The $238m Tesla took off the value of its SpaceX stake — the restriction behind it lapses in September, the IPO sale restrictions in December
One footnote in Note 2 of the Q2 10-Q carries two dates. The stake Tesla funded with $2.00bn in March is carried at $3,007m on June 30, and that figure is already net of a $238m discount for not being able to sell. The restriction the discount rests on expires in September 2026; the restrictions tied to the SpaceX IPO expire in December 2026
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Published
Tesla Form 10-Q (Q2 2026, filed 2026-07-23), Note 2 'Fair Value of Financial Instruments' table and footnote (1), Note 1 (SpaceX equity investment, fair value option), Note 13 'Related Party Transactions', statement of operations and cash-flow statement
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Tesla (TSLA) filed its Q2 2026 quarterly report (10-Q) on July 23, and the fair-value table in Note 2 carries a line that was not there before: a SpaceX equity investment of $3,007m. The footnote says that figure is net of a $238m discount for lack of marketability. It gives two dates: the restrictions behind the discount expire in September 2026, and sale restrictions tied to the SpaceX IPO expire in December 2026.
In plain terms
Tesla put $2.00bn into SpaceX shares in March 2026. At the end of June those shares sit on its books at $3,007m. Because the shares cannot be sold right now, the company took $238m off that value when it worked the figure out. One of the restrictions that stops it selling lapses in September 2026, and another in December 2026.
What happened
Tesla (TSLA) makes electric vehicles and energy storage products.
Note 2 of its Q2 2026 quarterly report (10-Q), filed on July 23, holds the table of financial assets carried at value. One line in it is new this quarter: a SpaceX equity investment of $3,007m. The same slot was empty on December 31, 2025.
Footnote (1) to that table is the subject of this article. It says three things. First, the stake is classified as Level 2. The reason is that the $238m discount for lack of marketability, which arises from regulatory restrictions expiring in September 2026, was estimated from observable market inputs. Second, the company recorded a $1.00bn net gain on the stake in the three months ended June 30, 2026. Third, and separately, it is subject to customary sale restrictions connected with the SpaceX initial public offering. Those expire in December 2026.
When and how much was paid is in Note 13. Upon receiving the applicable regulatory approvals, Tesla invested $2.00bn in SpaceX common stock in March 2026. That holding was formerly a preferred share investment in xAI, and the interest is less than 1%.
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Note 13 states that, upon receiving the applicable regulatory approvals, the company invested $2.00bn in SpaceX common stock in March 2026 — formerly a preferred share investment in xAI — for an ownership interest of less than 1%.
Is the $238m a loss?
No. It is an amount taken off when the value was worked out, to reflect that the shares cannot currently be sold. The company says it estimated the discount from observable market inputs, which is why it classifies the stake as Level 2.
How do September and December differ?
The footnote attributes the discount to regulatory restrictions expiring in September 2026. Separately, it states that the company is subject to customary sale restrictions in connection with the SpaceX initial public offering that expire in December 2026. The two have different expiry dates.
Where can I read this myself?
On SEC EDGAR, open Tesla, Inc.'s Q2 2026 10-Q (accession 0001628280-26-049270) and read the fair-value table in Note 2 with its footnote (1), together with Note 13.
How aiSwingX™ wrote this
We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
An editor reviews before publication; any later change is recorded in the revision history.
Tesla Form 10-Q (Q2 2026, filed 2026-07-23), Note 2 'Fair Value of Financial Instruments' table and footnote (1), Note 1 (SpaceX equity investment, fair value option), Note 13 'Related Party Transactions', statement of operations and cash-flow statement · SEC EDGAR · This article is not investment advice. Disclaimer
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aiSwingX™ analyzes US filings and reports them as news investors can read.
