Tesla has closed the mysterious ~$2 billion acquisition of an AI hardware company that it first hinted at in April — and it did so, again, without naming the target or issuing a press release.

The deal was confirmed in a single passage buried in Tesla’s Q2 2026 10-Q filing, which for the first time attached a final price: $1.95 billion, paid entirely in Tesla stock and equity awards.

Tesla stock is down more than 12% today, wiping out over $140 billion in market value, after the automaker’s Q2 2026 earnings missed on profit and free cash flow turned negative.

The slide got worse during the earnings call, when Elon Musk repeated the same robotaxi and Optimus promises he’s been making for years.

Elon Musk was asked directly on Tesla’s Q2 2026 earnings call whether the company still plans to upgrade Hardware 3 (HW3) cars so they can run its latest “Full Self-Driving” software. His answer made one thing clear: Tesla still has no concrete plan.

Instead of committing to a fix, Musk floated a grab-bag of options and timelines — none of them firm — for the millions of vehicles Tesla sold with the promise that they had “all the hardware necessary” for self-driving.

Elon Musk hinted at a merger between Tesla and SpaceX on Tesla’s Q2 2026 earnings call, pointing to “more and more overlap” between the two companies he controls.

He stopped short of confirming anything, deferring to Tesla’s general counsel and “the appropriate process” — but the exchange is the closest Musk has come to addressing the merger speculation directly.

Tesla (TSLA) released its financial results and shareholders’ letter for the second quarter (Q2) 2026 after market close today. We are updating this post with all the details from the financial results, shareholders’ letter, and the conference call later tonight.

The earnings call with management is scheduled for 5:30 p.m. ET.

Tesla reports its second-quarter 2026 financial results tomorrow, July 22, after the market closes, with the earnings call to follow at 5:30 p.m. ET.

The setup is different this time. Tesla just posted its best-ever second quarter on deliveries, so now Wall Street wants to know whether all those cars actually made money.