Tesla told investors it plans to spend more than $25 billion on capital expenditures in 2026, a figure dropped during the company’s Q1 earnings call. For context, Tesla spent roughly $8.53 billion on capex in 2025. The new 2026 target revises a forecast issued in January 2026, which pegged 2026 capex at over $20 billion, representing a $5 billion upward revision in roughly one quarter. The core investment areas are the Cybercab robotaxi program, the Optimus humanoid robot line, and the broader AI and autonomous driving infrastructure. Tesla’s own projections indicate the elevated capex will push the company into negative free cash flow territory for the year. Investor reaction was cautious, with Tesla’s stock dipping modestly following the announcement. The company holds 11,509 BTC on its balance sheet, acquired for approximately $386 to $387 million, which has sat untouched since early 2025.