Morgan Stanley Highlights Growing Tesla-SpaceX Collaboration in Physical AI Space

Key Takeaways

• Morgan Stanley analysts identify increasing integration between Tesla and SpaceX spanning AI infrastructure, energy solutions, and advanced manufacturing.
• The SpaceX S-1 filing allegedly mentions Tesla 71 times, covering direct partnerships and related-party dealings.
• Integration areas include semiconductor development, energy storage systems, Starlink satellite services, robotics platforms, and AI software development.
• SpaceX has allegedly acquired over half a billion dollars in Tesla Megapacks and Cybertrucks during 2025.
• Morgan Stanley positions physical AI—encompassing robotics and autonomous technologies—as a strategic collaboration zone for both enterprises.

The relationship between Tesla and SpaceX is growing substantially more connected throughout multiple domains including artificial intelligence infrastructure, computational resources, energy technology, and production capabilities, according to recent analysis from Morgan Stanley.

A research team headed by Adam Jonas noted that these two organizations under Elon Musk’s leadership are progressively pooling technological assets, human capital, and operational infrastructure while advancing what the financial institution characterizes as physical AI.

Physical AI encompasses artificial intelligence deployed within tangible, real-world applications including robotic systems, self-driving vehicles, industrial production machinery, and power grid infrastructure.

According to Morgan Stanley’s assessment, the commercial relationship connecting Tesla and SpaceX seems to be evolving well beyond simple vendor-customer arrangements.

Tesla References Dominate SpaceX’s S-1 Documentation

Morgan Stanley’s analysis identified 71 separate mentions of Tesla throughout SpaceX’s S-1 registration filing.

Approximately 34% of these citations pertained to active collaborative initiatives between the organizations, while 41% addressed corporate governance matters and transactions involving related parties.

The research team specifically called attention to Terafab, a semiconductor production initiative under development in Texas alongside Intel.

Reported estimates place the facility’s complete construction expenditure beyond $119 billion.

SpaceX has also become a substantial purchaser of Tesla hardware products.

Morgan Stanley referenced approximately $506 million spent on Tesla Megapack energy storage systems and $131 million on Cybertrucks throughout 2025.

These acquisitions support SpaceX’s Colossus computational infrastructure operations.

The companies are additionally working on an AI agent platform reportedly named Macrohard.

Both organizations have independently established goals for 100 gigawatts of annual domestic solar production capacity.

Computing Power and Satellite Connectivity Create Operational Synergies

Morgan Stanley’s report emphasized the bilateral exchange of computational and connectivity capabilities between the two corporations.

SpaceX delivers computing capacity to Tesla that analysts project will reach 4.9 gigawatts before 2027 concludes.

This ground-based computational capacity could expand to 15.3 gigawatts by 2031, based on figures referenced in Morgan Stanley’s analysis.

Additionally, SpaceX supplies satellite communication services via its Starlink network.

Tesla intends to incorporate Starlink connectivity throughout its entire vehicle portfolio, starting with the Cybercab model.

Conversely, Tesla supplies SpaceX with energy storage technology, production expertise, and robotic capabilities.

Morgan Stanley suggested Tesla’s robotic systems could function as data gathering instruments and decentralized computational nodes.

Tesla’s production scale significantly exceeds that of its counterpart, employing over 135,000 personnel according to the analysis.

This workforce represents more than six times SpaceX’s employee count.

Physical AI Emerges as Strategic Focus for Morgan Stanley

Morgan Stanley anticipates that market participants will increasingly direct attention toward AI implementations beyond large language model development.

The investment bank suggested that robotics, autonomous transportation, and other tangible AI systems remain comparatively underdeveloped relative to the language model marketplace.

Neither Tesla nor SpaceX positions itself as a leading developer of cutting-edge language models.

Instead, Morgan Stanley views their combined capabilities in robotics technology, energy infrastructure, connectivity solutions, semiconductor development, and computational resources as particularly relevant to physical AI advancement.

The bank indicated both companies could pursue these strategic opportunities independently or through enhanced collaborative frameworks.

Currently, the report captures Morgan Stanley’s analytical projections rather than verified upcoming initiatives, and the ultimate commercial consequences of the companies’ deepening partnership remain to be determined.

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