Quick Facts
- SpaceX won $6.45 billion in Space Force contracts for Golden Dome missile defense satellites
- The company targets a $1.75-2 trillion valuation in what could be the largest IPO ever
- Government contracts now represent 30-40% of SpaceX’s total revenue
SpaceX secured $6.45 billion in new Space Force contracts this week, bolstering its government revenue stream ahead of a planned IPO that could value the company at up to $2 trillion.
The Space Force awarded SpaceX $4.16 billion on Friday to build satellites for the Golden Dome missile defense system. Earlier in the week, the company received a separate $2.29 billion contract for a low-altitude orbital communications network.
The Golden Dome program aims to create a space-based defense system against long-range and hypersonic missiles. President Trump announced the initiative in May 2025, naming it after Israel’s Iron Dome but with vastly broader scope.
The program’s total cost estimate has risen to $185 billion, up $10 billion from the original projection. General Michael Guetlein, Golden Dome’s director, said the increase came because “we were asked to procure some additional space capabilities.”
SpaceX’s $4.16 billion contract alone exceeds the $3.2 billion in prototype contracts distributed across 12 companies including Lockheed Martin, Northrop Grumman, and Raytheon. The Space Force plans to have operational tracking satellites in place by 2028.
The contracts underscore SpaceX’s growing dependence on government revenue. Government and defense customers account for 30-40% of SpaceX’s total revenue, with cumulative federal contract value reaching $24.4 billion as of early 2026.
SpaceX filed its IPO prospectus last week, targeting a June 12 listing on Nasdaq under ticker SPCX. The company seeks to raise $75 billion at a valuation between $1.75 trillion and $2 trillion, which would make it the largest public offering in history.
The timing of these defense contracts strengthens SpaceX’s revenue narrative for investors. The company reported $18.7 billion in 2025 revenue, with Starlink contributing $11.4 billion. However, SpaceX posted a Q1 2026 net loss of $4.28 billion despite strong top-line growth.
Morgan Stanley analyst Adam Jonas said “Starlink alone would justify a $500 billion valuation as a standalone business,” adding that the launch business and other ventures support the higher valuation targets.
The Golden Dome contracts face political scrutiny. Oregon Senator Jeff Merkley called the program a “massive giveaway to defense contractors paid for by working Americans.” Critics also point to potential conflicts of interest given CEO Elon Musk’s other business interests.
Read more: SpaceX awarded $6.45B in Space Force contracts ahead of IPO