SciFrog:

You are still trying to apply normal metrics and financial sense to a company that would not exist today if you had done so. Enough people believed in it to make it a ridiculously expensive stock and raising capital has never been an issue for Tesla. Applying and argumeting old metrics will not change anything. It is all about sentiment not about $$.

Okay, you’re correct.   Tesla is a whole different something, just like the dot.com era companies and that near junk bond credit rating means Tesla can raise inexpensive capital nearly indefinitely.  Today’s annual shareholders meeting will be interesting.