Is SpaceX Really Worth More Than Micron and AMD Combined? Here's the Unvarnished Truth.

Yahoo Finance · 2026-06-28

Since its historic initial public offering (IPO) on June 12, 2026, the market cap of Space Exploration Technologies ( SPCX +0.15% ) , 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 ( MU 6.59% ) and Advanced Micro Devices ( AMD 1.48% ) combined . Does that make sense? Is SpaceX really worth more than the sum of these two tech companies' valuations? 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.

AI 시장 분석

SpaceX(SPCX) has seen its market capitalization surge since its listing on 2026-06-12, remaining higher than the combined market caps of Micron(MU) and AMD(AMD). The company cites a TAM of $28.5 trillion to emphasize growth expectations, but that estimate carries substantial uncertainty. This high valuation is shifting investor attention and capital toward related sectors such as commercial space, satellite internet, and launch services, and is likely to prompt a reassessment of the relative attractiveness of incumbent satellite operators and certain semiconductor companies. However, signs of short-term overheating and the need to verify long-term performance leave valuation risk intact.

상승 영향

Aerospace / Commercial Space — SpaceX's large market capitalization and TAM reference are likely to increase private and institutional investment into commercial space, stimulating financing and M&A activity.
Satellite Internet / Satellite Communica — Expectations for large-scale LEO constellations such as Starlink boost the revenue potential for satellite internet services, ground stations, and interoperable equipment vendors.
Launch Services / Rocket Manufacturing — Sustained launch demand and commercialization of reusable rockets are expected to expand orders and improve pricing dynamics for launch service providers and rocket manufacturers.
Defense — Rising satellite dependence for military communications and reconnaissance could expand defense-related contracts for SpaceX and increase satellite-linked orders and collaboration opportunities for defense contractors.
Satellite Manufacturing / Space Infrastr — Demand to operate large satellite constellations provides long-term revenue opportunities for satellite manufacturers, payload suppliers, and space infrastructure providers (ground stations and data services).

하락 영향

Semiconductors (Memory) — An investment shift centered on SpaceX could lead to capital outflows from memory companies like Micron(MU), exerting downward pressure on their valuations.
Semiconductors (Processors/GPUs) — CPU and GPU firms such as AMD(AMD) risk seeing part of their investor capital and growth premium rotate into space and communications sectors, weakening their relative valuations.
Traditional Satellite Operators — The proliferation of LEO-based services increases the risk of customer attrition and profitability deterioration for incumbent operators like Intelsat and SES.
Ground Telecom Equipment / Telecom Opera — Wider adoption of satellite internet could negatively affect some ground network and equipment vendors' investment priorities and existing revenue models for certain telecom operators.

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