Amazon Could Be Worth More Than Tesla and SpaceX Combined by 2030. Here’s the Math.

Right now, it may not seem0 like a fair fight. In one corner, you have Amazon (NASDAQ: AMZN), currently the market’s fifth most valuable company, weighing in with a market cap of $2.8 tiillion. In the other corner, you have Tesla (NASDAQ: TSLA) and recent IPO Space Exploration Technologies (NASDAQ: SPCX). They’re slightly smaller than Amazon, but when the two Elon Musk companies are combined, they add up to a market cap of $3.3 trillion.

If we use enterprise value rather than market cap, accounting for each side’s net debt position, the valuation gap narrows slightly. Amazon, at $2.9 trillion, still falls short of Tesla and SpaceX, at $3.2 trillion. The math is likely to be easier by 2030, with many market pros expecting Tesla and SpaceX to merge into a single entity well before then. But I believe that e-commerce pioneer Amazon will be worth more than even a pairing of Tesla and SpaceX by 2030.

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