Overview
- Telsa’s 10-K/A, uploaded Thursday, added $143.3 million from SpaceX that was missing in January and lifted total 2025 related-party revenue to $573.4 million.
- Sales to xAI totaled $430.1 million, driven mainly by Megapack battery systems for data centers, while SpaceX accounted for $143.3 million, mostly from vehicle purchases.
- Beyond revenue, Tesla said it paid $11.4 million to SpaceX and $4 million to xAI, and it recorded other related-party expenses that included $3.3 million in ads on X, $900,000 to The Boring Company, $4.8 million to a Musk-owned security firm, and $400,000 for a SpaceX aircraft.
- Tesla also disclosed a $2 billion investment in xAI that converted into SpaceX Class A common stock after SpaceX acquired xAI, leaving Tesla with a minority stake in the rocket company.
- The filing notes Audit Committee review and market-rate pricing, yet investors have flagged conflicts as the ties deepen, with Tesla recognizing another $78.1 million from xAI through February 2025 and SpaceX preparing for an IPO according to multiple reports.