TLDR
- Morgan Stanley says Tesla and SpaceX are becoming more closely linked through AI, computing, energy and manufacturing.
- SpaceX’s S-1 filing reportedly contains 71 references to Tesla, including direct collaboration and related-party transactions.
- The companies are tied through projects involving chips, batteries, Starlink, robotics and AI software.
- SpaceX reportedly bought hundreds of millions of dollars of Tesla Megapacks and Cybertrucks in 2025.
- Morgan Stanley sees physical AI, including robotics and autonomous systems, as a key area where the two companies could work together.
Tesla and SpaceX are becoming more closely connected across artificial intelligence, computing, energy and manufacturing, according to Morgan Stanley.
Analysts led by Adam Jonas said the two Elon Musk-led companies increasingly share technology, talent and infrastructure as they develop what the bank describes as physical AI.
Physical AI refers to artificial intelligence used in real-world systems such as robots, autonomous vehicles, manufacturing equipment and energy infrastructure.
Morgan Stanley said the relationship between Tesla and SpaceX appears to be expanding beyond individual supply agreements.
SpaceX Filing Shows Deeper Tesla Links
Morgan Stanley counted 71 references to Tesla in SpaceX’s S-1 filing.
About 34% of those references involved direct collaboration between the two companies, while 41% involved governance issues and related-party transactions.
The analysts highlighted Terafab, a semiconductor manufacturing project being developed in Texas with Intel.
The facility’s total construction cost has reportedly been estimated at more than $119 billion.
SpaceX also purchases large amounts of equipment from Tesla.
Morgan Stanley cited $506 million in Tesla Megapack purchases and $131 million in Cybertrucks during 2025.
Those products were used to support SpaceX’s Colossus computing infrastructure.
The companies are also reportedly developing an AI agent platform called Macrohard.
Both businesses are separately targeting annual U.S. solar manufacturing capacity of 100 gigawatts.
Starlink and Compute Tie the Companies Together
Morgan Stanley also highlighted the exchange of computing and connectivity resources between the two companies.
SpaceX provides Tesla with computing capacity that is projected to reach 4.9 gigawatts by the end of 2027.
That terrestrial capacity could rise to 15.3 gigawatts by 2031, according to the estimates cited by Morgan Stanley.
SpaceX also provides satellite connectivity through Starlink.
Tesla plans to integrate Starlink across its vehicle lineup, beginning with Cybercab.
Tesla, meanwhile, provides SpaceX with energy storage, manufacturing experience and robotics.
Morgan Stanley said Tesla robots could act as data collection points and distributed computing nodes.
Tesla’s manufacturing scale is also much larger, with more than 135,000 employees, according to the report.
That is more than six times SpaceX’s workforce.
Morgan Stanley Focuses on Physical AI
Morgan Stanley expects investor attention to shift increasingly toward AI applications outside large language models.
The bank said robotics, autonomous vehicles and other real-world AI systems remain less developed than the market for language models.
Neither Tesla nor SpaceX is positioned as a major developer of frontier language models.
Instead, Morgan Stanley sees their combined strengths in robotics, energy, connectivity, chips and computing as relevant to physical AI.
The bank said the two companies could pursue these opportunities separately or through deeper collaboration.
For now, the report reflects Morgan Stanley’s expectations rather than confirmed future projects, and the commercial impact of the companies’ expanding relationship remains uncertain.
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