SpaceX Balances Classified Military Launches With Civilian Satellite Expansion

NASA adds $946M to SpaceX contract, now worth $5.92B, for three more crewed ISS flights through 2030, as Starship's orbital test slips to Sept 28.

SpaceX's dual identity — a discreet contractor for classified national security missions and a high-tempo operator of a sprawling commercial satellite constellation — was on full display in recent weeks, as the company simultaneously advanced government contracts, military launches, and its next-generation rocket program.

The most significant financial development came Friday, when NASA awarded SpaceX a contract modification worth $946 million. The agreement covers three additional crewed flights to the International Space Station and guarantees those missions will be carried out through 2030. According to Reuters, the total value of the NASA contract now stands at $5.92 billion. The long-term commitment from an institutional client adds a layer of stability to SpaceX's revenue streams even as the company continues developing its launch systems.

Classified Cargo and Growing International Demand

Beyond its civilian space program, SpaceX is deepening its footprint in the defense sector. On September 16, a Falcon 9 lifted off from Vandenberg Space Force Base carrying the classified USSF-259 mission for the U.S. Space Force. The rocket's first stage returned successfully, landing on the uncrewed recovery vessel Of Course I Still Love You. Media reports also confirmed the launch of the classified USSF-153 mission for the Space Force, which carried an unspecified number of military satellites — a reminder that government defense contracts provide a dependable baseline of demand in a market shaped by geopolitical tensions.

International appetite for SpaceX's space-based communications services is climbing as well. Reuters reported on September 10 that the British government has spent nearly $40 million on satellite services from the company. That figure includes roughly £13 million for the military-oriented Starshield network and £16.5 million for the civilian Starlink system. The United Kingdom is the first country outside the United States to publicly confirm its use of Starshield.

Starship's Orbital Test Pushed to Late September

While cargo and mission operations continue, SpaceX is preparing the next developmental step for its heavy-lift rocket system. The company is targeting September 28 for Starship's orbital test flight, after an originally planned September 22 date was postponed.

A 75-minute launch window is set to open at 7:15 a.m. local time (CT) on September 28, according to media reports. The flight plan calls for roughly six orbits of Earth and the deployment of 26 Starlink V3 satellites, before the spacecraft descends into the Pacific Ocean west of Chile. SpaceX had announced in mid-September that it was aiming for a roughly ten-hour flight at an altitude of about 275 kilometers, followed by a controlled splashdown. The mission remains contingent on regulatory approval from the Federal Aviation Administration, which specifies flight corridors and backup windows in detail.

The emphasis has shifted from simply escaping the atmosphere to demonstrating the logistical capability to deploy heavy payloads precisely and return the launch system under control.

Market Valuation and Investor Caution

Despite its fundamental dominance in the launch business, SpaceX's recent stock performance has not been without setbacks. The market currently values the company at a market capitalization of €1,754.62 billion. Shares changed hands at €133.00 on Friday, a modest gain of 0.4%, while a more recent reading put the price at €132.78.

The stock sits 32% below its 52-week high of €194.46, reflecting lingering skepticism about the pace of operational execution. Delays in regulatory approvals or setbacks in bringing new launch systems online can move sentiment quickly at this valuation. The market is no longer satisfied with spectacular imagery alone — it demands proof of smooth approval processes and reliable timelines. For investors, the takeaway is clear: the era when space companies were judged solely on technical milestones has passed, and regulatory and industrial predictability now determines whether the valuation premium holds.