Tesla (TSLA) reveals $573M web of transactions between Elon Musk’s companies

Tesla’s amended annual filing reveals the full scope of the financial web connecting Elon Musk’s companies — $573 million in revenue from SpaceX and xAI alone, plus millions more in expenses flowing to X, The Boring Company, and Musk’s personal security firm.

The 10-K/A filing, submitted to the SEC on April 30, paints the most complete picture yet of how Musk’s corporate empire trades with itself.

The full breakdown

Here’s every related-party transaction Tesla disclosed in the amended filing for fiscal year 2025:

SpaceX: Tesla recognized $143.3 million in revenue from SpaceX in 2025, primarily from vehicle sales. That figure is consistent with data showing SpaceX bought 1,279 Cybertrucks in Q4 alone — 18% of all US Cybertruck registrations that quarter. On the expense side, Tesla paid SpaceX $11.4 million under commercial, licensing, and support agreements, plus $400,000 for use of a SpaceX-owned aircraft.