Tesla (TSLA) investors are about to face a moment that could reshape how the market thinks about Elon Musk’s business empire. For years, Tesla has been the primary public-market vehicle for investors who wanted exposure not just to electric vehicles, but to Musk’s broader vision spanning AI, autonomy, robotics, and even space. That dynamic may begin to shift as SpaceX nears what could become the largest initial public offering in history.
The recently disclosed S-1 filing revealed something that many suspected but few had quantified: The financial ties between Tesla and SpaceX are deeper than previously understood. Since 2023, Tesla has booked roughly $890 million in revenue from SpaceX and xAI through Megapack energy-storage sales, procurement services, and other related transactions. In addition, Tesla holds a stake in SpaceX, meaning the relationship is not only operational but also financial.
