By Micah Maidenberg

Spending by U.S. federal agencies accounted for about 20% of SpaceX's revenue last year. That proportion highlights both the close ties the company has developed with the government as well as how it has reduced its dependence on public spending by building up other customer bases.

Clients across the government include NASA, the Pentagon and intelligence agencies. The company didn't spell out many details about its national-security work but noted the National Reconnaissance Office, a U.S. spy agency focused on space-based intelligence work, is a customer. SpaceX has been working with the NRO to develop a classified satellite network over the past few years, The Wall Street Journal has reported.

Government agencies, however, could also create problems, the company added. The Federal Aviation Administration, which oversees launch approvals as part of its work managing airspace, is one the prospectus lists as a risk factor for the company. Another is the Federal Communications Commission, which manages satellite spectrum and related matters.

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May 20, 2026 18:36 ET (22:36 GMT)

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