SpaceX disclosed in a securities filing for its initial public offering that it bought Tesla products worth hundreds of millions of dollars. Details of bulk purchases, from Megapack energy storage systems to Cybertrucks, have drawn attention to the scale and influence of transactions between Elon Musk affiliates.

On May 21 local time, Business Insider reported that SpaceX said in an S-1 filing submitted to the U.S. Securities and Exchange Commission that it bought about $697 million worth of Tesla Megapacks over 2024 and 2025. It also bought about $131 million worth of Cybertrucks in 2025, the filing showed.

The transactions continued in the first quarter this year. SpaceX bought an additional about $34 million worth of Megapacks from January to March. The filing classified all of the transactions as related-party transactions.

The disclosure is drawing attention because it lays out the business linkages among Musk affiliates in concrete terms, beyond simple product purchases. The filing also included various cooperative ties, such as collaboration on voice assistant features, plans for a jointly used chip plant, and Tesla placing advertising on X, formerly Twitter.

SpaceX said in the filing, "We have engaged in limited but successful commercial collaborations with Tesla," and "We have established an early foundation for a strong and constructive partnership."

The market focus is on the terms rather than the transactions themselves. Morningstar analyst Seth Goldstein said buying large work vehicles and energy storage devices could be operationally reasonable. He said, "If SpaceX bought products it needs for actual operations from Tesla, that in itself is not strange."

Still, an analysis says the Cybertruck deal terms could draw investor attention. SpaceX said in the filing it bought Cybertrucks based on the manufacturer's suggested retail price, or MSRP. Goldstein said discounts often apply to bulk corporate purchases, and the phrase "bought at list price" itself could draw investors' attention.

The document also offered clues to estimate how many Cybertrucks SpaceX brought in. Specific trims were not disclosed, but based on current selling prices, it is estimated to have bought about 1,183 to 1,813 vehicles.

The implications of that volume are also significant. According to Kelley Blue Book tallies, Tesla sold 20,237 Cybertrucks in 2025. On that basis, SpaceX's purchases could account for about 6 percent to 9 percent of Tesla's Cybertruck sales last year.

The market sees the disclosure as showing that transactions among Musk affiliates could have a meaningful impact on sales and performance, beyond simple collaboration. In particular, some analysis says SpaceX's bulk purchases of Megapacks and Cybertrucks could emerge as a factor to consider when interpreting Tesla's battery business growth potential and Cybertruck sales results.