Is Wall Street Getting Uber Wrong? Bill Ackman Backs Bull Case That Robotaxi Fears Are Overblown

Oguz Erkan, founder and writer of Capitalist-Letters, said the capital-intensive nature of robotaxi fleets makes large-scale platform operators like Uber well positioned to benefit as adoption grows.

• Erkan believes companies like Waymo and Tesla will eventually focus on supplying autonomous vehicles, while Uber remains the platform connecting riders with robotaxi fleets.
• Jason Calacanis, an angel investor in Uber, said the stock’s valuation represented a generational buying opportunity.
• Uber reiterated it plans to invest more than $10 billion in robotaxis over the coming years, primarily through equity investments in autonomous driving partners.

Uber Technologies (UBER) is drawing renewed attention after billionaire investor Bill Ackman backed a bullish investment case which argued that concerns over robotaxis have unfairly weighed on the stock’s valuation. Prominent investors believe that autonomous vehicles could become Uber’s biggest growth driver. 

UBER shares climbed 0.5% higher in pre-market trading on Thursday.

Uber To Benefit From Fragmented Autonomous Vehicle Market

Oguz Erkan, founder and writer of Capitalist-Letters, said that Uber is undervalued, trading at around 15 times expected 2027 earnings and 12 times 2028 earnings, despite expectations for double-digit annual growth through 2030. Erkan argued that Uber’s discounted valuation reflects investor concerns that robotaxis will hurt its future earnings, but he believes those fears are overdone.

Erkan believes the autonomous vehicle market will remain fragmented, with players such as Waymo, Tesla, Zoox, and AVride. Rather than operating their own ride-hailing platforms, these companies could ultimately focus on being OEMs and supplying autonomous vehicles, while Uber continues serving as the platform connecting riders with fleets.

“So, over time, we’ll see companies like Tesla and Waymo to position themselves as equipment providers (OEM) rather than service providers and platforms like Uber will act as service providers,” Erkan wrote in a post on X.

He also argued that the capital-intensive nature of robotaxi fleets makes large-scale platform operators like Uber well positioned to benefit as adoption grows.

Billionaire investor Bill Ackman, whose Pershing Square hedge fund disclosed a major stake in Uber in February 2025, said he agreed with the thesis.

Angel Investor Sees UBER At $100

Meanwhile, Jason Calacanis, an angel investor in Uber, said the stock represented a “generational buying opportunity,” adding that the company’s valuation is now similar to Waymo’s.

He also said the stock could climb back above $100 if Khosrowshahi successfully demonstrated 100 autonomous rides without a safety driver, to which Khosrowshahi replied: “We’re going to make it happen … and much more.”

Ackman also agreed with Calacanis’ thesis.

Uber Doubles Down On Autonomous Strategy

The comments came after Uber reiterated its plans to invest more than $10 billion in robotaxis over the coming years, primarily through equity investments in autonomous driving partners.

CEO Dara Khosrowshahi also dismissed reports that Waymo could end its partnership with Uber, saying he expects the companies to continue working together in Austin and Atlanta while Uber expands relationships with other autonomous vehicle developers.

Uber reported 12% revenue growth to $14.19 billion, although the figure missed analysts’ expectations of $14.27 billion, according to Fiscal.ai. However, earnings of $1.17 per share came above consensus estimates of $0.83 per share.  

Wall Street Trims UBER’s Price Target

On Thursday, Barclays trimmed its price target on Uber to $106 from $107 but maintained an ‘Overweight’ rating, saying the company is investing heavily to strengthen its position in autonomous vehicles and expand its global food delivery business.

Wells Fargo also lowered its target to $89 from $100 while keeping an ‘Overweight’ rating. The brokerage said delivery demand remains strong and expects U.S. mobility to improve through 2026, although slower trip growth is weighing on the stock.

UBER Retail Bulls See $1 Trillion Valuation

Retail sentiment surrounding UBER on Stocktwits remained ‘bullish’ over the past 24 hours, amid a 366% increase in message volumes.

One user expects the company to hit a $1 trillion valuation. It currently has a market capitalization of roughly $139 billion.

View this Stocktwits post

Another user said UBER is “easily a $100 stock and likely more!”

View this Stocktwits post

The stock is down around 16% year-to-date.

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