Tesla Discloses $2.4 Million Transactions with SpaceX and Other Musk Ventures

Tesla (TSLA) has recently unveiled a detailed report to the SEC that outlines substantial transactions with a network of companies linked to Elon Musk, including SpaceX, X, xAI, The Boring Company, and Redwood Materials.

This disclosure, part of the company’s obligation as a publicly traded entity, sheds light on the interconnectedness of Musk’s enterprises and raises questions about potential synergies and accountability among them.

Among the key expenses, Tesla incurred approximately $2.4 million with SpaceX in 2024 for various commercial agreements, including the use of Musk’s private aircraft. In addition, Tesla allocated around $400,000 for advertising on X, Musk’s social media platform, which is markedly low given its recent acquisition.

Tesla’s Financial Report Reveals Significant Deals with SpaceX and xAI

In a notable financial commitment, xAI, Musk’s artificial intelligence venture, made payments of nearly $200 million to Tesla in 2024, primarily for the purchase of Megapack energy storage products used to power its data centers.

Meanwhile, The Boring Company received over $3 million from Tesla for constructing a tunnel in hopes of improving logistical operations for the Cybertruck.

The disclosures also reveal Tesla’s arrangement with a security firm owned by Musk, which has seen costs balloon to approximately $2.8 million in 2024—a significant increase from previous years. Furthermore, the report highlights a $30 million transaction involving Redwood Materials for battery recycling services, and a $300,000 payment to Musk’s brother’s company, Nova Sky Stories, for an aerial drone show.

While some transactions suggest potential for collaboration, observers express skepticism about the overall efficiency of these arrangements. Questions linger regarding the feasibility of ongoing ties among Musk’s various ventures, with critics suggesting that Tesla increasingly resembles a “family business masquerading as a public company”.

As these companies continue to intertwine, the examination of governance and financial prudence will likely become a focal point for shareholders and analysts alike.