Tesla Inc. has generated approximately $890 million [1] in revenue from SpaceX and xAI sales since 2023.
This financial entanglement highlights the deep integration of Elon Musk's various companies. As SpaceX moves toward a public offering, Tesla's beneficial ownership of the aerospace firm creates a direct link between the valuation of the two companies.
Tesla currently holds nearly 19 million shares [2] of SpaceX Class A common stock. This stake provides Tesla with a significant equity position in the U.S. aerospace company. The relationship extends beyond equity, as Tesla has sold electric vehicles, and batteries, to SpaceX to generate the reported revenue [1].
Market analysts are closely monitoring the pending SpaceX IPO, which is anticipated in 2026 [3]. Some projections suggest the valuation of SpaceX at the time of its IPO could range between $1.75 trillion and $2 trillion [4]. Such a valuation would potentially make SpaceX more valuable than Tesla at the moment of its debut [4].
"Tesla Inc. has generated around $890 million in revenue from SpaceX and xAI since 2023, a substantial sum underscoring the extent of commingling across Elon Musk's business empire," a Bloomberg Law author said [1].
Recent reports also indicate that Musk has floated the idea of a Tesla-SpaceX merger just weeks before the planned IPO [3]. This possibility adds another layer of complexity for investors tracking Tesla's stock price, as a merger or a successful IPO could act as a catalyst for TSLA shares.
"I've been digging through the SpaceX S-1 filing for hours, and one number deserves its own spotlight in every TSLA model: Tesla's beneficial ownership of SpaceX Class A common stock," a 247WallSt author said [2].
“Tesla currently holds nearly 19 million shares of SpaceX Class A common stock.”
The financial overlap between Tesla and SpaceX transforms Tesla from a pure-play automotive and energy company into a holding entity with significant exposure to the aerospace sector. If SpaceX achieves a valuation near $2 trillion, the value of Tesla's 19 million shares could provide a massive balance sheet boost, potentially decoupling Tesla's stock performance from its quarterly vehicle delivery numbers.
