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There is no evidence here to name Amazon or SpaceX the better stock to own for the next 10 years. Amazon has a much larger reported operating base, while SpaceX may offer a different growth profile—but a company’s prospects do not tell you whether its shares are worth their current price. The available figures run through 2025, with SpaceX reporting unaudited results through March 31, 2026; current share prices, valuations, and SpaceX’s present listing status have not been verified.
First check whether you can buy SpaceX shares
Amazon is a public company listed on the Nasdaq Global Select Market under ticker AMZN; Amazon’s investor-relations FAQ says it completed its IPO in May 1997 (Amazon investor-relations FAQ). The SpaceX material available for this comparison is an offering prospectus reproduced on a third-party interactive site, not confirmation of current trading availability. Check an official filing and your brokerage before treating SpaceX as a stock you can buy. Its listing details may have changed since the materials dated through October 7, 2026.
If SpaceX shares are not available to you, a private-market interest, fund exposure, or a related product is not automatically equivalent to owning publicly traded SpaceX common stock. Each has its own access rules, fees, liquidity, rights, and risks.
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Amazon’s FY2025 Form 10-K reports a large, profitable company. The SpaceX prospectus reports a smaller business with a net loss in 2025, but its historical results retrospectively combine SpaceX with xAI and X Holdings. These figures describe different reporting scopes and company stages, so they are useful context, not a like-for-like contest.
#1 Best Overall
| Measure | Amazon | SpaceX |
|---|---|---|
| 2025 revenue or net sales | $716.924 billion in consolidated net sales, Amazon FY2025 Form 10-K. | $18.674 billion in revenue, 2025 audited historical figures in the offering prospectus; retrospectively includes xAI and X Holdings. |
| 2025 operating income | $79.975 billion, Amazon FY2025 Form 10-K. | Not stated here. |
| 2025 net income or loss | $77.670 billion in net income, Amazon FY2025 Form 10-K. | $4.937 billion net loss, 2025 audited historical figures in the offering prospectus; retrospectively includes xAI and X Holdings. |
| AWS, 2025 | $128.725 billion in net sales and $45.606 billion in operating income, Amazon FY2025 Form 10-K. | Not applicable as a reported Amazon segment. |
Sources: Amazon FY2025 Form 10-K and the SpaceX offering prospectus mirror. The mirror is a third-party presentation; confirm offering terms and any quoted or current claims against official filed documents.
Using those reported figures, Amazon’s 2025 operating margin was about 11.2% and net margin about 10.8%. SpaceX’s reported net loss was about 26.4% of its revenue. These are simple calculations from the figures above, not forecasts or measures on an identical reporting basis. A company can have strong growth prospects and still produce poor shareholder returns if it needs heavy investment, does not convert sales into cash, or is bought at too high a valuation.
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Amazon combines retail, services, and cloud computing
Amazon reports North America, International, and AWS as its operating segments. AWS alone generated $45.606 billion in operating income on $128.725 billion in 2025 net sales, making it a substantial source of segment profit. That does not mean the whole company has AWS’s margins: the other businesses, corporate costs, investment needs, and changes in the mix of sales also affect consolidated results.
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The prospectus says its historical results were retrospectively combined to include xAI, acquired effective February 2, 2026, and X Holdings, acquired by xAI effective March 28, 2025. As a result, the prospectus’s 2025 revenue and loss figures should not be described as results for the legacy space and connectivity business alone. The prospectus also presents unaudited results through March 31, 2026; those are a different period and basis from the audited 2025 figures.
Why a 10-year stock decision depends on valuation
A stock’s return depends on what investors pay, what the business earns and distributes or reinvests, and the price other investors will pay later. Strong companies can be disappointing investments when expectations are already reflected in the price. Conversely, a company with near-term losses may create value if future cash generation ultimately justifies the capital invested and the valuation paid.
Before choosing, compare both companies on the same date and, as far as possible, the same financial basis:
- Equity value and enterprise value: distinguish the value assigned to shareholders’ equity from enterprise value, which also reflects debt and cash. Do not compare a company’s revenue with an equity value and call that a complete valuation analysis.
- Price relative to earnings and cash flow: use current, clearly dated market capitalization and financial statements. For a loss-making business, a price-to-earnings ratio is not meaningful; examine plausible future margins, cash generation, and the time and investment needed to reach them instead.
- Growth quality: assess where growth comes from, whether it is recurring, and whether incremental sales are producing sustainable profit and free cash flow.
- Reinvestment and dilution: account for the capital needed to build capacity and fund operations, as well as any new shares that could reduce each existing share’s claim on future results.
- Downside as well as upside: test what happens if growth slows, margins disappoint, costs rise, or regulation and competition constrain the business.
No current market price, market capitalization, valuation multiple, target price, or expected 10-year return is established by the figures in this comparison. Without those inputs, calling either stock cheap, expensive, or the better buy would go beyond the evidence.
Different businesses mean different risks
Amazon’s risks span several operating fronts
Amazon’s FY2025 Form 10-K identifies risks that include economic conditions, tariffs and trade policy, supply and resource volatility, customer demand and spending, inflation and interest rates, labor constraints, competition, investment timing, litigation and regulation, and execution across fulfillment, delivery, and data-center operations. A diversified business can spread exposure across activities, but it does not remove those risks or guarantee that investments will earn an adequate return. The filing’s risk list is not exhaustive.
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SpaceX brings a distinct combination of opportunity and uncertainty
SpaceX’s prospectus describes risks from share-price volatility and warns that investors may lose some or all of their investment. It also says the company does not anticipate paying dividends for the foreseeable future. Any return would therefore depend on the value of shares when sold, rather than an expected dividend stream, unless the company’s policy changes.
The prospectus describes dual-class shares: Class B shares carry ten votes each, compared with one vote for each Class A share, and it describes Elon Musk as retaining majority voting influence after the offering. That structure can give management significant control over shareholder decisions. Verify the final share classes, voting terms, and control position against official offering and charter documents, since offering terms can change.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A practical way to choose between them
- Confirm access and terms. Verify whether SpaceX is publicly trading, its ticker and share class, and the rights attached to the shares. For Amazon, confirm the quote and ticker with your broker.
- Set one valuation date. Record each share price, shares outstanding, cash, and debt from reliable current sources. Calculate market capitalization and enterprise value consistently rather than mixing dates or company-value estimates with equity values.
- Build a conservative business case for each. Estimate revenue growth, operating margins, capital spending, and cash generation over time. Label assumptions as estimates; do not treat management aspirations or a prospectus scenario as a guaranteed outcome.
- Ask what the current price requires. Work backward from the valuation: what growth, profitability, and reinvestment returns must occur for the price to make sense? Include a less favorable case, not only a successful one.
- Fit the position to your own risk limits. Consider concentration, volatility, liquidity, voting rights, and whether you can tolerate a substantial loss. A 10-year horizon gives a business time to develop, but it does not prevent a permanent loss.
Which stock is the better fit?
Amazon is the more evidence-grounded choice for an investor prioritizing a large, diversified operating company with substantial reported earnings and a long public-market record. That description is not a buy verdict: the purchase still depends on Amazon’s valuation and the investor’s expectations for future cash generation.
SpaceX may suit an investor seeking exposure to a different and potentially higher-growth set of businesses, but the available 2025 figures are loss-making and retrospectively combined, the investment case depends heavily on future execution and valuation, and the prospectus describes concentrated voting control and no anticipated dividends. The materials here do not establish that the potential upside compensates for those risks at any current share price.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
