551M
Estimated
2026 Q2
$600M
Estimated
FSD subscriptionsOne-time FSD purchasesLicensing to other OEMs
Subscribers
1.7M
28.3% of a 6.0M addressable base
1.7M paying subscribers against a 6M HW4-capable fleet — 28% attach, and the whole opportunity.
Addressable subscribers
6.0M
the S-curve ceiling
6M HW4-capable vehicles. Older hardware cannot run current FSD and has never been retrofitted at scale.
Net adds
0/qtr
ramping toward 0/qtr, throttled as the base approaches the TAM
Net-add ceiling
0/qtr
what supply can deliver at full rate
ARPU
$99.00/mo
drifting 0.0% per quarter, floor $79.00
$99 a month, the current subscription price. Held flat: Tesla has cut this price before, never raised it.
Non-subscriber revenue
$95M/qtr
growing +8.0% per quarter
$100M a quarter of deferred one-time FSD purchases recognised, plus early OEM licensing.
FSD / Autonomy
Latest: $11.66B (2031Q2E)
| Period | Value |
|---|---|
| 2025Q2 | $380M |
| 2025Q3 | $450M |
| 2025Q4 | $500M |
| 2026Q1 | $551M |
| 2026Q2 | $600M |
| 2026Q3E | $809M |
| 2026Q4E | $1.04B |
| 2027Q1E | $1.28B |
| 2027Q2E | $1.55B |
| 2027Q3E | $1.84B |
| 2027Q4E | $2.15B |
| 2028Q1E | $2.50B |
| 2028Q2E | $2.88B |
| 2028Q3E | $3.29B |
| 2028Q4E | $3.74B |
| 2029Q1E | $4.24B |
| 2029Q2E | $4.79B |
| 2029Q3E | $5.39B |
| 2029Q4E | $6.05B |
| 2030Q1E | $6.77B |
| 2030Q2E | $7.57B |
| 2030Q3E | $8.45B |
| 2030Q4E | $9.42B |
| 2031Q1E | $10.49B |
| 2031Q2E | $11.66B |
Assumptions & reasoning
- Subscribers penetrate a GROWING fleet toward a 90% attach ceiling, so growth slows for two reasons in sequence: first as attach saturates the cars already sold, then because further growth can only come from new deliveries. Once penetration flattens near 90% this line tracks vehicle sales, which is what the automotive vertical above is already modelling.
- TAM is the HW4-capable fleet, 6M at the basis quarter growing 4.9% a quarter, not the whole installed base: older cars lack the compute and retrofitting has never been offered at scale. Raise the growth rate if you think hardware upgrades become a product.
- Margin is 88% because this is software delivered over an existing connection to hardware the customer already bought. Capex is nominal — the training compute is carried at the corporate level, not here.
- The load-bearing assumption is regulatory, and it is not in any slider on this page: the ramp encodes approvals arriving steadily. A single jurisdiction blocking unsupervised indefinitely would break the ceiling, not the ramp.