Elon Musk 旗下各实体之间的财务和营运联系已变得日益交织，引发了公司治理方面的疑虑。例如，截至 2025 年底，SpaceX 购买了价值 1.31 亿美元的 Cybertruck，约占 Tesla 在 2025 年第四季度售出的 Cybertruck 的 20%（5 辆中的 1 辆）。此外，SpaceX 购买了至少 9.66 亿美元的 Tesla Megapacks。为了在德克萨斯州建造名为「Terafab」的大型半导体厂，SpaceX、xAI 和 Tesla 计划进行 550 亿美元的初始联合投资，尽管分析师估计，要达到其目标产出将需要至少 5 兆美元的资本支出，这相当于德国的年度国内生产总值。
尽管治理上的警讯导致一家 250 亿美元的丹麦退休基金将该公司列入黑名单，但 SpaceX 的数据中心能力仍然利润丰厚。更名后的人工智慧部门 SpaceXAI 已获得利润丰厚的合同，包括与 Anthropic 达成的每月 12.5 亿美元协议，以及与 Google 达成的每月 9.20 亿美元、持续近三年的协议。然而，xAI 面临著营运障碍，失去了几乎所有的创始成员和数十名工程师，这促使大约 20 名 Tesla 工程师协助 xAI 进行名为「Macrohard」的协作项目。
SpaceX's upcoming $75 billion public offering targets an overall valuation of $1.8 trillion, positioning Elon Musk to retain an 85% voting control and potentially become the world's first trillionaire. This valuation represents a massive gap from Morningstar's independent assessment of $780 billion. The company's expansion is driven by a complex web of internal consolidations, including the recent acquisition of xAI, which was valued at $1.25 trillion after combining with SpaceX in an all-stock deal. This merger followed xAI's acquisition of X (formerly Twitter, which had an equity value of $33 billion in 2025) and a $2 billion investment from Tesla, alongside xAI taking on $5 billion in debt to offset its $1 billion monthly burn rate.
The financial and operational links between Elon Musk’s entities have grown increasingly intertwined, raising corporate governance concerns. For instance, SpaceX purchased $131 million worth of Cybertrucks by the end of 2025, accounting for approximately 20% (1 in 5) of Cybertrucks sold by Tesla in the fourth quarter of 2025. Additionally, SpaceX purchased at least $966 million worth of Tesla Megapacks. To build the "Terafab," a massive semiconductor plant in Texas, SpaceX, xAI, and Tesla plan an initial joint investment of $55 billion, though analysts estimate achieving its target output will require $5 trillion in capital spending, equivalent to Germany’s annual gross domestic product.
Despite governance red flags that led a $25 billion Danish pension fund to blacklist the company, SpaceX's data center capabilities remain highly profitable. The renamed AI division, SpaceXAI, has secured lucrative contracts, including a $1.25 billion monthly deal with Anthropic and a $920 million monthly agreement with Google lasting nearly three years. However, xAI faces operational hurdles, having lost almost all of its founding members and dozens of engineers, prompting about 20 Tesla engineers to assist xAI on its collaborative "Macrohard" project.