The transactions, disclosed in SpaceX's IPO filing, reveal the scale of commercial dealings between two companies controlled by Elon Musk
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SpaceX disclosed in its IPO filing that Tesla $TSLA has sold approximately $890 million worth of vehicles and batteries to SpaceX and its subsidiary xAI since 2023, revealing the scale of commercial dealings between two companies controlled by Elon Musk.
The transactions span two product categories. SpaceX obtained $131 million in Cybertrucks at manufacturer's suggested retail price from Tesla during 2025, the filing states. Megapack energy-storage battery sales to xAI — which SpaceX absorbed through its February acquisition — accounted for the largest share of the total, with $191 million recorded in 2024 and $506 million in 2025, Bloomberg Law reported. An additional $11 million in goods and services flowed from Tesla to SpaceX under separate commercial agreements in 2023, with $4 million more in 2024 and $144 million in 2025, the filing shows.
The IPO filing describes the Tesla transactions as conducted "on terms no less favorable to SpaceX than those generally available to unaffiliated third parties under similar circumstances." Tesla holds 18,990,195 shares of SpaceX Class A common stock following the xAI merger, representing an ownership interest of less than 1% of the total outstanding shares, the filing states.
Megapacks are containerized, utility-scale lithium-ion battery systems designed to stabilize power grids and store renewable energy. SpaceX's filing notes that xAI operates what it calls the world's largest Megapack deployment at its COLOSSUS II data centers in Memphis, Tennessee and Southaven, Mississippi, which collectively provide approximately 1.0 gigawatt of AI compute power.
SpaceX is targeting June for its stock market debut on the Nasdaq $NDAQ under the ticker SPCX. The company is seeking to raise as much as $75 billion in what would be the largest IPO on record, with a target valuation of up to $1.75 trillion. Revenue climbed more than 30% to $18.7 billion in fiscal year 2025, though SpaceX posted a net loss of $4.9 billion, reflecting losses in its AI segment.
The filing also discloses that SpaceX and Tesla are collaborating on a chip manufacturing initiative called Terafab, with a stated goal of producing one terawatt of compute hardware annually. Separately, the two companies are jointly developing Macrohard, an agentic AI platform designed to emulate digital workflows.
Musk serves as CEO of both SpaceX and Tesla. The IPO filing identifies the Tesla transactions as related-party dealings subject to the company's forthcoming audit committee review process.
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