Tesla's amended 2025 10-K, filed Thursday April 30 with the SEC, added $143.3 million of revenue from SpaceX to a previously disclosed $430.1 million of revenue from xAI — bringing 2025 related-party revenue from Musk-controlled entities to $573.4 million. [1] The original January 10-K disclosed only the xAI figure. The amendment is the second filing in four months to enlarge the Musk-co revenue line.

The xAI revenue was driven primarily by Megapack lithium-ion battery sales for xAI's Memphis data-center compound. The SpaceX revenue, per Bloomberg's review, was largely vehicle sales — Tesla cars and trucks bought by SpaceX for its Texas operations. [2] Megapack-to-xAI deliveries continued into 2026 — $78.1 million recognized through February, the amendment notes — meaning the related-party run-rate is currently tracking above $470 million annualized for 2026 on the Megapack line alone.

The amendment also discloses $24.8 million of expenses paid by Tesla to Musk-controlled entities in 2025: $11.4 million to SpaceX, $4 million to xAI, $3.3 million to X, $0.9 million to The Boring Company, $4.8 million to Musk's personal security firm, and $0.4 million in SpaceX aircraft costs. [3] The expense register names six counterparties. The number is small relative to revenue but the counterparty count is the disclosure that matters.

The amendment also confirms Tesla's January 16 $2 billion investment in xAI Series E preferred stock, which converted to SpaceX Class A common stock on March 12 when SpaceX absorbed xAI. [4] Tesla now holds equity in SpaceX directly. The conversion ratio was not disclosed in the amendment.

Tesla's audit committee, the filing notes, reviewed all transactions and concluded each was conducted at terms generally available to unaffiliated third parties. [5] The disclosure language is the boilerplate. The counterparty list is the underlying fact.

-- THEO KAPLAN, San Francisco