While investors focus on robots and AI, the company’s spending plan reveals one number that could test the high-flying stock.

For a company defined by futuristic products, the most important number for Tesla (TSLA) investors right now is surprisingly down-to-earth: its budget for capital expenditures. Management is signaling a significant increase in spending, and this one figure reveals a crucial risk hiding in plain sight.

Just How Big Is This Spending Spree?

On its recent earnings call, Tesla’s management laid out a plan for over $25 billion of CapEx for 2026. To put that in perspective, this guidance was raised from an already high forecast of in excess of $20 billion given just one quarter prior….