Just my thoughts:
Tesla needs to expand to increase production. This takes a lot of capital with plenty of cushion. They will not be able to completely finance that money (nor would it be wise to load the company with expansion debt. (I sure wouldn't.))
The main reason for a company to be public is to sell stock to raise funds. Why borrow when you don't have to?
The pricing of the (assumed) Secondary will not be as high as some seem to think. If they price it at $150.00/shr, no inst investor, in their right mind, would buy a Secondary offering that close to the high, when there will be dilution. $120.00 (I believe) is still too high, given ALL of the uncertainty of the future outlook of EV credits, alone.
If there is a Secondary, which I believe there will have to be, I see pricing of $80.00-90.00, MAX. Most likely $50.00 to 70.00.
Good company, but way too overvalued currently. Not hate, just logic.
They did "real good" with the Sr. Notes in May. You know, paying off the large DoE loan "9 years early". They would just offer more Sr. Notes. At 1.5% and tradable on a bond market based on the manipulation of the stock price - they can issue it at $135 and then get the market makers cranking up the bots to run it to 180.