G.L.A INVE$T RE$EARCH & COACH KYLE RON BARON ON SPCX / TSLA September 18, 2026
Ron Baron is one of our favorite investors on Earth.
Long-Term, Concentrated, Patient, Data Driven. He has been betting on Elon Musk, Tesla, and SpaceX for more than a decade. He lets winners run, He does not pay attention to the short term noise, and most importantly, he makes his investors a lot of money. Like we said in the G.L.A INVE$T RE$EARCH Constitution, Ron Barron is truly one of the investors who inspire us.
This week Baron went on CNBC Squawk Box. Of course we were watching, and as usual we share his view on TSLA and SPCX.
The message was simple: Tesla is a buy for long-term owners, SpaceX is still in the early innings of its growth, and Elon Musk remains the operator he is willing to bet his funds performance on, not to mention his own personal money.
Why Baron Matters
Baron is not a day trader, He is the founder, CEO, and portfolio manager of Baron Capital. He first bought SpaceX in 2017. He has been in Tesla since 2014.
The scoreboard
- Baron Capital started with $10 million in 1982.
- It had grown to $69 billion under management in June.
- $30 billion of those profits came from Elon Musk companies.
-Baron Partners Fund is the number-one mutual fund in the United States since 2003, in part because of Elon.
Barons Firm holdings, as of the end of June: about $25 billion in SpaceX and about $5 billion in Tesla. Those two names sit above the next 13 holdings combined, including Hyatt, MSCI, Spotify, and Charles Schwab.
Personally:about $5 billion in SpaceX, $1.5 billion in Tesla, and another $1.8 billion through the Baron funds.
G.L.A FUN FACT-It was Ron Baron who first convinced me on Tesla and Elon back in 2019, him and Cathie Wood.
He has a simple strategy , own the companies with the best leaders, and let the winners ride, no need to sell a company unless there is a better place to put the funds.
Tesla:“The Time To Own It Is Now'“- Ron Baron
Baron did hold back.
“I think Tesla is the time to buy the stock is now.”
His reason is not a quarterly delivery print.It is Full Self-Driving.
He said FSD is catching on and it is going to get bigger and bigger. About 1.4 million people are already using it. He put growth at 55% a year. He said 55% of new buyers are taking the car with self-driving.
“It’s going to be everywhere.”
If you have spoken to me over the last few days, I probably told you that I just bought the new Tesla model 3 Performance aka the Plaid. I cant stress to you enough how awesome this car is, and the full self driving is beyond amazing.
Tesla’s most recent earnings -1.48 million active FSD subscriptions,up 56% year over year,and about 55% of North American deliveries leaving with FSD enabled.
His line: you might not want an EV, but you will want a Tesla. Trust me there is a big difference.
He said U.S. share is increasing again because legacy automakers are not going all-in on electric vehicles after spending tens of billions trying to copy the playbook. Legacy automakers do not have the software engineers to compete with Tesla, they do not have the data for full self driving, they cant compete with price or technology.IMHO, the only way they will survive is by licensing Tesla FSD.
The Duck Story
Along with SpaceX, satellites, and AI, Baron told one Tesla story.
He bought one of the 250 special Model S cars Tesla built as they retired the model S and X. Wine-colored, His favorite car he has ever owned. He said he is never selling it.
One Sunday in East Hampton he overslept, jumped in the garage, typed the restaurant name, and let the car drive.
It opened the garage, Backed out, Ran the driveway, Opened the gate. Looked both ways. Turned through the neighborhood. Then the Tesla and its FSD suddenly stopped.
A large duck was crossing the road with six ducklings.
The car waited. Then it finished the trip, turned onto Main Street, and parked next to breakfast.
“This car is unbelievable.”
He said driving without it will eventually feel like a horse and buggy. For older drivers, Tesla full self driving is a game changer.
Ron Baron is not a typical Wall Street guy, and Tesla isn’t a typical car company.
SpaceX: Still Early
SpaceX’s Starship—the world’s largest and most powerful rocket, stacked with its Super Heavy booster—is the company’s next-generation fully reusable launch system, designed to fly both stages back for rapid reuse instead of throwing them away.
After 13 mostly suborbital test flights, SpaceX is targeting Flight 14 in late September 2026 as its first attempt to reach a stable Earth orbit, deploy production Starlink V3 satellites, and keep advancing toward catching and reflown the upper stage as well. Once rapid, low-cost reuse is proven,Starship is expected to slash the cost of putting mass into orbit by as much as 80–90% versus today’s rockets (and far more versus expendable vehicles), making frequent satellite deployments, space stations, lunar missions, and even Mars transport far cheaper and more routine.
That drop in launch cost is the point: it underpins cheaper Starlink expansion, orbital computing, and the broader idea that access to space stops being a rare, expensive event and starts looking more like airline operations.
Once launch is cheap, Starlink is not a niche dish. It is internet for the planet. Air. Ocean. Mountains. Desert. No dead zones.
Ron Barons 10-year Starlink prediction, as reported from the same interview:
- SpaceX did about $18 billion of revenue last year
- Starlink alone could do $1 trillion of revenue in 10 years
- $700 billion to $800 billion of EBITDA
- That math supports a $14 trillion to $15 trillion valuation
- SpaceX today, in his words, is worth less than $2 trillion
Customer math: 15 million starling subscribers today, 300 million in a decade. He says that consumer base is only 30% to 35% of the revenue. The rest is government, enterprise, and mobile.
The constellation plan moved from 10,000–20,000 satellites to 100,000. Satellites deorbit every five years. New birds come up with 10x the power. Agentic demand is the load that makes that capacity necessary.
Baron’s punchline on SpaceX:we are going to make hundreds of billions from Elon over the next 10 years.
G.L.A agrees with Ron Baron. SPCX is not a finished story, It is infrastructure for connectivity, compute, and the space economy.
Star Mind
Baron added the layer most of Wall Street still treats as science fiction.
People do not want data centers in their towns. They use power. They use water. They make noise. Intelligence still needs compute.
So you put the data centers in space.
He said Earth-based compute is expensive to build and expensive to maintain. Space-based compute, in his telling, is cheaper, faster to deploy, and replaced on a five-year satellite cycle that multiplies capacity.He called 2027 the year SpaceX has their first data center in space, with the usual Musk caveat: he does what he says, he is just a little late.
G.L.A and Coach Kyle agree with Baron,TSLA and SPCX are two of our favorite long term investments, IMHO they will end up merging over the next 12 months, when they do it will create a super comp[any that will become the largest company in the world…….LOAD THE BOAT!!
This newsletter is for education and research discussion only. Coach Kyle is not a broker or financial adviser. Nothing here is personalized investment advice.