Tesla’s amended 2024 10-K reveals cross-sales revenue totaling $573 million to SpaceX and xAI, with about $430.1 million from xAI and $143.3 million from SpaceX.

Megapack orders to xAI continued into 2026, adding $78.1 million in revenue recognized from xAI through February 2026.

Tesla allocated $2 billion in capital to SpaceX and xAI combined, and paid $15.4 million for commercial and consulting services to both entities; an additional $78.1 million in xAI-related revenue was recorded through February 2025.

Cross-company dealings reflect ongoing interdependence, with SpaceX acquiring xAI and potentially pursuing a large IPO, raising shareholder concerns about conflicts of interest.

The filing underscores growing financial entanglement among Musk’s companies—SpaceX, xAI, X, The Boring Company, and Musk’s security firm—sparking governance and oversight discussions about conflicts of interest.

Market reaction followed, with Tesla shares rising about 2.37% after the amended filing, signaling investor focus on cross-company transactions.

There’s rising market attention to the so‑called “Elon Inc.” structure, highlighting deeper financial and strategic integration among Tesla, SpaceX, xAI, and X.

Related-party transactions were disclosed as market-rate and reviewed by Tesla’s Audit Committee, but concentration under Musk’s control fuels governance concerns over conflicts of interest.

In February 2025, SpaceX completed its acquisition of xAI, consolidating Musk’s ventures and potentially paving the way for a high-profile IPO later that year.

Analysts view the SpaceX-xAI consolidation as intensifying alignment of Musk’s ventures under a unified strategy, sometimes described as 'Elon Inc.'

The report discusses broader implications for 'Elon Inc.' and the overlapping operations across Tesla, SpaceX, xAI, and X.

Tesla disclosed purchasing services from SpaceX and xAI, highlighting additional cross-company financial relationships.