Tesla is secretly acquiring a mysterious AI hardware company.
In its 10th quarter filing, released along with Wednesday’s earnings report, the company briefly mentioned that it entered into an agreement in April to acquire the company for up to $2 billion in stock and stock compensation. Tesla did not identify the company or describe its technology.
“In April 2026, we entered into an agreement to acquire the AI hardware company for up to $2 billion in Tesla common stock and stock awards, approximately $1.8 billion of which is subject to certain service terms and performance milestones depending on the successful deployment of the company’s technology.”
It is unclear why Tesla did not reveal the company’s name. It could be for competitive reasons or it could be that they have plans to do so in the future. Tesla did not respond to a request for comment from Business Insider.
Either way, the deal comes as Tesla ramps up spending on artificial intelligence and infrastructure.
Tesla expects to spend $25 billion in capital spending this year, much of it tied to its AI push. It has touted its in-house computing capabilities, semiconductor development and data centers. CEO Elon Musk said the infrastructure will help support self-driving software, robotaxi services and robotics programs.
“We intend to significantly increase investment in the future,” he said at the company’s financial results conference. “I think it will be very successful.”
The investment also comes as Tesla shifts away from its focus on traditional car sales, which typically have thin margins. Instead, the company focuses on software-defined projects that offer higher profit margins.
“Tesla is working on a number of large, ambitious projects,” Musk said on a conference call. “It’s all very challenging, but I think it’s going to be revolutionary.”
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