Nah, he is shockingly good at raising money. SpaceX has been losing billions of dollars per year and making it up by raising money to cover the shortfall. In the last year or so they raised $1.7B at a $137B valuation [1]. This is a company that is only estimated to make $4.6B in revenue [2] in a industry with a total addressable market (TAM) of ~$13.5B. SpaceX is being valued at ~30x revenue and ~10x the revenue of the entire industry, not earnings, revenue.

Of course, this is all small potatoes compared to the immense amount of money Musk has raised for Tesla from consumers by falsely claiming they will have autonomous vehicles next year, every year, for 7+ years.

These raises are distinct from any government support they may have received, though his ability to structure the companys to receive government support and the cash flow generated from those activitys may have been helpful in supporting the companys and the narratives they built to achieve the valuations and funding levels they got. It really just all leads back to him being amazing at getting his hands on huge gobs of money.

[1] https://www.forbes.com/sites/siladityaray/2023/01/03/spacex-...

[2] https://payloadspace.com/predicting-spacexs-2023-revenue/

[3] https://www.polarismarketresearch.com/industry-analysis/spac...