Wall Street loves subscription businesses bc they’re predictable. And it’s clear to me Tesla’s FSD business is quietly becoming exactly that. Based on Tesla’s latest Q2 2026, FSD monthly subscriptions alone are already running at roughly $790-800 million per year in recurring revenue. Every Tesla sold expands the addressable market. Every improvement to FSD makes the product more valuable. Every software update gives more owners a reason to subscribe. And with over 55% of new North American deliveries now including an FSD subscription, that recurring revenue base is compounding faster than many people realize. Unlike selling a car once, subscriptions generate revenue month after month. That’s why investors often assign premium valuations to recurring revenue businesses… bc it’s predictable, scalable, and tends to become more valuable as the customer base grows. Today it’s an ~$800 million annual run rate from monthly subscriptions alone. I bet in the future it will be measured in $ billions. If Tesla eventually reaches tens of millions of vehicles capable of running FSD, this has the potential to become one of the largest subscription businesses in the world.