They are nuts if they don't. Trading well over 100 times next years optimistic estimates.
My assumptions in the market show that the demand for 100k electric only vehicles that today come along with a subsidy (and won't soon) is limited. Tesla is riding the front side of the demand curve but once the initial demand is satisfied and used Tesla's start hitting the market as well the sales direct from Tesla will slow. Even at today's stock price they have to grow orders of magnitude over what wall street is estimating.
They should take advantage of this bubble and do the secondary of 10 million to 30 million shares to raise 2 billion to 6 billion and put a floor under the coming fall.
Stock will go up with a secondary. Investors will see that there continues to be demand for the stock and it'll keep going up. There might be a bit of correction, but that'll be short lived. Investors are willing to give Musk as much money as he wants to fuel his vision.