SpaceX alone registered 1,279 Cybertrucks in the fourth quarter of 2025, representing more than 18% of the 7,071 total Cybertrucks registered in the United States during that period. When combined with purchases from other Musk-affiliated companies including xAI, Neuralink, and The Boring Company, these internal acquisitions accounted for nearly one in five Cybertrucks sold, totaling over $90 million in retail value .

The scale of these purchases is striking because it exposes a fundamental problem: consumer demand for Tesla's futuristic electric pickup truck has collapsed far below expectations. Elon Musk had predicted that 250,000 Cybertrucks would roll off production lines annually by 2025. Instead, Cybertruck registrations fell 48% to just 20,237 units in 2025 . Without the purchases from Musk's own companies, fourth-quarter registrations would have dropped by more than half, according to S&P Global Mobility data .

What's Driving the Cybertruck Sales Collapse?

The Cybertruck's underperformance reflects multiple headwinds facing Tesla. Broader industry trends have weakened EV demand in the United States, particularly following the expiration of federal EV tax credits. However, Tesla faces a unique challenge: Musk's political involvement appears to be actively deterring buyers. A study from Yale University and the National Bureau of Economic Research estimates that Musk's political activism cost Tesla at least 1 million vehicle sales between October 2022 and April 2025 . Research published in Nature in July found that Musk's political alignment alienated liberal consumers and dampened their interest in both Tesla and electric vehicles generally, while his support for Donald Trump did not generate corresponding enthusiasm among conservative voters .

Tesla's overall vehicle deliveries also declined 9% to 1,636,129 units last year, while Chinese competitor BYD overtook Tesla as the world's largest EV seller in 2024, delivering 2.26 million electric vehicles . The company is losing market position on multiple fronts simultaneously.

How Are Musk's Companies Absorbing the Inventory?

• SpaceX's Fleet Replacement: In October, SpaceX's truck lead engineer posted on X that the company was replacing its gas-powered support vehicle fleet with Cybertrucks at its Starbase facility in Texas, with reports suggesting SpaceX could purchase as many as 2,000 vehicles total .
• Coordinated Corporate Purchases: SpaceX, xAI, Neuralink, and The Boring Company together registered 1,339 Cybertrucks across Q4 2025 and early 2026, with additional purchases continuing into January and February .
• Revenue and Production Metrics: The purchases benefit Tesla's reported revenue and production numbers, allowing the company to maintain higher output figures than actual consumer demand would support .

The arrangement raises questions about whether Musk's companies are genuinely replacing operational fleets or absorbing inventory that Tesla cannot sell to the public. One analyst framed the situation bluntly: "From the outside, it looks like a private company [SpaceX] is absorbing inventory that a public company couldn't move, at prices Tesla set, benefiting Tesla's reported revenue and production numbers" .

"Tesla is running out of buyers for the Cybertruck," said Sam Fiorani, AutoForecast Solutions.

Sam Fiorani, AutoForecast Solutions

It remains unclear exactly how much Musk's companies paid for the trucks or whether they received any internal pricing discounts. With the Cybertruck starting at $69,990, the Q4 purchases alone likely exceeded $100 million at retail prices . Tesla did not respond to requests for comment about the transactions .

What Does This Mean for Tesla's Future?

The Cybertruck situation illustrates a broader challenge for Tesla: the company's brand has become entangled with Musk's political profile in ways that are measurably affecting sales. While Tesla once dominated the EV market through innovation and brand appeal, it now faces competition from established automakers and Chinese manufacturers who lack the political baggage. The company's solution, at least temporarily, appears to be leveraging Musk's other profitable ventures to prop up Tesla's financial metrics.

Tesla's stock price has reflected investor concerns. Shares fell more than 13% from a December record high, with additional declines following the disclosure of the internal Cybertruck purchases . The purchases themselves are not necessarily problematic from an operational standpoint; companies do buy vehicles for legitimate fleet use. However, the scale and timing of these acquisitions, combined with the dramatic collapse in consumer demand, suggest that Tesla is relying on internal corporate purchases to maintain the appearance of strong Cybertruck sales momentum.

For SpaceX and other Musk companies, the Cybertruck purchases may represent a genuine operational need. SpaceX's Starbase facility in Texas is a sprawling complex where electric vehicles could serve useful purposes. Yet the timing and volume of these purchases raise an important question: are Musk's companies buying Cybertrucks because they need them, or because Tesla needs them to buy them? The answer likely involves elements of both, but the distinction matters for understanding the true state of consumer demand for one of Tesla's most high-profile products.