SpaceX’s IPO filing has revealed the full financial scale of ties between Tesla (NASDAQ: TSLA) and Elon Musk’s other companies, putting governance questions squarely in front of investors.
SpaceX and its xAI subsidiary collectively purchased around $650 million in goods and services from Tesla during 2025.
The biggest chunk was $506 million in Megapack battery systems sold to xAI to power its data centre operations, with sales continuing into 2026 and generating a further $78.1 million through February alone.
SpaceX also spent $131 million on Cybertrucks, accounting for 18 percent of all US Cybertruck registrations in Q4 2025, meaning a significant slice of Tesla’s headline vehicle demand figures was internal to the Musk empire.
Tesla completed a $2 billion investment in xAI in March 2026, but the stake landed on SpaceX’s cap table rather than inside xAI as a standalone entity following the merger of the two businesses.
As of May 1, Tesla held just under 19 million SpaceX Class A shares, representing less than one percent of total outstanding stock.
The Megapack revenue represents genuine, growing income from a well-funded customer whose AI infrastructure build-out shows no signs of slowing, which is a clear positive for Tesla’s energy division.
The harder question is whether the Cybertruck and Megapack deals were struck on commercial arm’s length terms or at rates that favour Musk’s private ventures at Tesla shareholders’ expense.
With SpaceX targeting a public listing at up to $1.5 trillion, the gap between the two companies’ valuations adds yet another variable to an already complicated investment story.
TSLA has gained 36 percent over the past year and trades above $417, but the governance discount embedded in the stock is real and unlikely to disappear as long as the intra-empire transactions keep growing.
