SpaceX's initial public offering filing has disclosed $638 million in financial transactions with other Musk-controlled entities during 2025, following the merger of xAI into the rocket company. The disclosures reveal the capital allocation mechanics within Musk's portfolio.
SpaceX purchased $506 million in Tesla Megapack energy storage units in 2025—nearly triple the prior year's volume. The company also acquired $131 million in Tesla Cybertrucks and paid The Boring Company $1 million for tunnel construction in Bastrop, Texas. Separately, X, the social media platform that xAI acquired before its merger into SpaceX, spent $1 million leasing space from Boring Company.
These transactions illustrate the resource dependencies woven through Musk's operating companies. Tesla, a public company, regularly discloses its dealings with Musk affiliates. The SpaceX filing provides granular detail on capital flows—and notes that Tesla invested in xAI after SpaceX acquired the AI firm, adding another layer to the financial integration.
