The earnings call is basically an event to announce that they've published their 10-Q report. The report says:

> "In April 2026, the Company entered into an agreement to acquire an AI hardware company for up to $2.00 billion in Tesla common stock and equity awards, of which approximately $1.8 billion is subject to certain service conditions and/or performance milestones dependent on the successful deployment of the company’s technology."

That's not quiet or sneaky in any way.

The article says:

> The fact that Tesla discussed the $2 billion SpaceX investment extensively in the shareholders' letter but didn't mention an equally-sized acquisition is a deliberate choice.

The existence and content of the report is all that matters, you can emphasize or ignore anything you want in the press release.

> That's not quiet or sneaky in any way.

Has any company ever buried such a large acquisition in its filings without disclosing the acquired company prior? I cannot recall any off the top of my head.