Tesla is raising money and is valued like it's a growth stock and it should. Amazon has been and arguably still is valued as a growth stock but has been intern

Tesla is raising money and is valued like it's a growth stock and it should. Amazon has been and arguably still is valued as a growth stock but has been internally financed to a much larger degree. There's a massive difference in Amazon raising cash vs Tesla and the form of capital raise is also huge. Amazon has only had one secondary offering (2003) while Tesla has had an offering every year except 2014. The Amazon "big capital" raise you point out was in the form of vanilla corporate bonds while Tesla has only issued convertible bonds. Had Tesla wanted to issue regular corporates (more than likely junk rated if their convert ratings are any indication), I'd imagine they would struggle to meet the interest payments. Additionally, any large corporate issuer with good cash flow has been taking advantage of low interest rates and Amazon is among them. Tesla is raising money and is valued like it's a growth stock and it should. Amazon has been and arguably still is valued as a growth stock but has been internally financed to a much larger degree. This is not to say that Tesla is doomed blah blah blah. It's to illustrate that Amazon has cash flow while Tesla doesn't and is much more susceptible to the whims of capital markets. I'd also like to point out that Amazon is probably more able to weather economic cycles than Tesla is and that's primarily when cash flow poor companies either aren't able to raise or raise at ridiculous terms.