Broadcom, a semiconductor maker focused on AI processors and networking chips, is positioned to overtake SpaceX in market capitalization by year-end, according to analyst projections. While SpaceX trades at a far higher multiple (104 times sales vs. Broadcom's 23.6 times sales), Broadcom has delivered concrete profitability and AI revenue momentum—with AI sales projected to exceed $100 billion（約16兆円） in fiscal 2027—whereas SpaceX remains unprofitable and relies on speculative growth targets.
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An analyst argues that Broadcom, the semiconductor company, is on track to surpass SpaceX in market capitalization by the end of the year. Broadcom's market cap is currently just 16% lower than SpaceX's, and the analysis projects Broadcom's stock could jump 24% if it trades at 39 times earnings in fiscal 2026.
Why it matters
Broadcom is trading at 23.6 times sales—far cheaper than SpaceX's 104 times sales—despite having much stronger fundamentals. Broadcom is profitable with projected 66% revenue growth and 70% earnings growth in fiscal 2026, while SpaceX is not yet profitable. Broadcom's AI revenue segment alone is projected to exceed $100 billion（約16兆円） in fiscal 2027, showing it has concrete revenue drivers beyond speculative growth targets.
What to watch
Broadcom reported 143% year-over-year AI revenue growth to $10.8 billion（約1.7兆円） in the second quarter of fiscal 2026, and is expecting AI revenue to jump 200% in the current quarter to $16 billion（約2.6兆円）. Its valuation can be justified by accelerating growth, whereas SpaceX's expensive valuation—after raising $85.7 billion（約14兆円） in its record IPO—may continue to weigh on its share price.
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