Tesla shareholders from Start to IPO
On June 29, 2010, Tesla Inc., went public, becoming the first American carmaker to launch an IPO since 1956. Back then, Tesla was a young company with a big goal: to change the auto industry with fully electric cars. Shares started at $17, raising $226 million to help develop the Model S sedan. In October of 2024, the company was ranked as one of the fifteen most valuable brands in the whole world regardless of the industry. By September 2024, Tesla remained the largest market share of all battery electric vehicles (BEVs) sold in the world in 2024.
Initially, Tesla generated most of its revenue from the Roadster sports car; however, the IPO was a signal of confidence in Elon Musk’s vision for electric vehicles. Since then, Tesla’s stock price has soared, reflecting Tesla’s transition from a small startup to a major player.
The Early Years: Foundation and Vision of Tesla (2003-2009)
Tesla has had an inspiring funding history since its inception. After the initial operating funds provided by Martin Eberhard and Marc Tarpenning, Elon Musk became one of the primary investors and led consecutive funding rounds to secure the capital needed for Tesla to grow at its pace.
Tesla’s Initial Funding Rounds
Tesla’s early funding history demonstrates the progressive confidence investors placed in Elon Musk’s vision . Here are some important milestones in Tesla’s funding history:
2004 – Series A: $7.5M raised;
- Elon Musk invested $6.5M, became Chairman.
- This marked Musk’s entry as the primary financial backer
2005 – Series B: $13M led by Valor Equity Partners.
- Enabled Tesla to begin development of the Roadster prototype
- Established the foundation for future product developement
2006 – Series C: $40M from investors
- Key investors included VantagePoint, Google founders Larry Page & Sergey Brin, JP Morgan.
- This round validated Tesla’s technology and market potential
2007 – Series D: $45M raised from investors
- Investors including Technology Partners, Technology Venture Partners US
2008 – Series E and Debt: $40M equity + $80.2M debt financing.
2009 – Series E, F and Debt
- Series E: $50M from lead investor Mercedes-Benz Group AG
- Debt Financing: $465M from lead investor US Department of Energy
- Series F: $82.5M from lead investor Al Wahada Capital Investment
Going Public: The Historic 2010 IPO
IPO Preparation and launch
In 2010, Tesla Inc. registered on NASDAQ with an IPO. The Tesla IPO at that point was priced at $17 per share. The company has grown and expanded exponentially since then, and as of Aug 28, 2025, Tesla shares were priced at $345.98 per share. Here is a closer look at the chronology of events:
Key IPO Details:
- On 29 January 2010, Tesla Inc. filed its S-1 registration statement with the US Securities and Exchange Commission. This IPO was underwritten by Goldman Sachs Group, Morgan Stanley, JP Morgan Chase & Co., and Deutsche Bank.
- On 21 May 2010, Tesla Inc. entered a strategic collaboration with Toyota Motors who agreed to invest 2.5%, i.e. stakes worth $50 million. This joint venture aimed to build a state of the art electric vehicle.
- On 29 June 2010, Tesla Inc. launched the IPO on NASDAQ by offering 13.3 million shares priced at $17 per share. This IPO raised a total of $226.1 million for the company. On the very first day of the Tesla IPO, the company’s shares increased by 40.53% and closed at $23.89.
Tesla Pre-IPO Structure (as Per SEC Filing)
The following table shows Tesla’s ownership structure just before going public, based on SEC filings.
| Shareholder | Shares Beneficially Owned (Pre-IPO) | Ownership % (Pre-IPO) |
|---|---|---|
| Elon Musk | 28,303,341 | 35.61% |
| Blackstar Investco LLC (Daimler/Herbert Kohler) | 7,484,074 | 9.56% |
| Al Wahda Capital Investment LLC / H.E. Ahmed Saif Al Darmaki | 7,297,139 | 9.32% |
| VantagePoint Venture Partners (Funds) | 7,138,273 | 9.12% |
| Valor Equity Partners (Funds) | 4,910,679 | 6.27% |
| Ira Ehrenpreis | 2,749,290 | 3.51% |
| Stephen T. Jurvetson | 2,764,868 | 3.53% |
| Bay Area Equity Fund I, L.P. | 2,641,565 | 3.37% |
| Westly Capital Partners Fund, L.P. | 2,488,011 | 3% |
| Marc Tarpenning (Co-founder) | 1,064,291 | 1.36% |
| Tao LLC | 900,835 | 1.15% |
| Jeffrey B. Straubel (Co-founder) | 367,029 | <1% |
| Kimbal Musk | 411,799 | <1% |
| Ian Wright (Co-founder) | 180188 | <1% |
| Multiple early investors & trusts (Greg Kouri Trust, Arch Meredith, Michael Taylor, etc.) | <1% each | <1% |
Tesla Post-IPO Shareholder Structure (2025)
| Shares Held By | % of Shares |
|---|---|
| Institutions | 50.95 |
| Elon Musk | 15.73 |
| All insider | 12.87 |
Top Institutional Investors as on 30th June, 2025
| Investor | Number of Shares | % of shares held |
|---|---|---|
| Vanguard Group Inc | 251.39M | 7.79% |
| Blackrock Inc. | 205.96M | 6.39% |
| State Street Corporation | 113.42M | 3.52% |
| Geode Capital Management, LLC | 64.77M | 2.01% |
| JPMORGAN CHASE & CO | 46.02M | 1.43% |
| Morgan Stanley | 43.24M | 1.34% |
| Capital World Investors | 41.63M | 1.29% |
| NORGES BANK | 37.27M | 1.16% |
| Goldman Sachs Group Inc | 30.55M | 0.95% |
| FMR, LLC | 29.9M | 0.93% |
Post-IPO Growth and Continued Funding (2010-2024)
2010 – IPO & Strategic Backers:
- $226M capital raised in IPO.
- $50M investment from Toyota & $30M from Panasonic.
2012-2016 – Growth Funding: Multiple equity & debt rounds, incl. $1.5B post-IPO equity raise in 2016 backed by major banks.
2017 – Tencent Investment: $1.7B equity, major strategic stake.
2017-2019 – China Expansion: Over $5B in debt financing from Chinese banks (ICBC, China Merchants Bank) to fund Gigafactory Shanghai; $2B secondary equity offering in 2018.
2020 – International Financing:
- $565M facility from ICBC.
- A$8.2M grant from Australian Renewable Energy Agency.
2022 – Post-IPO Equity: $20M raised.
2023 – Grants:
- $231.8K grant from PennDOT.
- €148.7M grant from European Union.
2024 – Latest Debt: $783M post-IPO debt from Société Générale (Oct 2024).
Current Market Position and Financial Performance
Market Leadership achievement
As of 2024, Tesla Inc. clocked a total of $77,070 million in sales in the automotive segment, which was 6% lower than the previous year, while the energy generation and storage segment posted sales worth $10,086 million. If market reports are to be reviewed, these sales numbers are overall following an upward curve; there was an overall increase of 1% in 2024.
2024 Financial Performance
A breakdown of the net sales of Tesla Inc. looks like this:
- Automotive: 78.7%
- Services: 10.8%
- Energy generation and storage: 10.3%
Geographic Revenue Distribution
- United States: 48.9%
- China: 21.4%
- Other Regions: 29.7%
Key Success Factors of Tesla
Tesla’s shareholder evolution tells the story of how bold vision became reality. From Elon Musk’s initial $6.5 million series A investment to today’s market valuation, the company successfully executed its strategy of starting with premium vehicles before transitioning to mainstream models.
The journey reveals several critical factors:
- Strong visionary leadership with significant founder investment
- Strategic partnerships with established automotive and technology companies
- Progressive scaling from premium to mass market segments
- International expansion with local financial partnerships
- Diversification beyond automotive into energy storage and services
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