NASA isn't investing in SpaceX, though, right? They're just paying SpaceX for services rendered.
NASA isn't pouring money in SpaceX in search of profit but rather seeking to enable the commercialization of space as an investment for the US and perhaps for humanity as a whole.
It's not technically investment but it sort of is. The government pays for development of a product that might not even work.
But it's par for the course in that industry.
Isn't that just their income?
I forgot about that entirely. SpaceX has certainly received lots of contractual funding. Almost $1 billion from NASA for various contractual obligations, but I am not sure if they were up-front payments for future launches or "award money" for meeting certain criteria.
If anyone knows, I would really like to learn how that NASA funding works.
There is, however, a huge difference between money received from NASA as contracts for services and money received from investors to fund the company.