In Wednesday's earnings call, Elon suggested the scenario of Tesla growing to a market cap similar to where Apple's is today ($700 billion). His description implied revenues of about $350 billion per year in 2025. Elon explained that he envisions all this with little to no further capital raises. We don't know whether Elon really sees this as an achievable target or strictly something like a motivational target for the team at Tesla (and perhaps to shift perception at the other automakers and the public as a whole about the transition to EVs). Though this does tell me "hell bent" isn't merely Elon's MO to get to Model 3... sprinting is just what Elon seems to do. What would it take though if $350 billion in revenues in 2025 were a real target? I've been doing a bit of mental math the past few days, and thinking about the auto plants and Gigafactories needed to be built, Elon is certainly right in terms of "staggering" amounts of spending being required. Perhaps equally staggering would be overseeing the execution of building these plants and staffing them with trained employees. Both of these points are particularly daunting given that the current automotive target Tesla has discussed publicly is 500K vehicles in 2020, or roughly $35 billion in revenues (there would also be some stationary storage revenue in 2020). As I've thought about the costs involved and the pace of increasing cash flow from growing operations over time to pay those costs, it's seemed like Elon would need to "invent some new chess pieces" for this $350 billion goal to be possible without plenty of dilution from capital raises (paraphrasing an Elon quote I put at the end of this post). Even if the $350 billion in 2025 revenues is not a real goal, I think it could be fun and worthwhile to think about what this would take. (fwiw, personally, for over a year I've been thinking along the lines of about $75 billion in revenues in 2025. I'm taking Elon's comments as exciting, but $350 billion is not even a best case scenario I'd use in making decisions re TSLA... well, not yet . So, what would it take? What mix of vehicle vs. stationary storage revenue? How many auto plants, GFs? What cost for these plants? What timeline for production increases for corresponding positive operating cash flow growth to make this happen? What kind of benchmarks in terms of market adoption of Tesla's products, revenues, margins etc., would it take for traditional sources of financing (banks, bonds...) to be willing to loan Tesla $5 billion, $10, $15 billion, or more? Finally, what new chess pieces might be invented? Could Elon possibly create some sort of financial instrument to tap his personal wealth tied up in Tesla, Solar City, SpaceX holdings to loan Tesla billions to feed the growth engine? Is it possible the likes of a Larry Page would loan Tesla billions (Page has said he's had the thought that if he were hit by a bus probably the best place he could leave his wealth would be at Elon Musk's disposal). Would the large utilities possibly have billion dollar loans available to push forward grid storage? Here's that quote about chess pieces... "Business is like a multidimensional probabilistic chessboard. The rules aren't set, and the same moves don't always make you win. A lot of people can be really good in a set-piece battle; my biggest differentiating skill is I can invent new pieces."