Tesla's Hidden Boost: Over Half A Billion In Revenue Came From Musk's Private Empire

• Tesla recorded $430.1 million in revenue from xAI, mainly for Megapack energy-storage deployments, and $143.3 million from SpaceX, largely from vehicle purchases.
• Tesla also reported $78.1 million in additional revenue from xAI through February.
• Tesla and Musk's companies maintain ongoing ties across Megapack deployments, vehicle sales, Grok AI integration and semiconductor collaboration.

Shares of Tesla, Inc. (TSLA) slipped 0.2% in premarket trading on Friday after a fresh filing revealed that the EV maker generated over $570 million in revenue last year from deals with CEO Elon Musk’s own business ecosystem, including SpaceX and xAI.

TSLA stock snapped three straight months of losses in April, adding nearly 3% last month.

Musk Firms Boost Tesla Revenue

Tesla said it recorded $430.1 million in revenue from xAI in 2025, mainly for deployments of its Megapack energy-storage products. The amended filing also detailed $143.3 million in revenue from SpaceX, primarily related to vehicle purchases.

The SpaceX contribution was not included in Tesla’s original annual filing released in January and was added in the updated filing on Thursday. Tesla also reported recognizing about $78.1 million in additional revenue from xAI through February 2026.

The filing comes amid earlier reports that SpaceX likely bought over $100 million worth of Cybertrucks during the fourth quarter.

SpaceX-xAI Merger Deepens Tesla Ties

The development follows the February merger between SpaceX and xAI, under which xAI became a unit of SpaceX, bringing AI infrastructure, satellites, and rockets under one umbrella. Tesla had previously agreed to invest $2 billion in xAI Holdings, but that investment was converted into Class A common stock of SpaceX, which Tesla acquired last month after completion of the merger transaction.

The companies also maintain ongoing commercial, licensing and support agreements spanning vehicle purchases, Megapack deployments and consulting arrangements. xAI purchases Tesla’s Megapack energy-storage systems, while Tesla has integrated the company’s Grok chatbot into its vehicles. Musk has also outlined plans for Tesla and SpaceX to collaborate on semiconductor production initiatives.

The developments come ahead of a SpaceX initial public offering (IPO) expected soon, which could become one of the largest listings on record. SpaceX’s dual-class share structure is reportedly expected to preserve Musk’s control after the listing.

Tesla itself has a single share class, but Musk remains its largest individual shareholder with a 22% stake, and shareholders approved a new performance-based compensation package in 2025, which boosts his long-term voting influence toward a target of 25% control.

One-Time Gains Lift Tesla Margins

The filing also comes days after analysts flagged that much of Tesla’s first-quarter income included non-recurring items including tariff recognitions, warranty reserve adjustments and regulatory credit sales.

Tesla reported adjusted earnings per share of $0.41 for the quarter, ahead of consensus estimates of $0.36, while revenue of $22.39 billion came broadly in line with expectations.

CFO Vaibhav Taneja said tariff recognitions contributed more than $250 million to gross margin in the energy unit, while analysts estimated that combined tariff and warranty adjustments lifted Tesla’s gross margin by about $480 million in the quarter. 

How Do Retail Traders Feel About TSLA?

On Stocktwits, retail sentiment for Tesla was ‘bullish’ amid ‘low’ message volume.

One user said, “If no bed news, I think we will hit 400 soon. But still, it is just bounce. Market is still waiting SpaceX IPO and how Elon work on both company because both company need cash flow.”

Another user said echoed optimism on hitting the new psychological level soon saying, “$400 coming in hot”

So far this year, TSLA stock has lagged its “Magnificent Seven” peers, making it the group’s worst performer, with a 16% decline. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read Next: HIMS Stock On The Mend? New Testosterone Push Builds As GLP-1 Gold Rush Gets Crowded