Tesla (TSLA) Stock: $573 Million in Revenue Came From SpaceX and xAI in 2024

TLDR

• Tesla generated $573 million in total revenue from two other Elon Musk companies in 2024 — $430.1 million from xAI and $143.3 million from SpaceX.
• The SpaceX figure was not disclosed in Tesla’s original January filing; it was added in an amended filing uploaded Thursday.
• Most of the xAI revenue came from Megapack energy storage sales; the SpaceX revenue came mostly from vehicle sales, likely including Cybertrucks.
• Tesla also invested $2 billion into SpaceX and xAI, and paid the two companies $15.4 million for commercial and consulting services.
• Tesla disclosed an additional $78.1 million in revenue from xAI through February 2025, showing the inter-company business continued into the new year.

Tesla’s amended annual filing has pulled back the curtain on just how much business flows between Elon Musk’s companies — and the numbers are bigger than most expected.

Tesla, Inc., TSLA

Tesla generated $573 million in revenue in 2024 from selling products to SpaceX and xAI. That figure came to light Thursday when Tesla uploaded an amended version of its annual 10-K filing, quietly adding $143.3 million in revenue from SpaceX that was missing from the original January disclosure.

The SpaceX portion of the revenue — tied mostly to vehicle sales — had been reported in broad strokes by Bloomberg earlier this month, which noted SpaceX likely purchased more than $100 million worth of Cybertrucks in Q4 2024. The amended filing now confirms the full-year number.

Megapacks Power xAI, Cybertrucks Head to SpaceX

The xAI side of the ledger is bigger. Tesla reported $430.1 million in revenue from its AI sibling, driven primarily by Megapack lithium-ion battery sales. xAI, which runs the Grok chatbot now integrated into Tesla vehicles and Optimus robots, has been building out data center infrastructure at speed — and Tesla’s energy storage products are a key input.

The relationship runs both ways. Tesla also paid $4 million to xAI for consulting services and $11.4 million to SpaceX for commercial services. At the same time, Tesla invested $2 billion across SpaceX and xAI, deepening its financial exposure to Musk’s private empire.

Tesla stock was up 2.37% at the time of the filing’s release.

The web of deals doesn’t stop there. In February, SpaceX completed its acquisition of xAI, folding rockets, satellites, artificial intelligence, and plans for space-based data centers under one roof. SpaceX is now targeting what could be the largest initial public offering in history, currently planned for late June.

That consolidation adds another layer to what some analysts have called “Elon Inc.” — the growing financial and operational overlap between Tesla, SpaceX, xAI, and X, Musk’s social media platform.

Conflict of Interest Concerns Linger

The inter-company transactions have not gone unnoticed by investors. Some have raised concerns that Musk is effectively diverting Tesla resources — talent, AI development, and capital — toward his private companies, which don’t carry the same public accountability.

Others have flagged the potential for conflicts of interest when the same CEO is negotiating deals on both sides of the table.

Tesla has pushed back on that framing, pointing to the commercial logic of the arrangements. Megapack sales to xAI represent real revenue. Cybertruck sales to SpaceX move units that have otherwise struggled in a competitive EV market.

Through February 2025, Tesla had already recognized $78.1 million in additional xAI revenue, suggesting the inter-company pipeline remains active heading into the current fiscal year.

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