Is SpaceX Really Worth More Than Micron and AMD Combined? Here's the Unvarnished Truth.
Key Points
SpaceX could unlock massive new markets that don't even exist today.
However, Micron and AMD are handily beating SpaceX on the top and bottom lines.
Whether or not SpaceX is really worth more than Micron and AMD combined could depend on your time horizon.
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Since its historic initial public offering (IPO) on June 12, 2026, the market cap of Space Exploration Technologies (NASDAQ: SPCX), commonly known as SpaceX, has ranked the space technology pioneer among the top 10 largest companies trading on U.S. stock exchanges.
However, that statement doesn't tell the full story. SpaceX's market cap has consistently been greater than Micron Technologies (NASDAQ: MU) and Advanced Micro Devices (NASDAQ: AMD) combined. Does that make sense? Is SpaceX really worth more than the sum of these two tech companies' valuations?
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Playing devil's advocate
Allow me to play devil's advocate first. There is a case to be made that SpaceX truly is worth more than Micron and AMD combined. It could even be worth much more than these two companies together.
Exhibit A for this argument is SpaceX's total addressable market (TAM). The company believes that its TAM is a whopping $28.5 trillion, the largest in human history. I don't think Micron's and AMD's combined TAMs come anywhere close to touching that number.
To be sure, SpaceX's current businesses don't justify such a lofty market potential. However, it's not unrealistic to speculate that SpaceX could open up massive new markets that don't even exist today. For example, the company wants to build data centers in space. It wants to manufacture products on the Moon and Mars. It hopes to mine asteroids.
Exhibit B is the three companies' respective market positions. SpaceX dominates the global launch market. Its Starlink unit has a huge head start in the fast-growing satellite internet services market. Artificial intelligence (AI) business xAI continues to score multibillion-dollar deals with AI giants, including Anthropic and Alphabet's (NASDAQ: GOOG) (NASDAQ: GOOGL) Google Cloud.
Meanwhile, Micron is one of three major suppliers of memory chips. Despite its tremendous success, AMD plays second fiddle to Nvidia (NASDAQ: NVDA) in the AI chip market. Neither company stands out as the leader in its respective market the way SpaceX does. And while Micron remains a cyclical stock, there's little concern about cyclicality with SpaceX's businesses.
Cold, hard facts
Now for some cold, hard facts that work against the view that SpaceX is really worth more than Micron and AMD combined. Let's start with the numbers.
SpaceX generated revenue of $18.7 billion last year, up 33% year over year. In the first quarter of 2026, the company's revenue rose by only 15% year over year to $4.7 billion. Meanwhile, Micron's revenue for its fiscal second quarter (which ended Feb. 26, 2026) soared 75% year over year to $23.9 billion. AMD's 2026 Q1 revenue jumped 38% year over year to roughly $10.3 billion.
Micron and AMD aren't just beating SpaceX on the top line. Both companies delivered strong profits in their latest quarters with sizzling growth. SpaceX, however, posted a net loss of $4.3 billion, reflecting significant bottom-line deterioration compared to the prior year period.
While Micron's and AMD's TAMs may not stack up to SpaceX's huge estimated TAM, they have realistic growth prospects. Micron's high-bandwidth memory (HBM) is a critical component of AI data centers. AMD continues to make inroads in the AI infrastructure market.
We can't ignore SpaceX's governance issues, either. Elon Musk controls over 80% of the company's voting power. If Musk wants SpaceX to move in a direction that's not beneficial to other shareholders, he can do so. That isn't the case with Micron or AMD.
The unvarnished truth
So, is SpaceX really worth more than Micron and AMD combined? I think the unvarnished truth is no -- at least not right now.
Importantly, though, the answer could be different 10 to 20 years from now. Technological changes could leave Micron and AMD in the dust, while SpaceX flourishes. If SpaceX unlocks new $1 trillion-plus industries, its current valuation could one day look like a bargain.
Still, SpaceX is a metaphorical and literal moonshot for investors. Its grandiose vision may not be realized. In today's real world, I think both Micron and AMD are better picks for investors with their feet on the ground.
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Keith Speights has positions in Alphabet. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Micron Technology, and Nvidia. The Motley Fool has a disclosure policy.
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