The military (and/or government) should keep paying in advance for anything they need from SpaceX and make sure other unsecured creditors are not tooo significant.

When it all goes bankrupt, they can pay off the bonds for x¢ in the dollar and own SpaceX.

Perhaps if the gov could organize a little better, they'd make sure SpaceX owed lots of taxes and put themselves in front of the queue for ownership and screw other creditors (especially foreign).

Edit: looks like the US military doesn't spend that much on SpaceX: https://londoneconomics.co.uk/blog/publication/crouching-riv...

The magic is not money or subsidies. Boeing got far more and they produced bupkis. Its organizational excellence. I don't know if that would survive. I guess if they can keep Falcon 9 stable then its still worth something but I imagine the star employees who grind themselves to dust getting this stuff to work do it for the mission and would depart if this occurred. Would Falcon 9 fall apart of that happens?