Tesla's stock jumped after quarterly deliveries came in far stronger than expected, which is good news for Tesla shareholders and for SpaceX's valuation, which tends to move with it.

• Tesla delivered nearly as many cars as the same quarter last year, even though last year's number was inflated by buyers rushing to beat the EV tax credit deadline.
• That matters because selling cars is still where almost all of Tesla's profit comes from — robots, the semi truck, and robotaxis are small by comparison for now.
• Matching last year without the $7,500 credit shows Tesla can hold prices, a sign the slump in its car business is bottoming out.
• The energy storage side missed, and Chinese carmakers are a real threat to Tesla's share in Europe and eventually the U.S.
• Tesla's stock is still expensive compared with cheaper big names like Nvidia and Broadcom.

Outlook: If interest rates have peaked and an Iran deal lands, Tesla has room to run higher from here.