
ARK’s Tesla (TSLA) 2031 model gives a base-case value of $4,400 per share (about 12× today’s price), with bear and bull cases of $3,300 and $5,000; the image shows a base-case market cap of $17.5 trillion. ARK projects 8.1 million robotaxis and 1 million externally sold Optimus robots by 2031, with robotaxis accounting for 80% of enterprise value.