Turning $100,000 into $1 million over the next decade is not easy, and it is certainly not guaranteed.
To even have a chance, investors usually need to back businesses with long runways, scalable models, and management teams focused on building much larger companies over time. These are typically ASX stocks that reinvest heavily today in the hope of much bigger rewards tomorrow.
With that in mind, here are two ASX stocks that I believe have the ambition, strategy, and opportunity to aim for that kind of outcome by 2035.
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Megaport Ltd (ASX: MP1)
The first stock that could deliver exceptional long-term returns is Megaport.
Megaport operates at the heart of cloud computing, networking, and enterprise IT infrastructure. Its platform allows businesses to instantly connect data centres, cloud providers, and increasingly compute resources, without the rigidity of traditional telecom contracts.
The company has a significant addressable market to grow into over the next decade. Global enterprise spending on cloud services, hybrid IT environments, and AI workloads continues to grow, and all of it depends on fast, flexible, and secure connectivity.
Multi-cloud adoption, regional data requirements, and AI-driven workloads all make traditional networking harder to manage. Megaport's software-defined approach is designed for exactly that environment.
The move into high-performance compute via the Latitude acquisition further broadens this ASX stock's opportunity. It positions Megaport closer to where networking and compute converge, potentially expanding its role from a connectivity layer into a more central piece of digital infrastructure.
If Megaport succeeds in embedding itself deeper into global enterprise architecture, its long-term addressable market could be far larger than what its current revenue base implies.
Temple & Webster Group Ltd (ASX: TPW)
Another stock that could potentially turn $100,000 into $1 million by 2035 is online furniture and homewares retailer Temple & Webster.
At its annual general meeting last year, management spoke about the size of the opportunity still ahead. It estimates its total addressable market to be around $37 billion, made up of a $19 billion furniture and homewares market and a further ~$18 billion home improvement market.
Importantly, the ASX stock believes both markets remain underpenetrated online. Furniture and homewares online penetration sits at roughly 20%, while home improvement is even earlier in its transition, with online penetration estimated at just 5% to 10%. By comparison, overseas markets such as the US and UK have already reached penetration rates closer to 30% to 35%.
Despite its strong brand recognition, Temple & Webster is still only a small participant in this market today. Management notes that its share of the Australian furniture and homewares market recently reached a record 2.7%, highlighting just how much runway remains if it can continue to take share over time.
If Temple & Webster continues executing and gradually deepens its penetration of a multi-billion-dollar market, the scale of the business by 2035 could be meaningfully larger than it is today.
