SpaceX S-1 reveals Tesla’s Terafab deal is far from done

SpaceX filed its S-1 with the SEC today ahead of its blockbuster IPO, and buried in the 308-page document is a sobering reality check on the Tesla (TSLA) collaborations that Elon Musk has been hyping for months.

The legal language in SpaceX’s own filing reveals that both Terafab and Macrohard — the two major joint projects between Tesla and SpaceX — are in “very early stages” with no financial terms, no intellectual property rights, and no binding commitments finalized.

$650 million in related-party transactions

The S-1’s related-party transactions section quantifies just how financially intertwined Musk’s companies have become. In 2025 alone, SpaceX obtained $144 million in goods and services from Tesla — up from just $4 million in 2024. That 36x jump in a single year is striking.

But xAI’s Tesla tab dwarfs SpaceX’s. The former AI startup, which SpaceX absorbed in February 2026, purchased $506 million in goods and services from Tesla in 2025 and another $34 million in just the first two months of 2026. Those purchases are primarily Megapack battery storage systems powering xAI’s data centers.