Szok Terafab Tesli: czy Elon Musk buduje przyszłość czy pułapkę za 17 mld USD?

Tesla stock NASDAQ:TSLA closed 1% lower at $319.53 on Thursday as Elon Musk revealed the extraordinary scale of the company’s next industrial gamble.

Tesla and SpaceX will initially invest $16.8 billion in Terafab, a 100-million-square-foot semiconductor complex in Grimes County, Texas.

The plant is designed to manufacture, package and test advanced logic and memory chips under one roof, eventually supporting more than one terawatt of computing demand.

Musk estimates that roughly 25% of its output could serve Tesla’s Optimus robots, with about 75% directed towards SpaceX’s planned AI spacecraft.

Terafab celuje w rzeczywiste wąskie gardło, ale 17 mld USD to tylko cena wejścia

Musk argues that existing suppliers cannot expand quickly enough to meet the future needs of Tesla’s autonomous vehicles, roboty humanoidalne i orbitalna sieć obliczeniowa SpaceX.

Producing logic chips, memory and advanced packaging in one location could shorten design cycles and reduce reliance on suppliers concentrated in East Asia.

It may also protect Musk’s companies from geopolitical disruption and lengthy delivery schedules.

The headline investment is not a final budget.

SpaceX said future phases could push spending much higher, while a May filing estimated that the fully expanded project could cost as much as $119 billion.

Musk has described the first 3,000 jobs as belonging only to phase one of ten.

Morgan Stanley analysts led by Andrew Percoco called the undertaking a “Herculean task”, Business Insider reported.

They estimated that a facility producing 100,000 leading-edge logic wafers each month could cost up to $45 billion. UBS separately estimated roughly $30 billion for that initial capacity.

Intel reduces the technology risk, but its role remains unclear

Tesla and SpaceX understand chip design and large-scale manufacturing.

High-volume semiconductor fabrication is a different discipline, requiring specialised equipment, scarce engineers and consistently strong production yields.

Bernstein analyst Stacy Rasgon told Business Insider that the project could be harder than sending rockets to Mars.

He warned that advanced lithography equipment can take years to secure and that combining logic, memory and packaging creates additional complexity.

Intel’s participation should bring process and packaging expertise.

Yet analysts noted that regulatory filings have not explained the contracts, intellectual-property arrangements, capital contributions, equipment commitments or division of responsibilities.

They also questioned whether the proposed 2029 production target refers to test chips, limited output or genuine high-volume manufacturing.

The next meaningful milestones are equipment orders, process-node commitments, staffing, trial wafers and commercially acceptable yields.

Akcjonariusze Tesli wciąż muszą wiedzieć, kto zapłaci

Tesla has already planned more than $20 billion of capital expenditure for 2026, excluding Terafab and other proposed projects.

Wedbush analyst Dan Ives said Tesla must explain which company will “bear the burden” of supplying billions of dollars for the project.

Baird analyst Ben Kallo similarly questioned the funding source and told Business Insider that outside capital could eventually be required.

The allocation of output adds another concern. Musk’s estimate suggests SpaceX could receive most of Terafab’s computing capacity.

That does not automatically disadvantage Tesla, but shareholders need clarity on ownership, construction costs, transfer pricing and intellectual property.