SpaceX, Elon Musk’s rocket and satellite internet company, has received billions of dollars in federal contracts over its more than two-decade existence.

But SpaceX has most likely paid little to no federal income taxes since its founding in 2002 and has privately told investors that it may never have to pay any, according to internal company documents reviewed by The New York Times.

The rocket maker’s finances have long been secret because the company is privately held. But the documents reviewed by The Times show that SpaceX can seize on a legal tax benefit that allows it to use the more than $5 billion in losses it racked up by late 2021 to offset paying future taxable income. President Trump made a change in 2017, during his first term, that eliminated the tax benefit’s expiration date for all companies. For SpaceX, that means that nearly $3 billion of its losses can be