Tesla Cybertruck Sales Inflated: SpaceX Purchased 1,279 Units in Q4

Tesla's fourth-quarter Cybertruck sales received a significant boost from an unlikely source: Elon Musk's own rocket company. New registration data from S&P Global Mobility reveals that SpaceX purchased 1,279 Cybertrucks in Q4 2025, accounting for 18% of every Cybertruck registered in the United States during that quarter.

Without these inter-company purchases, Cybertruck registrations would have declined 51% year-over-year rather than the figures Tesla reported to investors. When including additional purchases by xAI, The Boring Company, and Neuralink, Musk-controlled entities acquired 1,339 Cybertrucks in Q4—roughly 19% of all registrations—at a cost exceeding $100 million in revenue that Tesla effectively booked from companies its CEO controls.

The arrangement raises questions about how Tesla accounts for vehicles sold to entities under Musk's control. SpaceX is privately held, so these purchases don't receive the same disclosure scrutiny as fleet deals with publicly traded companies. The data suggests a private company absorbed inventory that Tesla struggled to move through conventional consumer channels during a quarter when the company faced what would otherwise have been a dramatic sales collapse.

Tesla originally projected annual Cybertruck sales of 250,000 units. After stripping out inter-company purchases, the current pace sits closer to 20,000 annually—less than 10% of investor expectations. Sam Fiorani of AutoForecast Solutions told Bloomberg: "Tesla is running out of buyers for the Cybertruck."

The competitive landscape has proven challenging. The Ford F-150 Lightning outsold the Cybertruck in 2025 before Ford discontinued the Lightning due to insufficient demand. Tesla has attempted various strategies to stimulate interest, including price increases to create artificial urgency, expansion into Middle Eastern markets, and suggestions that unsold units could be repurposed for cargo delivery.

A critical test of genuine consumer demand is now underway. On February 19, Tesla launched a new AWD Cybertruck at $60,000—the lowest price ever offered—while cutting the Cyberbeast variant by $15,000 to $100,000. The second quarter of 2026 will provide the first clean read on whether actual consumers want this truck at a price closer to Musk's original promises, or whether SpaceX will remain Tesla's largest Cybertruck customer.

Sources: S&P Global Mobility registration data via Bloomberg, Electrek analysis