SpaceX posted a net loss of over $2 billion in the first half of 2026, while Micron Technology delivered a $28.2 billion profit in its fiscal 2026 third quarter. SpaceX's second-quarter net loss was $541 million, and its revenue jumped 92% year over year to $7.8 billion. Micron's revenue increased nearly 3.5 times year over year and 74% quarter over quarter to $41.5 billion. Despite the stark profitability gap, SpaceX holds a market cap of $1.4 trillion compared to Micron's market cap of just over $1 trillion, with SpaceX trading at 73.4 times trailing 12-month sales and Micron at a forward earnings multiple of only 5.3. Wall Street's average 12-month price target implies over 90% upside for SpaceX and around 65% for Micron, though the author views Micron as the better near-term pick due to favorable memory supply-demand dynamics and concerns about SpaceX's lockup expirations.
