Imagine buying shares in an ASX company worth $1 billion today and watching it become a $20 billion business over the next decade or two.
It's the kind of investment that could transform a portfolio.
Of course, finding these opportunities before everyone else is incredibly difficult. Most ASX small caps will never come close to reaching that size, and plenty of promising businesses will stumble along the way.
But I believe there are a handful of ASX shares with the potential to become household names in the investment community.
I decided to investigate some of them, concentrating on companies with enormous market opportunities, scalable business models, and competitive advantages that could become stronger as they grow.
And while several impressed me, one eventually stood above the rest. Here's how I narrowed down my shortlist.
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SiteMinder Ltd (ASX: SDR)
One ASX share that immediately caught my attention was SiteMinder. The technology company provides software that helps hotels manage room availability, pricing, and bookings across different sales channels.
It's already a global leader in hotel commerce technology, serving more than 56,000 hotels across over 150 countries.
But here's what makes its growth opportunity so interesting. SiteMinder estimates that its addressable market includes more than one million hotel properties worldwide.
That means it currently serves only a small fraction of the potential market, despite already having an established international presence.
And there's another reason I like the business. SiteMinder is increasingly earning revenue from transactions processed through its platform, creating opportunities to generate more income from hotels it already serves.
In FY 2026, annual recurring revenue (ARR) reached $313.7 million, representing organic constant-currency growth of 24.1%.
Management is also looking to improve profitability substantially as the business expands, targeting an adjusted EBITDA margin in the mid-20s by FY 2030. This compares to 10.6% in FY 2026.
With a market capitalisation of around $1 billion, I can certainly imagine SiteMinder becoming a much larger ASX share in the future.
However, reaching $20 billion would require an extraordinary increase in its earnings power and valuation.
Although I like its prospects, I ultimately found another company with an even more compelling combination of growth opportunities and competitive advantages.
And it wasn't an easy decision. The other two businesses operate in different industries, but both have enormous global opportunities and ambitious plans to expand.
For me, the deciding factor was which company had the more realistic path to becoming a $20 billion business.
Here's why I made my choice.
Catapult Sports Ltd (ASX: CAT)
Another serious contender was Catapult Sports. It supplies technology that helps professional sporting teams monitor athletes, analyse performance, and make better decisions.
Its products are used by leading organisations across football, basketball, rugby, and numerous other sports. And I believe Catapult is only beginning to demonstrate how valuable its technology could become.
According to its FY 2026 presentation, the global professional sports technology market is forecast to reach US$71.7 billion by 2030. I think this demonstrates how much investment is flowing into sports technology.
At the end of FY 2026, it was serving 4,178 professional teams, with average annualised contract value of approximately US$30,400 per team.
But management isn't settling for that. It has identified approximately 20,000 professional teams worldwide that could use its technology.
Furthermore, it has illustrated a strategy that could see Catapult expand to between 7,000 and 10,000 professional teams while increasing annual contract value per team to US$100,000 to US$150,000.
I calculate that combination could eventually generate more than US$1 billion in annualised contract value, compared with approximately US$134 million today.
The company also believes it could eventually achieve management EBITDA margins of 30% as its revenue increases.
Overall, these are ambitious targets, but I think they are achievable. This is especially the case given its expanding product suite and annual contract retention above 96%. The latter appears to demonstrate that its customer relationships are remarkably durable.
However, with a current market capitalisation of approximately $1.2 billion, reaching $20 billion would require Catapult to increase in value almost 17-fold.
Even if management achieves its growth ambitions, I think that's an enormous leap. Catapult could become a very successful investment without ever reaching that valuation.
That's why I ultimately decided to back another ASX share.
Megaport Ltd (ASX: MP1)
The winner is Megaport. This ASX share provides networking and computing infrastructure that helps businesses connect to cloud platforms and run demanding applications.
Its acquisition of Latitude.sh has also given it exposure to the rapidly expanding market for artificial intelligence computing.
And the scale of the opportunity is becoming apparent. During FY 2026, ARR reached $395.2 million. Since then, Megaport has secured major AI infrastructure contracts that could lift its ARR run rate to approximately $1.1 billion once fully deployed.
That's a massive increase in the size of its recurring business in a relatively short period.
Management has also upgraded its FY 2027 revenue guidance to between $720 million and $810 million, with an expected EBITDA margin of 42% to 44%.
And I believe this could be just the beginning. Global investment in AI infrastructure is expected to remain enormous over the coming years as companies build the computing capacity needed to train and operate increasingly sophisticated AI models.
Megaport is positioning itself to benefit from this demand, while its established networking business continues to grow as more organisations move their operations into the cloud.
Importantly, the company already has evidence of strong demand for its expanded offering. Since April, it has announced approximately $2.3 billion in strategic AI infrastructure contracts.
With a market value around $4.3 billion, Megaport would need to increase approximately fivefold to become a $20 billion company.
That would still be an outstanding achievement, but I think it is a much more realistic possibility given the scale of the market opportunity and the growth Megaport is already demonstrating.
Of course, there are challenges. Expanding its computing operations requires substantial capital investment in expensive hardware. Management expects to spend between $1.78 billion and $1.88 billion in FY 2027 alone.
That creates additional risks around financing, equipment replacement, and the returns generated from its contracts.
Nevertheless, if Megaport can continue securing major customers, expand its infrastructure operations, and translate its growing revenue into strong long-term profits and cash flows, I believe it has the potential to become one of Australia's most valuable technology companies.
