People buying Tesla at a $1.2T valuation: what is the actual bull case?

I’m genuinely trying to understand the math. Tesla is worth roughly **$1.2 trillion** today. Current numbers are approximately: Revenue: \~$100B/year Net income: \~$4B/year Revenue growth: roughly flat over the past year P/E: \~300x Let’s assume Tesla achieves enormous success. By 2035: FSD works. Robotaxis are widely deployed. Optimus becomes a real business. Energy keeps growing. Tesla becomes one of the most successful companies in history. What does that actually translate to in dollars? If Tesla eventually earns **$50B/year**, that would be about **12x current earnings**. A mature company earning $50B might reasonably trade around 20–30x earnings, implying a valuation of roughly **$1–1.5T** if some growth is still expected. In other words, even after delivering one of the greatest business success stories ever, the result seems to be that today’s valuation is merely justified but no room for actual stock growth. So where does the shareholder return come from?Because at $50B profit, it feels like I’m mostly getting validation of today’s price rather than substantial upside. What specific numbers are Tesla bulls expecting? . To be clear I’m looking for answers from someone who invested and what is their projection and why And what concretely make you think it’s not a good investment rather than Elon haters or fans or AI or “Tesla isn’t a car company.”