Tesla (TSLA) Stock Generates $573 Million in Revenue from SpaceX and xAI in 2024

TLDR

• In 2024, Tesla recorded $573 million in total revenue from Elon Musk’s other ventures, including $430.1 million from xAI and $143.3 million from SpaceX.
• The revenue from SpaceX was omitted from Tesla’s initial January report and was only revealed in an amended filing released this past Thursday.
• Sales of Megapack energy storage units accounted for the bulk of xAI revenue, while SpaceX revenue was primarily driven by vehicle sales, specifically Cybertrucks.
• Additionally, Tesla poured $2 billion into investments in xAI and SpaceX, while paying the two entities $15.4 million for various consulting and commercial services.
• The company also reported another $78.1 million in revenue from xAI through February 2025, indicating that these inter-company transactions have persisted into the current year.

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(SeaPRwire) –   A revised annual filing from Tesla has shed light on the significant volume of business conducted between Elon Musk’s various enterprises, with the figures exceeding initial expectations.

Tesla, Inc., TSLA

During 2024, Tesla earned $573 million by providing products to xAI and SpaceX. This total was disclosed on Thursday in an updated 10-K filing, which included $143.3 million in SpaceX-related revenue that had been left out of the original January report.

While Bloomberg previously estimated that SpaceX had bought over $100 million in Cybertrucks during the final quarter of 2024, the new filing provides official confirmation of the total annual revenue tied largely to vehicle sales.

xAI Fueled by Megapacks, SpaceX Receives Cybertrucks

Revenue from xAI was the larger portion, totaling $430.1 million, mostly from the sale of Megapack lithium-ion batteries. As xAI rapidly expands its data center capabilities for its Grok chatbot—now featured in Tesla’s robots and vehicles—Tesla’s energy storage solutions have become a vital component.

This financial relationship is reciprocal; Tesla paid $11.4 million to SpaceX for commercial support and $4 million to xAI for consulting. Furthermore, Tesla’s $2 billion investment in these two companies further intertwines its finances with Musk’s private business ventures.

Shares of Tesla rose by 2.37% following the release of the amended filing.

The interconnectedness continues, as SpaceX finalized its acquisition of xAI in February, merging AI, rocketry, and satellite technology. SpaceX is currently preparing for a potential record-breaking IPO scheduled for late June.

This merger reinforces the concept of “Elon Inc.,” a term used by analysts to describe the increasing operational and financial synergy between Tesla, xAI, SpaceX, and the social media site X.

Ongoing Concerns Regarding Conflicts of Interest

These internal dealings have drawn scrutiny from investors, with some worried that Musk is shifting Tesla’s capital, talent, and AI advancements toward his private firms, which lack the transparency of a public company.

Critics have also pointed out the potential for conflicts of interest when a single CEO oversees negotiations for both parties in a transaction.

Tesla defends these moves as strategically sound, noting that Megapack sales generate significant revenue and Cybertruck sales to SpaceX help move inventory in a tough electric vehicle market.

With $78.1 million in revenue already recorded from xAI through February 2025, it is clear that the business relationship between these entities remains strong in the new fiscal year.