I'm still a newb, but I get puzzled every time I see how much the world of trade has creates a direct correlation between stock value and a company's actual value. It sure feels like rationalized gambling much of the time. Correlating market cap and true value seems like a way to justify arguments for or against a current stock's selling price in order to influence investors. It simply seems like analysts trying to find something clever to say about incalculable odds (at least with respect to TSLA) and at least some simply promote whatever point of view is in their own interests. there is essentially no connection except to the extent to which people think there is a connection. For TSLA at least, it appears to be mostly a supply and demand market driven thing based on sentiment. Tesla is popular now, lots of people are buying the car and a lot of those folks don't seem to be worried about the true valuation, they simply buy at wherever the stock is at the time they get inspired and hold it, unless something scary happens. Tesla's product sells the car's buyers on the stock, a lot of which don't pay much attention to the short term. How high could it go? as long as positive catalysts keep the wind of positive sentiment blowing in the right direction, the stock could go a lot higher, IMHO. the market of buyers are unusual, giving great value to what Tesla symbolized as well as what it is and will become materially. I think a lot of folks see the way it's sum could ultimately be much greater than it's parts. There is a very distinct "this has never happened before" feeling about Tesla. It sure looks like we could be looking at the beginning of an empire of sorts and putting a value on that appears very difficult.