It's been a rough year so far for Tesla (NASDAQ: TSLA), and it got worse after it reported its second-quarter earnings on July 22. The $25 billion in capex that Tesla estimates for this year is much smaller than other "Magnificent Seven" companies', but it's almost triple the $8.5 billion it spent last year. In Q2, Tesla's capex was $5.8 billion, up around 142% from the $2.4 billion it spent in Q2 2025. Is Tesla's stock a buy right now? Unfortunately, though, there hasn't been enough progress to justify how expensive Tesla's stock currently is.