Elon Musk Offers to Cancel SpaceX Government Contracts: Can the Stock Live Without Them?

On Friday, Elon Musk offered to cancel any federal contract the U.S. government no longer wants, and SpaceX shares rose about 6%. Musk said government work would be under 10% of SpaceX revenue this quarter, while its S-1, the disclosure filed before going public, put U.S. agencies at about one-fifth of 2025 revenue. The stock had lost 12.5% of its market value in the two sessions after Democrats won Congress, leaving June IPO buyers below their $135 entry price. In September, NASA added $946 million to SpaceX’s astronaut contract, bringing it to $5.92 billion.