Tesla Inc. (TSLA) and SpaceX CEO Elon Musk took to social media over the weekend to shut down a persistent narrative: that his rocket company is essentially a government contractor living off NASA dollars.

Setting the Record Straight

Writing on X, Musk didn't mince words about SpaceX's relationship with the space agency. "While I have great fondness for @NASA, they will constitute less than 5% of our revenue next year. Commercial Starlink is by far our largest contributor to revenue," he wrote.

The billionaire entrepreneur called allegations that SpaceX is "subsidized" by NASA "absolutely false," pushing back against critics who frame the company as dependent on government support.

Where the Money Actually Comes From

The reality, according to Musk, is that Starlink—SpaceX's satellite internet service—has become the financial engine powering the operation. When SpaceX does work with NASA, Musk argues it's because the company won contracts by delivering better products at lower prices, not because of any special treatment.

He also pointed out that SpaceX remains the only provider currently meeting NASA's safety standards for transporting astronauts, which says something about the competitive landscape.

Looking Toward an IPO

SpaceX is gearing up for what could be a blockbuster public debut. The company is reportedly targeting an $800 billion valuation and eyeing a potential IPO by late 2026. CFO Bret Johnsen recently briefed investors on a secondary share sale that could establish SpaceX as America's most valuable private company.

Musk has taken to calling SpaceX "Earth's space program," and the numbers back up that bold claim. "SpaceX will carry ~90% of the world's payload mass to space this year, so it is pretty much Earth's space program," he said.

The company recently completed its 10th Starship test launch, with Musk teasing that the upcoming V3 and V4 versions will be even larger with greater payload capacity.