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Tesla is the larger company by the comparable 2025 revenue figures available here. Tesla reported $94.827 billion in 2025 revenue in its SEC-filed annual report, while contemporary coverage of SpaceX’s 2026 IPO filing reported $18.674 billion in SpaceX consolidated revenue for 2025. Those figures are not evidence that the businesses work alike: Tesla sells vehicles, energy systems and related services, whereas SpaceX combines launch services with Starlink satellite connectivity.
Valuation requires more care than placing two headline numbers beside each other. Tesla has a traded market capitalization that changes with its share price. The SpaceX figure reported in May 2026 was an anticipated IPO valuation of roughly $1.8 trillion to $2.0 trillion, not a completed trade or an October 2026 market quotation. The comparison below keeps the dates, evidence quality and valuation methods separate.
At a glance: the numbers that can be compared
| Measure | Tesla | SpaceX | How to read it |
|---|---|---|---|
| 2025 revenue | $94.827 billion, directly reported in Tesla’s 2025 Form 10-K (SEC filing) | $18.674 billion, reported by El País/Cinco Días from SpaceX’s 2025 results and IPO filing coverage (report) | Tesla’s reported revenue is about 5.1 times SpaceX’s reported figure, but the sources are not equivalent: a primary filing versus secondary coverage. |
| 2025 revenue mix available here | Automotive plus services and other: $82.056 billion; energy generation and storage: $12.771 billion | No independently accessible segment table in the material available for this comparison | Do not assign a precise Starlink percentage or launch percentage without the underlying SpaceX filing. |
| Valuation evidence | Current market capitalization requires a share price and share count on a stated date | May 2026 coverage reported an anticipated offering range of roughly $1.8–$2.0 trillion | An IPO target is not the same measurement as a public-market capitalization. Neither company’s date-matched value on October 13, 2026 is established here. |
The revenue gap is clear in the available 2025 figures, but it should not be turned into a claim that Tesla is “five times better” or that SpaceX’s business is simply a smaller version of Tesla’s. They sell different products, face different capital requirements and recognize revenue through different commercial channels.
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Tesla describes two reportable segments: automotive, and energy generation and storage. Its automotive operation covers designing, developing, manufacturing, selling and leasing electric vehicles. Revenue also comes from regulatory credits and a broad set of services. The energy segment sells, leases and finances energy-generation and storage products and related services, including residential Powerwall systems and utility or industrial Megapack installations. Tesla’s filing describes a vertically integrated approach and generally direct sales to customers (2025 Form 10-K).
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Tesla’s 2025 revenue by disclosed line
| 2025 line | Revenue | What it represents |
|---|---|---|
| Automotive sales | $65.821 billion | Vehicle sales, the core product line |
| Automotive regulatory credits | $1.993 billion | Credits sold to other automakers under applicable regulations |
| Automotive leasing | $1.712 billion | Vehicle leases and related automotive activity |
| Services and other | $12.530 billion | Used-vehicle sales, maintenance and collision work, paid Supercharging, insurance, parts, merchandise and other services |
| Energy generation and storage | $12.771 billion | Sales, leasing and financing of generation and storage products and related services |
| Total reported revenue | $94.827 billion | All reported Tesla revenue for 2025 |
Adding automotive sales, credits, leasing and services produces $82.056 billion, or approximately 86.5% of Tesla’s 2025 revenue. Energy generation and storage contributed approximately 13.5%. These percentages are calculations from Tesla’s reported dollar amounts, not separately reported percentages.
Where Tesla grew and declined
Tesla reported that automotive sales revenue decreased 9% year over year in 2025, while energy generation and storage revenue increased 27%. That divergence matters when assessing the business model: a weak or strong vehicle year does not automatically describe the performance of the battery-storage operation. The two segments have different products, customers, project timing and competitive dynamics.
Automotive revenue is not limited to the initial vehicle transaction. Tesla can earn later from leasing, service visits, collision work, parts, paid charging, insurance and merchandise. Regulatory-credit revenue is another automotive-related stream, but it depends on the regulatory systems and counterparties that create demand for those credits. Energy revenue can arrive through outright sales, leases or financing arrangements, so a headline shipment number would not by itself equal recognized revenue.
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Tesla’s strategy discussions include robotaxi and artificial-intelligence initiatives. Unless a later filing quantifies revenue from those activities, they should be treated as developing ambitions rather than established revenue sources. The 2025 figures above come from the company’s disclosed operating lines, not forecasts for future autonomous-mobility income.
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How SpaceX makes money
SpaceX’s commercial model combines launch services with Starlink satellite broadband. Launch services sell access to rockets and related mission capabilities to governments, commercial satellite operators and other customers. Starlink sells connectivity using a satellite network, with revenue influenced by subscriber equipment, service plans, enterprise relationships and deployment scale. The available account of SpaceX’s IPO filing reports $18.674 billion of consolidated 2025 revenue and operating losses for that year (El País/Cinco Días coverage).
What is known—and not known—about the SpaceX mix
The evidence available for this comparison does not provide an independently accessible SpaceX segment table. It therefore supports the broad description of launch services plus Starlink connectivity, but not an exact percentage for Starlink, a precise launch-services share or a profit split between the activities. Any article or spreadsheet assigning those percentages without the underlying filing is adding an unsupported assumption.
SpaceX also differs operationally from Tesla. Launch activity is project- and mission-based, with substantial development, manufacturing, testing and infrastructure costs. Satellite connectivity requires ongoing network deployment, ground infrastructure, customer equipment and service operations. Those economics are not interchangeable with selling a vehicle or a battery system, even though all three activities involve large physical assets and engineering investment.
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On the same 2025 calendar-year comparison, Tesla has the larger reported total: $94.827 billion versus SpaceX’s $18.674 billion. The arithmetic difference is $76.153 billion, and Tesla’s figure is approximately 5.1 times SpaceX’s reported revenue. The Tesla number comes directly from its SEC filing; the SpaceX number is attributed to contemporary reporting on SpaceX’s IPO filing, so confidence in the source type is different.
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A revenue comparison is a scale measure, not a profitability or value judgment. Tesla’s 2025 filing provides a detailed mix in which automotive and services dominate and energy is a substantial second segment. SpaceX’s available figure is consolidated and accompanied by reported operating losses, but the accessible material does not establish how much revenue or operating income came from Starlink versus launches. Revenue alone cannot show which company has better margins, cash generation, backlog quality or future growth.
Valuation: do not mix a market cap with an IPO expectation
Tesla is publicly traded. Its market capitalization at any moment is generally calculated as the share price multiplied by shares outstanding, with the exact result depending on the date, share classes and source’s share-count convention. A valid Tesla-versus-SpaceX valuation comparison must therefore state an observation date and use a market-capitalization figure from that date.
The SpaceX figure reported in May 2026 was an anticipated offering valuation of approximately $1.8 trillion to $2.0 trillion. That is an expectation or target associated with a proposed IPO, not proof of a completed transaction and not an October 13, 2026 quotation. The report also described SpaceX as having operating losses in 2025. An offering range can change before pricing, and the eventual public valuation can move after trading begins.
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Three valuation bases readers should distinguish
- Traded market capitalization: the value implied by a public share price at a specified time.
- Transaction-implied value: a value inferred from an investment or private share transaction; the rights, share class and terms can materially affect the inference.
- Offering valuation: a proposed range or target used in IPO planning, which is not the same as a completed sale or subsequent market value.
Revenue multiples can provide context only after those bases and dates are aligned. For illustration, dividing the reported $1.8–$2.0 trillion SpaceX offering range by $18.674 billion of reported 2025 revenue produces roughly 96 to 107 times revenue. That is a calculation using an anticipated offering range and a reported prior-year revenue figure; it is not a current trading multiple or a standalone estimate of intrinsic value. A similarly calculated Tesla multiple would require a date-matched Tesla market capitalization, which is not established in the supplied figures.
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Tesla’s investment in SpaceX and commercial dealings
Tesla’s second-quarter 2026 filing reports that it invested $2.00 billion in SpaceX common stock in March 2026, representing less than 1% ownership (Tesla Q2 2026 filing). The investment is a notable corporate connection, but it does not mean Tesla and SpaceX merged, share one operating model or should be valued as one company. A minority investment also does not, by itself, reveal a complete SpaceX valuation because transaction terms, security rights and the valuation basis matter.
The same Tesla filing reports $318 million of Tesla revenue from SpaceX in the quarter ended June 30, 2026, and $405 million for the six months ended that date, principally from Megapack purchases. Those sales show that SpaceX can be a customer for Tesla’s energy products; they do not make SpaceX a Tesla segment or establish that the companies depend on one another.
An amended disclosure reports that Tesla received approximately $143.3 million from SpaceX in 2025, primarily for vehicle sales, and incurred approximately $11.4 million of expenses under commercial, licensing and support agreements with SpaceX (amended disclosure). Against Tesla’s $94.827 billion total 2025 revenue, the vehicle-related receipts are a small related-party item rather than evidence that SpaceX is a major customer relative to Tesla’s whole business.
Business-model differences that matter to investors and readers
| Dimension | Tesla | SpaceX |
|---|---|---|
| Primary commercial activities | Electric vehicles, automotive services and energy generation/storage products | Launch services and Starlink satellite connectivity |
| Typical customer relationship | Direct vehicle, lease, service, charging, insurance and energy-product relationships | Mission customers for launches and recurring or contracted connectivity customers for Starlink |
| Revenue disclosure available here | Detailed automotive and energy figures in a primary annual filing | Consolidated 2025 revenue reported in IPO-filing coverage; segment detail not established here |
| Asset and investment profile | Vehicle factories, service and charging infrastructure, battery and storage manufacturing | Rocket development and launch infrastructure, satellite constellation and network ground systems |
| Public-market status for this comparison | Publicly traded; market cap varies by date | IPO valuation expectation reported for 2026; date-matched current market value not verified here |
The table explains why a simple “which is bigger?” answer is incomplete. Tesla’s revenue is distributed across repeatable product and service transactions, while SpaceX’s revenue combines mission contracts with a growing connectivity network. Their capital intensity, reporting detail and valuation evidence are different enough that the comparison should remain a framework rather than a single ranking.
How to make a fair SpaceX-versus-Tesla comparison
- Fix the financial period. Use the same fiscal or calendar year. Here, both headline figures refer to 2025, although their evidence comes from different source types.
- Label the source quality. Tesla’s $94.827 billion is directly reported in its SEC filing. SpaceX’s $18.674 billion is attributed to El País/Cinco Días coverage of an IPO filing.
- Keep segment detail proportional to evidence. Use Tesla’s disclosed automotive, services and energy lines. Do not invent a Starlink share when the accessible SpaceX segment table is unavailable.
- Match valuation dates and methods. Compare a Tesla market cap on a stated date with a SpaceX traded value after an IPO, or compare similarly structured private or offering transactions. Do not call an IPO target a current market cap.
- Separate revenue from profitability. Revenue does not reveal margins, operating income, free cash flow or capital expenditure. SpaceX’s reported 2025 operating losses are a reminder that scale and profit are different questions.
- Account for related-party transactions. Tesla’s SpaceX investment and Megapack sales are relevant context, but they do not combine the companies’ financial statements or erase their distinct operating models.
Common mistakes in online comparisons
- Calling the $1.8–$2.0 trillion range SpaceX’s current value. It was reported as an anticipated IPO valuation range in May 2026.
- Comparing that range with an undated Tesla market cap. Public-market values change continuously; both figures need the same date and valuation basis.
- Presenting SpaceX segment percentages as fact. The available evidence supports a launch-plus-Starlink description, not an exact mix.
- Treating revenue as a quality score. Different margins, contracts, depreciation, financing and investment cycles can produce very different economics at the same revenue level.
- Assuming shared ownership creates one company. Tesla’s less-than-1% SpaceX investment and commercial transactions are minority-investment and related-party disclosures, not a merger.
- Counting future autonomy or AI plans as present revenue. Those initiatives remain strategic developments unless a filing quantifies recognized revenue.
Bottom line
Tesla is larger by the comparable 2025 revenue figures: $94.827 billion versus SpaceX’s reported $18.674 billion. Tesla’s disclosed revenue is led by automotive sales and services, with $12.771 billion from energy generation and storage; SpaceX’s available disclosure supports a broad launch-services and Starlink model but not a verified segment split. The reported $1.8–$2.0 trillion SpaceX figure is an IPO expectation, not a date-matched market capitalization. To answer “which is worth more?” responsibly, use valuations from the same date and method, then interpret the result alongside each company’s distinct products, costs, growth and profitability.
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