A new IPO filing from SpaceX has pulled back the curtain on the vast web of business relationships connecting Elon Musk’s various companies, revealing billions of dollars in transactions that span everything from vehicle purchases to shared aircraft arrangements.
The Wednesday filing disclosed previously unknown details about how the billionaire’s enterprises have evolved into an interconnected network of commercial deals, financial commitments and operational partnerships across artificial intelligence, transportation, communications and infrastructure sectors.
The documents show rapidly growing business between SpaceX, electric vehicle manufacturer Tesla, AI company xAI and social media platform X as SpaceX prepares for a public offering that could reach a $1.75 trillion valuation.
Combined purchases by SpaceX and its xAI division from Tesla totaled approximately $650 million last year, with xAI alone acquiring $506 million worth of Megapack battery systems from the electric vehicle company.
SpaceX’s commercial spending reached $144 million on various goods and services, including $131 million for Tesla’s stainless-steel Cybertrucks purchased at retail prices – enough to acquire over 1,000 vehicles.
The filing also showed Tesla, which traditionally spends minimal amounts on conventional marketing, paid $4 million for advertising on X during 2025.
Aircraft sharing agreements between Tesla and Musk personally were also revealed, along with security service payments to a private company under Musk’s ownership.
Tesla holds nearly 19 million shares of SpaceX Class A stock, representing under 1% ownership following the planned offering, after investing $2 billion in SpaceX this year.
The two companies are collaborating on an ambitious multibillion-dollar initiative called the Terafab, a semiconductor manufacturing project that demonstrates the growing integration between Musk’s ventures in AI and computing infrastructure.
Tesla is constructing a solar manufacturing facility designed to reach 100 gigawatts of annual domestic production capacity, intended to provide specialized solar equipment for SpaceX’s proposed network of orbital AI data centers.
The revelations arrive as investors examine governance practices, investment decisions and business overlap among Musk-controlled entities more closely, particularly as SpaceX diversifies from rockets and satellite internet into AI infrastructure and computing services.
The filing uncovered over $20 billion in related-party AI infrastructure lease commitments connected to equipment deals between xAI subsidiaries and private investment company Valor Equity Partners, whose founder Antonio Gracias serves on SpaceX’s board.
Some Valor AI infrastructure lease deals were classified as “failed sale-leaseback” transactions, forcing SpaceX to record billions in associated commitments as debt on its financial statements.
Valor Equity Partners did not respond immediately to requests for comment.
SpaceX indicated that payment and performance responsibilities under these agreements were backed by SpaceX or its subsidiaries. The company reported paying $885 million under these arrangements in 2025 and an additional $857 million during just the first two months of 2026.
Additional operational connections among Musk-affiliated businesses were disclosed, including lease payments from xAI to Musk Industries LLC, a private entity owned by Musk, and construction services provided by The Boring Company in Texas for SpaceX projects.
