| Hey y'all, it's Austin. Have you ordered your Cybertruck yet? Elon Musk's latest electric vehicle has received raves and guffaws for its polygonal design and retro-futurism. But what most caught Tesla watchers' attention was the early demand: Musk, who's been in court fighting off a defamation lawsuit, still found time to tout the soaring figures, tweeting recently that Cybertruck hit a stunning 250,000 preorders. The overnight popularity of an unreleased product that's still at least two years away from being manufactured hasn't detracted from the hoopla surrounding what it could mean for Tesla's future. One analyst even suggested Thursday that Cybertruck could contribute to a 50% jump in the company's stock. The hype, whether earned or not, has been core to Musk's marketing magic for years. While most automakers and tech companies have to rely on retailing products they can actually ship today—how old-school!—the Tesla CEO has a supernatural ability to get away with selling a vision of tomorrow that often proves better than the real thing. Let's not forget that preorders for Cybertruck cost a mere $100, a tiny price for Musk fans who now get to tell friends they've "purchased" his knockoff of a "Warthog" from the Halo video-game series. That money couldn't even get you signed-up to lease a next-generation Jeep Grand Cherokee or Toyota RAV4, nor their subsequent $199 monthly payments. The preorders are comically non-committal too: Customers can get no-questions-asked refunds on their reservations basically through 2022 (or whenever Tesla actually begins producing the trucks). For the company, such an exchange is tantamount to an equity-free fund-raise. From this early round of Cybertruck deposits alone, Tesla has already generated $25 million in capital, for nothing more at this point than selling the vehicle's cachet at a flawed event. This is roughly double what the company was able to raise in its Series B investment round over a decade ago. It's also one of Musk's less fantastical cash grabs: When he unveiled a branded $500 flamethrower last year, eager customers handed him $10 million in the first four days of sales. The problem, of course, is that Musk has to deliver on his promises eventually, lest he angers the very fanboys who are partly underwriting his business. Reservations for the Model 3, which rocketed to 400,000 back in 2016, were once a sign of Tesla's unstoppable growth. But they led to all types of brand woes after customers realized it took months to get refunds, even after they'd waited years for their sedans. Perhaps that's why Tesla set the Cybertruck's required deposit at just $100, significantly less than the Model 3's $1,000 threshold. (The preorder form states: "You understand that Tesla may not have completed the development of Cybertruck or begun manufacturing Cybertruck at the time you entered into this Agreement and so we do not guarantee when your Vehicle will actually be delivered.") Tesla has historically been careful about what numbers it discloses. So while six-figure preorders for Cybertruck and Model 3 have tantalized the public, we're left guessing whether customers are flocking so much to equally-hyped products, such as the SUV Model Y, Semi Truck, and new Roadster. In some cases, these numbers can also serve as stark reminders of how consistently Tesla falls behind on its targets. Musk, for example, has been boasting of the promise of his Solar Roof for more than three years, but despite being on its third iteration, the product still hasn't rolled out to all customers. Last fall, we reported that Solar Roof had received about 11,000 preorders. Yet a recent lawsuit deposition revealed a Tesla board member saying there are only "50 to 100 of these things operating today in tests on people's roofs." In other words, Tesla is at least 10,900 deliveries short. So for customers out there who really want to experience what it's like to drive a Halo Warthog, perhaps it's a safer bet right now just to buy the Xbox game. The whole collection will cost you about a third of a Cybertruck deposit.-- Austin Carr | 
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