핵심요약

• 스페이스엑스의 시장 자본화는 마이크론과 AMD의 합산 가치보다 높습니다.
• 총 주소 가능한 시장(TAM)은 28.5조 달러로 추정됩니다.
• 스텔라링크를 통해 위성 인터넷 서비스 시장에서 선두를 차지하고 있습니다.
• 마이크론과 AMD는 각각의 시장에서 선두주자가 아닙니다.

도입

이 기사는 투자자들에게 스페이스엑스의 과대평가 여부를 판단하는 데 중요한 기준을 제공합니다. 마이크론과 AMD와 같은 전통적인 기술 기업과의 비교를 통해 스페이스엑스의 미래 성장 가능성과 현재 평가의 합리성을 평가할 수 있습니다.

본문 1: 스페이스엑스의 총 주소 가능한 시장(TAM) 분석

스페이스엑스는 총 주소 가능한 시장(TAM)을 28.5조 달러로 추정하고 있습니다. 이는 인간 역사상 가장 큰 수치로, 마이크론과 AMD의 합산 TAM을 크게 넘어섭니다. 이 숫자는 스페이스엑스가 현재 사업뿐만 아니라 미래의 새로운 시장을 개척할 가능성을 반영하고 있습니다. 예를 들어, 스페이스엑스는 우주에 데이터 센터를 건설하고 달과 화성에서 제품을 제조하며 소행성을 채굴할 계획입니다. 이러한 미래 가능성이 현재의 높은 평가에 기여하고 있습니다.

본문 2: 시장 점유율 비교 분석

스페이스엑스는 글로벌 발사 시장과 스텔라링크를 통해 위성 인터넷 서비스 시장에서 선두를 차지하고 있습니다. 반면 마이크론은 메모리 칩의 주요 공급업체 중 하나이지만, AMD는 인공지능(AI) 칩 시장에서는 NVIDIA에 뒤처지고 있습니다. 스페이스엑스의 강점은 혁신적인 기술과 새로운 시장 개척에 있습니다. 마이크론과 AMD는 기존 시장에서의 경쟁력이 있지만, 스페이스엑스의 미래 성장 가능성은 더 큰 가치를 창출할 수 있습니다.

결론

스페이스엑스의 높은 시장 자본화는 미래 성장 가능성과 혁신적인 사업 모델에 기반하고 있습니다. 그러나 투자자들은 이러한 가능성이 현실화될지 여부를 신중하게 평가해야 합니다. 스페이스엑스의 미래 전망과 시장 동향을 지속적으로 모니터링하는 것이 중요합니다.

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원문 링크: https://www.fool.com/investing/2026/06/28/is-spacex-really-worth-more-than-micron-and-amd-co/?.tsrc=rss

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

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.

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 ( GOOG 2.15% ) ( GOOGL 1.73% ) Google Cloud.

Meanwhile, Micron is one of three major suppliers of memory chips. Despite its tremendous success, AMD plays second fiddle to Nvidia ( NVDA 1.42% ) 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.

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.

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.

Source: https://www.fool.com/investing/2026/06/28/is-spacex-really-worth-more-than-micron-and-amd-co/?.tsrc=rss