SpaceX Wins $1.6 Billion Pentagon Deal Amid 50% Post-IPO Stock Slide

• SpaceX stock closed at $112.55 on Wednesday, down 3.3% on the day, as the US Space Force awarded the company a $1.6 billion contract for 18 Falcon 9 launches through 2027
• The latest award brings SpaceX’s Pentagon contracts this year to more than $7 billion, with the missions supporting the Golden Dome missile defense program
• SpaceX continues to widen its lead in the National Security Space Launch program as ULA and Blue Origin work through technical issues with their flagship rockets

SpaceX stock has lost much of the momentum that followed the company’s blockbuster IPO, with shares closing at $112.55 on Wednesday, down 3.3% for the day and nearly 50% below their post-listing peak. The market’s reassessment has unfolded along with a very different trend inside the country. On the same day, the US Space Force handed SpaceX another multibillion-dollar launch award. This has added to a growing list of Pentagon contracts that continues to change the company’s defense business.

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US Space Force Expands Work as Golden Dome Gathers Pace

The US Space Force awarded SpaceX two task orders worth $1.6 billion for 18 Falcon 9 launches through September 2027 under the National Security Space Launch Phase 3 Lane 1 program. The missions will deploy satellites supporting the Pentagon’s sensing and targeting capabilities as work on the proposed Golden Dome missile defense initiative gathers pace. This comes during a time when SpaceX stock continues to struggle.

The latest SpaceX and Pentagon contract extends a busy year for the company. Reports revealed that SpaceX has secured more than $7 billion in Pentagon awards in 2026. This includes $6.5 billion announced in May for missile-tracking and military communications satellite constellations. Space Systems Command said the latest orders were completed under an “unprecedented” two-month acquisition timeline as it works to field new launch capabilities more quickly.

The award also comes as SpaceX continues to dominate national security launches. Earlier Wednesday, the company launched the NROL-95 mission for the National Reconnaissance Office aboard a Falcon 9 rocket from Cape Canaveral. This adds another mission to its expanding government launch manifest.

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SpaceX Stock Remains Under Pressure After IPO Rally Fades

While SpaceX’s government business continues to grow, the stock has struggled to regain the ground lost after its early post-IPO rally. Bloomberg data shows the shares have underperformed many of the largest recent Nasdaq IPOs after surging in their opening weeks.

The company has also widened its lead in military launches as rivals work through technical issues. United Launch Alliance continues investigating its Vulcan rocket following a booster separation problem. Meanwhile, Blue Origin’s New Glenn remains grounded after a launchpad explosion earlier this year.

Even with the recent decline in SpaceX stock, Wall Street has not turned uniformly negative. TipRanks data still shows a Moderate Buy consensus, with 23 of 30 analysts maintaining Buy ratings. The latest US Space Force award adds another 18 launches to SpaceX’s growing Pentagon backlog. This shows its position as the military’s leading commercial launch provider.

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