One Elon Musk company made over half a billion dollars selling to two other companies in the Musk universe.
Tesla generated $573 million in revenue last year, selling cars and battery systems to SpaceX and xAI, according to a regulatory filing uploaded on Thursday.
Tesla said it made about $430 million last year by selling Megapack products — a lithium-ion battery system — to xAI, Musk’s artificial intelligence company, and the maker of Grok. It added that it made about $143 million, mostly from selling vehicles to SpaceX, the billionaire’s rocket company, last year.
The carmaker did not disclose how much it made selling to SpaceX in the original version of its annual filing uploaded in January.
Elon Inc.
Besides buying cars and batteries from Tesla, Thursday’s filing disclosed several other ways the Musk companies overlapped last year.
In the filing, Tesla said it invested $2 billion in SpaceX and xAI. It also disclosed that it paid the two companies for commercial and consulting services: $11.4 million to SpaceX and $4 million to xAI.
Musk has blurred the lines between his companies for years.
Earlier this year, SpaceX acquired xAI, further consolidating Musk’s companies. In the past, Tesla employees have been sent to overhaul coding at X, Musk’s social media company. XAI’s Grok has been integrated into Tesla cars and Optimus robots. Musk has also said that Tesla and SpaceX will collaborate on the Roadster car.
This web of internal deals has fueled concerns among investors and analysts about potential conflicts of interest. Some are worried that Musk is diverting resources, talent, and AI innovation from the publicly traded Tesla to his private companies. There are also discussions about whether Musk’s companies could evolve into a single mega enterprise.
Read the full article here
