Tesla's amended annual filing reveals the full scope of the financial web connecting Elon Musk's companies - $573 million in revenue from SpaceX and xAI alone, plus millions more in expenses flowing to X, The Boring Company, and Musk's personal security firm.
Tesla's $573M in deals with Musk's firms deepens financial ties in 2025
The 10-K/A filing, submitted to the SEC on April 30, paints the most complete picture yet of how Musk's corporate empire trades with itself.
The full breakdown
Here's every related-party transaction Tesla disclosed in the amended filing for fiscal year 2025:
- SpaceX: Tesla recognized $143.3 million in revenue from SpaceX in 2025, primarily from vehicle sales. That figure is consistent with data showing SpaceX bought 1,279 Cybertrucks in Q4 alone - 18% of all US Cybertruck registrations that quarter. On the expense side, Tesla paid SpaceX $11.4 million under commercial, licensing, and support agreements, plus $400,000 for use of a SpaceX-owned aircraft.
- xAI: Tesla recognized $430.1 million in revenue from xAI, primarily from selling Megapack energy storage products to power xAI's data center operations. Tesla also incurred $4 million in expenses to xAI under consulting and support agreements. Notably, the Megapack sales continued into 2026, with Tesla recognizing another $78.1 million in revenue from xAI through February alone.
- X (formerly Twitter): Tesla purchased $3.3 million in advertising on X as part of a "multi-platform advertising campaign." Tesla, which famously refused to advertise for years, is now buying ads on its CEO's own social media platform.
- The Boring Company: Tesla paid TBC $900,000 under commercial agreements in 2025 - likely related to the tunnel TBC built under Gigafactory Texas to connect the Cybertruck line to a loading lot.
- Musk's security company: Tesla paid $4.8 million in 2025 to a security company owned by Elon Musk that provides security services for him, including "in connection with his duties to and work for Tesla." The filing notes this represents only "a portion of the total cost" of Musk's security.
- Redwood Materials: Tesla also disclosed transactions with JB Straubel's Redwood Materials, a battery recycling company. Tesla paid Redwood $3.3 million and recognized $12.9 million in cost-of-revenue reductions from selling scrap materials to the company.
The $2 billion that became SpaceX stock
Beyond the operating transactions, the filing also details Tesla's $2 billion equity investment that took a winding path through Musk's corporate restructuring.
On January 16, 2026, Tesla agreed to invest $2 billion in xAI Holdings' Series E round. But just weeks later, SpaceX acquired xAI Holdings in a mega-deal, and Tesla's xAI preferred stock converted into SpaceX Class A common stock. Tesla completed the investment on March 12, 2026.
Tesla shareholders, who voted to approve a $2 billion investment in an AI company, now hold a minority stake in a rocket company instead. The filing doesn't disclose the size of that stake, but reporting indicates it represents less than 1% of SpaceX.
The scale of the entanglement
Adding it all up, here's the money flowing between Tesla and Musk's other companies in 2025:
- Revenue Tesla received: $573.4 million ($430.1M from xAI + $143.3M from SpaceX)
- Expenses Tesla paid: $24.8 million ($11.4M to SpaceX + $4M to xAI + $3.3M to X + $0.9M to TBC + $4.8M to Musk security + $0.4M SpaceX aircraft)
- Equity invested: $2 billion (xAI → SpaceX conversion)
The $573 million in revenue from Musk's companies is material. While Tesla generated roughly $97.7 billion in total revenue in 2025, the xAI Megapack sales alone accounted for about 3.4% of Tesla's entire energy business revenue. And the SpaceX vehicle purchases inflated Cybertruck sales figures at a time when the truck was struggling with consumer demand.
The filing states all transactions were conducted "at rates generally available to unaffiliated third parties under the same or similar circumstances" and were reviewed by Tesla's Audit Committee. But the sheer number of counterparties - SpaceX, xAI, X, TBC, a Musk-owned security firm - all controlled by the same person who runs Tesla, is difficult to ignore.
our website's Take
We've been tracking the growing financial entanglement between Musk's companies for years, and this filing confirms the trend is accelerating, not slowing down.
The $573 million in related-party revenue is a new high, while the relationship expands into new areas like advertising on X and a $2 billion equity investment.
The governance concern here isn't that any single transaction is unreasonable - Megapacks for data centers and Cybertrucks for a fleet make operational sense. The concern is the cumulative effect: Tesla's CEO controls the entities on both sides of hundreds of millions of dollars in transactions, approves a $2 billion investment in his own company, and the investment ends up converting into stock in yet another company he controls. At what point does the Audit Committee's review become insufficient oversight for this level of entanglement?
