Early Thursday morning, SpaceX's Falcon 9 rocket successfully deployed the classified NROL-95 payload for the National Reconnaissance Office (NRO) from Cape Canaveral. The launch, which took place at 3:10 a.m. EDT, marked the company's 88th Falcon mission this year and its 12th in July. The booster, B1096, completed a successful landing after its seventh flight.
The mission comes just hours after the U.S. Space Force awarded SpaceX a $1.6 billion contract for 18 Falcon 9 launches scheduled through the end of 2027. This agreement is part of a broader $8.05 billion in publicly disclosed Space Force contracts for 2026, which also include a $4.16 billion airborne-targeting satellite system and a $2.29 billion Space Data Network. Together, these contracts represent 197% of SpaceX's projected 2025 space segment revenue of $4.086 billion and 43.1% of its total consolidated revenue of $18.674 billion.
SpaceX shares (NASDAQ:SPCX) edged up 0.5% in premarket trading to $113.15, recovering a small portion of Wednesday's 3.32% decline. The stock remains 16.6% below its June IPO price of $135 and 50.1% off its 52-week high of $225.64. Market participants are closely watching how these contracts will translate into recognized revenue and profitability.
The launch schedule for the 18 missions is set to run through December 2027, with the Space Data Network prototype also expected by that deadline. Colonel Eric Zarybnisky of the Space Force described the acquisition as an "unprecedented two-month timeline." All launches will take place at Vandenberg Space Force Base. However, specifics on revenue recognition and payment milestones have not been made public.
SpaceX's space division continues to face profitability challenges. In 2025, the segment reported an operating loss of $657 million, though adjusted EBITDA reached $653 million. For the first quarter of 2026, space revenue was $619 million, with an operating loss of $662 million and $930 million allocated to Starship research. The new contracts could help improve margins over time.
The competitive landscape remains favorable for SpaceX. United Launch Alliance, jointly owned by Boeing (NYSE:BA) and Lockheed Martin (NYSE:LMT), is investigating a booster separation issue with its Vulcan rocket. Blue Origin, a privately held company, has paused New Glenn flights following an explosion in May. This leaves SpaceX's Falcon 9 as the most active and reliable launch provider for Pentagon missions.
Analysts note that the NROL-95 launch itself is less significant than the broader contract momentum. The real focus is on whether the growing backlog of defense contracts can translate into sustained profitability for SpaceX's space segment. Investors will be watching for any updates on revenue recognition and cash collection, which are often delayed by classified mission restrictions.
As of Thursday morning, the premarket gain only partially offset Wednesday's drop, reflecting cautious optimism. The market continues to evaluate how these awards will impact SpaceX's financial performance, particularly given the significant losses in the space division. Rivals may regain launch capabilities, but for now, SpaceX holds a dominant position in the defense launch market.
