SpaceX is set to have its initial public offering (IPO) on June 12, and the company's public debut is set to be a big test for the market. The company recently announced it had lowered its target valuation by roughly $200 billion, but it is still planning to sell its first batch of stock at a price that would value the space tech specialist at roughly $1.77 trillion.

If SpaceX stock falters and sees big sell-offs upon its public debut, it could have bearish ripples for the broader market in the near term. On the other hand, a strong start for SpaceX could be a sign that investors' appetite for growth stocks remains strong, triggering a renewed risk-on rally.

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With that in mind, read on for a look at two stocks that could be big winners if a strong public debut for SpaceX helps support bullish momentum for the broader market.

Micron

Micron (NASDAQ: MU) has been a huge winner over the last year and has emerged as a pivotal stock in the artificial intelligence (AI) trade, shaping the broader market. The company's share price is up 898% over the last 12 months, and some Wall Street analysts are betting that it will keep marching higher.

For example, Susquehanna recently raised its one-year price target on Micron stock to $1,750 per share. The investment firm cited higher DRAM memory prices, up 50% to 60% on a quarter-over-quarter basis, as a key reason for its bullish valuation target. The firm also continues to expect NAND memory prices to be up between 75% and 100% on a sequential quarterly basis.

Micron's status as a leading provider of high-bandwidth memory (HBM) chips and other memory solutions for AI processors and data center applications has driven incredible gains for the stock, and demand looks poised to remain strong for the foreseeable future. But Micron has become a lynchpin in influencing momentum for the broader market -- and also a company that typically sees moves in line with the broader market.

If SpaceX's IPO proves a hit and the space-tech company's valuation surges after its public debut, it could foster broader bullish sentiment that sends Micron stock higher. Micron's long-term outlook isn't contingent on what happens with SpaceX's IPO, but the memory specialist's bull run this year could be extended by positive catalysts connected to the public debut of Elon Musk's space company.