Investors pondering whether to pay for a piece of the action this week — at the unheard-of initial public offering valuation of $1.77 trillion — would do well to consider how important governments are to SpaceX. That’s because Musk is adept at taking money from the public sector even as he disparages how it spends that money elsewhere. Through his brief tenure atop the U.S. DOGE Service — a name derived from a joke that grew into an agency that was anything but — Musk did more than perhaps any single individual in history to dismantle crucial functions of the U.S. government.
A great thing about Securities and Exchange Commission requirements for companies that want to sell shares to the public is the information these previously private companies are required to disclose. SpaceX lays out for all to see just how important Washington is to its fortunes: “In 2025, approximately one-fifth of our revenue was attributable to agencies within the U.S. federal government.”
That means that contracts granted by the federal bureaucracy, the same one that Musk so thoroughly maligned in his DOGE days, accounted for about $3.75 billion of the company’s $18.7 billion in 2025 revenue.
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