TSLA
Musk Inc. keeps the cash moving
Tesla’s latest filing reads a bit like a family group chat with invoices. Since 2023, the company says it has sold about $890 million of vehicles and batteries to other businesses in Elon Musk’s orbit, and SpaceX’s prospectus says the Cybertrucks and Megapacks were bought at full price.
That matters because the easy cynical take would be “well, of course the Musk empire is just passing cash around.” Tesla’s audit committee apparently tried to shut that down by clearing the deals as arm’s-length transactions. In plain English: Tesla wants you to know these weren’t discount-bin swaps between buddies.
Why investors care
The biggest chunk of the spending was energy storage. Tesla sold $506 million of Megapack batteries to xAI in 2025, after another $191 million the year before. SpaceX also disclosed about $131 million in Cybertruck purchases last year at suggested retail prices.
For investors, this is a two-sided story:
- It shows Tesla has real demand from within Musk’s ecosystem, which is better than fake “internal transfer” optics.
- It also reinforces the idea that Tesla’s broader consumer demand is still under a microscope, especially after Q1 deliveries came in at 358,023 vehicles and fell 14.4% from the prior quarter.
The empire-fusion trade
Then there’s the fun part: the market keeps wondering whether all these Musk companies eventually become one weirdly diversified super-stock. SpaceX is adding Tesla director Ira Ehrenpreis to its board, which only fuels the “these companies are basically neighbors with the same kitchen” vibe.
Traders are even pricing a Tesla-SpaceX merger possibility in prediction markets. That’s not the main event here, though. The main event is simpler: Tesla is still selling a lot of expensive hardware, and a big chunk of it is ending up in Musk world.
Big picture: the more Tesla’s revenue gets intertwined with SpaceX and xAI, the more investors have to separate genuine business momentum from the optics of an increasingly connected empire.