Tesla has disclosed a massive $573 million network of financial transactions between Elon Musk's companies in 2025, according to an amended annual report filed with the SEC. The filing reveals revenue from SpaceX and xAI, and expenses to X and The Boring Company.
Tesla has disclosed a massive $573 million network of financial transactions between Elon Musk’s companies in 2025, according to an amended annual report (10-K/A) filed with the SEC on April 30, 2026. The filing provides the clearest picture yet of how Musk’s business empire trades with itself.
Where Did the Revenue Come From?
Tesla generated $573 million in revenue from other Musk companies in 2025, primarily from SpaceX and xAI. This included contracts for parts supply, technical services, and use of Tesla’s technology in SpaceX projects.
Revenue from SpaceX
SpaceX was the largest contributor, paying hundreds of millions for batteries and other components.
Revenue from xAI
xAI, Musk’s artificial intelligence company, paid significant sums for use of Tesla’s data centers and computing power.
Where Did Tesla’s Money Go?
Tesla spent millions on other Musk companies, including X (formerly Twitter), The Boring Company, and a security firm. Expenses included advertising on X, drilling services from The Boring Company, and personal security services.
Are These Transactions Legal?
Tesla stated that all transactions were conducted according to internal policies and approved by the independent audit committee. However, the disclosure raises questions about potential conflicts of interest, as Musk holds executive roles in all these companies.
What Does This Mean for Tesla Investors?
Analysts say the disclosure enhances transparency but also highlights Tesla’s growing reliance on other Musk companies. Still, Tesla generates the majority of its revenue from car sales, and these transactions remain a small portion of total revenue.
How Did the Market React?
No immediate impact on Tesla’s stock was seen after the filing, but investors are closely watching for any signs of conflict of interest that could affect corporate governance.
Frequently Asked Questions
What is the value of transactions between Tesla and other Musk companies?
Tesla disclosed $573 million in transactions in 2025, including revenue from SpaceX and xAI, and expenses to X and The Boring Company.
Are these transactions legal?
Yes, Tesla confirmed all transactions were conducted according to internal policies and approved by the independent audit committee, though they raise questions about conflicts of interest.
How did this disclosure affect Tesla's stock?
No immediate impact on Tesla's stock was seen after the filing, but investors are closely monitoring corporate governance developments.
Sources
- Electrek — Tesla (TSLA) reveals $573M web of transactions between Elon Musk’s companies
