Elon Musk Tracker

$ELONMUSKX ▎ March 2026 Rebalance - Strengthening the Elon Ecosystem Thesis ▎ The Elon Musk Tracker has returned +70.9% all-time, outperforming most tracker portfolios on the platform. The portfolio was last rebalanced in August 2025. Since then, several developments in Elon's business empire warrant updating our positions. This rebalance strengthens the direct Elon connection in every holding while adding three new names that expand our exposure to underrepresented parts of his ecosystem. ▎ TSLA - Tesla (increased from 27.2% to 30%) ▎ Tesla is the cornerstone of everything Elon builds. We're increasing it to our largest position because the current setup is one of the most compelling in Tesla's history. Full Self-Driving is approaching a supervised-to-unsupervised inflection point, with the v13 stack showing dramatic improvement in intervention rates. Optimus humanoid robot production is targeting late 2026 with potential to be larger than the car business long-term. The Robotaxi unveil demonstrated Elon's vision for autonomous ride-hailing. At ~$380/share, the stock prices in the car business at fair value but gives almost no credit to FSD licensing, Optimus, or Robotaxi, all of which have multi-hundred-billion-dollar TAMs. For an Elon tracker, Tesla must be the anchor. ▎ New Positions: ▎ RKLB - Rocket Lab (8%) ▎ Rocket Lab is the most direct public market proxy for the commercial space economy that SpaceX is creating. While SpaceX itself isn't publicly traded, Rocket Lab is building the second-most-active orbital launch vehicle (Electron) and developing Neutron, a medium-lift reusable rocket that will compete directly in SpaceX's Falcon 9 market. More importantly, Rocket Lab's Space Systems division builds satellite components and spacecraft buses that serve the same customers SpaceX's Starlink is creating demand for, the entire LEO satellite constellation ecosystem. Elon's SpaceX has single-handedly driven launch costs down 10x, creating a massive market expansion that Rocket Lab is the primary public-market beneficiary of. The company has launched 50+ successful missions and is transitioning from small-sat launcher to full-spectrum space infrastructure provider. At ~$25/share with a $12B market cap, it's pricing in Electron but giving minimal credit to Neutron or the space systems business. ▎ XPEV - XPeng (5%) ▎ XPeng is Elon's most credible EV competitor in China, and tracking competitors is essential to understanding the competitive landscape around Elon's businesses. XPeng's XNGP autonomous driving system is the closest rival to Tesla FSD in terms of technical approach. Both use vision-only, end-to-end neural networks, rejecting the LiDAR-dependent approach of Waymo and others. Elon has publicly acknowledged XPeng as a serious competitor. XPeng's P7+ sedan and G6 SUV are gaining market share in China's intensely competitive EV market, and their flying car division (AeroHT) mirrors Elon's boundary-pushing approach to transportation. At ~$20/share, XPeng trades at less than 1x forward revenue, deeply undervalued if their autonomous driving technology continues to close the gap with Tesla. ▎ DXCM - DexCom (4%) ▎ DexCom is a Neuralink-adjacent play. Neuralink is developing brain-computer interfaces, and DexCom is the market leader in continuous glucose monitoring. Both companies are building real-time biological sensor platforms that translate physiological signals into actionable data. While not a direct Elon holding, DexCom represents the closest public-market analogue to Neuralink's vision of human-device biological integration. The CGM market is expanding beyond diabetes into general wellness and sports performance monitoring, creating a massive TAM expansion similar to what Neuralink aims to achieve with neural interfaces. DexCom is down ~40% from its 2024 highs after a guidance cut, creating a mean reversion entry point for a company with 25%+ revenue growth and 65%+ gross margins. ▎ Trimmed/Removed Positions: ▎ DELL removed. Dell's connection to Elon is indirect at best. They supply some enterprise servers that may end up in AI data centers, but this is true of dozens of companies. The Elon-specific thesis is weak compared to our new adds. Proceeds reallocated to RKLB and XPEV. ▎ NVDA trimmed from 16% to 12%. Nvidia is critical infrastructure for Tesla's FSD and Optimus training (Tesla uses thousands of A100/H100 GPUs), but NVDA is also in virtually every tech portfolio on the platform. We're trimming to differentiate this portfolio and concentrate on more uniquely Elon-connected names. Still our second-largest holding behind Tesla. ▎ BHP trimmed from 7.5% to 5%. BHP mines nickel, copper, and other battery metals essential to Tesla's supply chain. The thesis is valid but indirect. Tesla sources from many miners globally. Reducing to fund more direct ecosystem plays. ▎ NEE trimmed from 7% to 5%. NextEra Energy is the largest renewable energy producer in the US and a key piece of the energy infrastructure Tesla's Megapack and Solar businesses depend on. The connection is real but one step removed. Maintaining a smaller position. ▎ AMD trimmed from 5.3% to 3%. AMD's MI300X GPUs are competing with Nvidia for AI training workloads, including potentially at Tesla and xAI. However, Tesla's primary GPU relationship is with Nvidia, making AMD a secondary play. Reducing but keeping a small position for optionality. ▎ Held Positions: ▎ CCJ - Cameco (8%). Cameco is the world's largest publicly traded uranium producer. Nuclear energy is increasingly central to Elon's vision, both for powering AI data centers (xAI's Memphis supercluster needs massive baseload power) and for SpaceX's long-term Mars colonization ambitions where nuclear power is the only viable energy source. Elon has been vocally pro-nuclear, and the global uranium supply deficit is driving prices higher. Holding at current weight. ▎ CEG - Constellation Energy (5%). Constellation is the largest US nuclear fleet operator and recently signed a landmark deal to restart Three Mile Island's Unit 1 reactor specifically to power Microsoft's AI data centers. Elon's xAI is facing similar power constraints for its Memphis supercomputer. Nuclear is the only scalable, carbon-free baseload solution. CEG represents the "Elon needs nuclear power" thesis at its most direct. ▎ TSM - TSMC (5%). Taiwan Semiconductor manufactures the custom AI chips Tesla is designing in-house (the HW4 and upcoming HW5 FSD chips), as well as Nvidia and AMD GPUs used across Elon's companies. TSMC is the irreplaceable foundry behind virtually every advanced chip in Elon's ecosystem. Maintaining position. ▎ Portfolio Positioning: The rebalance concentrates the portfolio around six core Elon themes: (1) Tesla itself at 30%, (2) AI compute supply chain at 20% (NVDA, TSM, AMD), (3) Energy/nuclear for Elon's power needs at 18% (CCJ, CEG, NEE, ALB), (4) Space economy at 8% (RKLB), (5) EV competition at 5% (XPEV), and (6) Bio-tech adjacency at 4% (DXCM). Every position now has a clear, defensible connection to Elon Musk's business empire.

I'm rebalancing this portfolio to focus on Elon Musk's recent focus on how AI and electrification are constrained by compute and power and where he is actively spending and evangelizing through his companies, his X posts, and his public appearances. I anchor on TSLA as the engine across EVs, autonomy, Optimus, and energy storage. Then I add NVDA, AMD, TSM, and DELL to capture the GPU/server stack behind Musk’s orders. On the power side, CEG, NEE, and CCJ cover nuclear and scaled renewables. ALB/BHP secure battery metals. I overweight TSLA/NVDA; others balance energy/materials risk. Built for global multiyear trends with periodic rebalancing.

In this rebalance I’m adding 2 public companies, Hexcel and Air Products and Chemicals, Inc. who are SpaceX suppliers to better track Elon’s space exposure.