Everyone Is Talking About SpaceX. Here Are 2 Growth Stocks I Like Much Better.

Everyone is talking about Space Exploration Technologies (NASDAQ: SPCX), commonly known as SpaceX. With Elon Musk at its helm, it gets a lot of attention. That's part of why it easily raised $86 billion in its historic initial public offering, which was oversubscribed by more than four times.

But there's plenty of risk in owning SpaceX stock. The company is already doing great things, but that doesn't automatically make it a great investment. It's astronomically expensive and spending like money is going out of style; the fundamentals should always be of prime importance to investors.

I may want to revisit SpaceX later, when it's cheaper and looking in better financial shape. But right now, MercadoLibre (NASDAQ: MELI) and On Holding (NYSE: ONON) look like much better growth stocks. Here's why.

On X Erewhon shoes. Image source: On.

1. MercadoLibre

MercadoLibre is growing faster than SpaceX, and it's been in high-growth mode for a long time. Management recently noted that it's growing at the rate of a start-up, even though it's already several decades old. Revenue increased 49% year over year in the 2026 first quarter. At this point, it's also the leader in its industry and region, and it's profitable, something SpaceX is missing today.

Growth at MercadoLibre is visible everywhere. Unique active buyers increased 26% year over year on the e-commerce platform in the first quarter, while fintech monthly active users rose 29%. Total payment volume increased 50%, while gross merchandise volume was up 42%.

However, the company still has a massive long-term opportunity. Despite MercadoLibre's years of high growth, its markets remain underpenetrated in e-commerce and fintech, and it continues to improve its value proposition to attract more people to its platform. It has lowered the free shipping threshold in Brazil, leading to many positive results, such as record new additions in the first quarter. It plans to replicate this success across more of its markets as well.

Finally, MercadoLibre's stock has dropped this year due to pressure on the bottom line. The company is expanding to capture market share and strengthen its foundation for future growth, and it's also attracting more people to its credit products, which often carry higher risk until they're established partners. These things are hurting it in the short run, but they create the opportunity for higher growth.

At the lower price, MercadoLibre stock trades at only 43 times trailing-12-month earnings, or near its 10-year low. Compared with SpaceX's 105 price-to-sales ratio, MercadoLibre looks like a much better buy.

2. On Holding

On is challenging the leading activewear companies with its premium line of products that are gaining loyal fans. These fans are affluent and resilient and have more money to spend in the inflationary environment, driving robust performance.

In the 2026 first quarter, sales increased 26% year over year (currency-neutral), across both wholesale and direct-to-consumer channels. Since it has a high full-priced sales rate, it has strong margins. Gross margin improved from 59.9% to 64.2%, while profit margin widened from 7.8% to 12.4%.

Said CEO Caspar Coppetti about sustaining the premium brand through full price, "Our results represent this strategy, the kind that builds the brand for years and decades to come."

On is still rolling out and building its brand in many parts of the world. Even in the U.S., where it's fairly well-established, it still has low brand penetration, reaching 30% for the first time in the first quarter.

It's also attracting more younger customers, with its largest-ever increase in the share of 18-to-24-year-olds in its direct-to-consumer customer base in the first quarter. In the annual Piper Sandler Taking Stock With Teens survey, an industry report on retail and brand trends among younger shoppers, On ranked fourth in footwear, indicating a higher market share among buyers.

On trades at only 39 times trailing-12-month earnings, and it looks like a bargain at that price.

Jennifer Saibil has positions in MercadoLibre and On Holding. The Motley Fool has positions in and recommends MercadoLibre and On Holding. The Motley Fool has a disclosure policy.