SpaceX Just Landed $6.45 Billion in Space Force Contracts — Right Before Its Record IPO

Using optical laser links between satellites, the network will move targeting and intelligence data from sensors to weapons platforms globally without relying on terrestrial relay stations . The contract requires SpaceX to deliver a fully operational prototype by the end of 2027, accelerating a system that was formerly known as MILNET and based on SpaceX’s militarized Starshield platform .

The $4.16 Billion Golden Dome Contract

Three days later, on May 29, the Space Force awarded SpaceX a second, even larger deal: $4.16 billion for the Space-Based Advanced Moving Target Indicator (SB-AMTI) program . This contract is a key component of President Trump’s “Golden Dome” missile defense initiative, an ambitious $185 billion layered shield intended to protect the U.S. from ballistic and hypersonic missile threats .

The SB-AMTI system integrates space-based sensors, secure communications links, and AI-enabled ground processing to track foreign aircraft and missiles from orbit . The Space Force expects to field a constellation of satellites by 2028 for a sensing and tracking layer that complements traditional airborne surveillance . Importantly, SpaceX is one of several companies in the SB-AMTI vendor pool, and the Space Force says it will issue additional awards in the coming year .

Together, these two contracts total $6.45 billion in new Space Force work for SpaceX, announced in the same week that the company is racing toward what is expected to be the largest IPO in history .

The Government Dependency Problem

SpaceX is targeting a Nasdaq listing under the ticker SPXC around June 12, with reports estimating the offering could raise approximately $75 billion . The company’s 250-page S-1 prospectus, however, contains a sobering disclosure that should give any potential investor pause.

20.9% of SpaceX’s 2025 consolidated revenue — roughly $3.9 billion out of $18.7 billion — came from a single customer: the U.S. government . That figure was 24.2% in 2024 and 25.2% in 2023, marking a persistent, structural dependency that the filing bluntly acknowledges. “No other customers represented more than 10% of consolidated revenue,” the disclosure states .

The company’s own risk factors warn that government contracts “can be terminated at will or eliminated by shifts in federal spending priorities,” and that its work with government entities “remains directly dependent on political changes, new priorities, regulatory rules, and fluctuations in funding levels” .

This concentration risk is compounded by the fact that SpaceX is not profitable on an operating basis. The IPO filing reveals the company lost $2.6 billion from operations in 2025, with losses continuing into the first quarter of 2026 . While Starlink’s connectivity business generated $11.4 billion in revenue and $4.4 billion in operating income, the company overall remains in the red .

What This Means for IPO Investors

For a company that markets itself around commercial spaceflight, Mars colonization, and global satellite internet, the reality revealed in its IPO documents is more terrestrial. SpaceX’s growth is deeply intertwined with U.S. defense spending, and the $6.45 billion in contracts awarded just weeks before the IPO underscore that dependency . The company itself warns it might even prioritize its own “orbital compute goals” over new government work, which could “impact our relationship with regulators” and invite legal challenges .

A shift in administration, a budget reallocation, or a contract re-evaluation could remove a fifth of SpaceX’s revenue overnight. Combined with ongoing operating losses, this customer concentration is a material risk that the company is legally required to disclose — and that potential investors in the historic SPXC debut will have to weigh against the promise of interplanetary ambition.