AUSTIN, Texas — Tesla generated $573 million in revenue from companies controlled by Elon Musk in 2025, according to the automaker's amended annual filing with the Securities and Exchange Commission. The disclosure offers the clearest picture yet of the financial web connecting Musk's portfolio of companies — and illustrates how deeply interdependent Tesla, SpaceX, and xAI have become.
The $573 million breaks down into $430.1 million from xAI and $143.3 million from SpaceX. The majority of the xAI figure came from Megapack battery systems — large-scale energy storage units that xAI purchased to power its Colossus AI data center in Memphis. Tesla's energy division, which has been growing faster than its vehicle business, supplied the infrastructure that enabled xAI to operate one of the world's largest GPU clusters.
What the Companies Bought From Each Other
The SpaceX figure includes a notable line item: the rocket company purchased 1,279 Cybertrucks in the fourth quarter of 2025 alone, accounting for 18 percent of all US Cybertruck registrations in that quarter. SpaceX has deployed Cybertrucks at its Starbase facility in Boca Chica, Texas, and at its Hawthorne, California campus for internal operations and transportation.
Tesla also sold solar panels and components to SpaceX over the course of the year, extending the cross-company supply relationship beyond vehicles.
On the expense side, Tesla paid $24.8 million to Musk-affiliated entities in 2025, including $11.4 million to SpaceX for launch services, $4 million to xAI, $3.3 million to X, $0.9 million to The Boring Company, $4.8 million for Musk security services, and $0.4 million for SpaceX aircraft usage.
The Broader Strategic Picture
The financial disclosures arrive in the context of accelerating integration across Musk's companies. In January 2026, Tesla announced a $2 billion investment in xAI. Weeks later, SpaceX acquired xAI in an all-stock transaction, folding the AI company into SpaceX's portfolio as the SpaceXAI division. The Terafab semiconductor manufacturing joint venture — announced on the Gigafactory Texas campus in Austin — will serve both Tesla's AI chip needs for vehicles and Optimus robots and SpaceX's ambitions for in-orbit compute infrastructure.
Together, the cross-company transactions reflect a deliberate convergence. Each company generates demand for the others: xAI needs Megapacks to run its data centers; SpaceX needs Cybertrucks for ground operations; Tesla benefits from the scale and procurement power of two of the world's most valuable private companies.
A $3.5 Trillion Ecosystem
With SpaceX targeting a $1.75 trillion valuation in its upcoming June IPO, Tesla trading at approximately $1.5 to $1.8 trillion in market capitalization depending on the session, and xAI now folded into SpaceX's balance sheet, the combined value of Musk's technology empire has crossed $3.5 trillion — a figure that places it among the most concentrated accumulations of industrial and technological assets in modern history.
Critics have raised questions about the governance implications of Tesla's board approving large transactions that flow money to other Musk-controlled entities. But Tesla shareholders have consistently endorsed the company's direction, and the cross-company relationships have produced tangible results: Megapack sales to xAI contributed to Tesla Energy's record quarterly deployments, while Cybertruck deliveries to SpaceX helped pad Q4 2025 vehicle numbers during a period of softer consumer demand.
The companies appear to be operating less like independent competitors and more like divisions of a single, vertically integrated conglomerate — one that spans rockets, AI, electric vehicles, energy storage, and tunneling, all bound together by a common founder and a growing web of commercial relationships.
