Tesla has defined bearish investors for many years. People criticized the valuation when the corporation was worth $10 billion and those voices rang louder when the company reached a $100 million market cap.

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According to Bloomberg, the electric vehicle (EV) maker’s valuation now hovers at around $1 trillion, but each rally makes it more difficult to generate future gains. For instance, Tesla would have to become a $10 trillion company to generate a 10 times return for its investors. You don’t need a stock to 10 times to beat the market and some investors believe that Tesla’s upcoming robotaxis presents a compelling long-term opportunity.

However, some people have expressed concerns that autonomous robotaxis are risky and may lead to significant losses for investors if they fall short of expectations. Here’s what some of the experts think about investing in Musk’s autonomous robotaxis.

While Tesla is no stranger to a rich valuation, the stock’s ability to perform well in the long run heavily depends on robotaxis and humanoid robots delivering on their long-term potential. These are well-known catalysts, but it’s important to consider the risk of what would happen if those initiatives fall short of expectations.

Dan Buckley, financial markets commentator at DayTrading.com, compared Tesla’s valuation and catalysts to taking out a call option.

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“Tesla’s robotaxi and humanoid bot ambitions might excite headlines, but investors are still paying venture-capital prices for a public company. Its valuation is effectively a call option on a highly uncertain future — where demand for these emerging technologies, Tesla’s ability to execute on them and the economics of production all remain unproven — as well as highly regulated and capital-hungry.”

John Ellmore, editor and spokesperson for Electric Car Guide, also expressed concerns that Tesla isn’t the frontrunner in the autonomous vehicle industry. Although Tesla has the spotlight due to Elon Musk and its reputation as an EV maker, Ellmore highlighted how one competitor is miles ahead of Tesla.

“The launch of Tesla’s robotaxi comes with plenty of hype, but it’s important to remember that Tesla is not ahead of the game in autonomous driving — Waymo is by far the more established player. Betting on Tesla for robotaxis today is absolutely a risk. Tesla is relying on future tech narratives to justify its valuation.”