MANGOS Or Fab 10? SpaceX’s IPO Sparks A Scramble To Rename Big Tech Stocks
SpaceX reached a $2.85 trillion market cap during its second full day of trading on the Nasdaq, surpassing Tesla, Meta, and Amazon in valuation. The company’s June 12, 2026, initial public offering raised $85.7 billion, the largest public offering in history, according to market data.
How did the SpaceX IPO impact market valuations?
Trading under the ticker SPCX, the rocket company rose 12% on Tuesday, its second full session. SpaceX has climbed 35% since its debut, while the Roundhill Magnificent Seven ETF (MAGS) fell roughly 4.7% over the last month. This shift comes as Microsoft’s stock dropped 17% and Meta and Tesla both fell around 8% this year.
The IPO raised $85.7 billion, clearing previous records held by Alibaba and Saudi Aramco. Banks exercised an option to sell more shares than the initially planned $75 billion due to high demand.
Founder and CEO Elon Musk became the world’s first trillionaire following the debut. Holding a 38% stake in the company, Musk’s net worth increased by more than $100 billion during each full trading day.
Why is Wall Street replacing the “Magnificent 7” label?
Market analysts are scrambling to replace the “Magnificent 7” acronym as new players disrupt the tech hierarchy. Bank of America strategist Michael Hartnett coined the “Magnificent 7” in 2023, but by 2025, he began calling the group the “Lagnificent 7” as companies like Apple and Microsoft trailed Nvidia and Alphabet.
Vanda Research has proposed a new label, the “Fab 10” (Frontier AI & Big Tech 10). This group includes the original seven—Nvidia, Apple, Alphabet, Microsoft, Amazon, Meta, and Tesla—alongside SpaceX, OpenAI, and Anthropic.
A different acronym, “MANGOS” (Meta, Anthropic, Nvidia, Google, OpenAI, SpaceX), went viral on X after a developer shared a graphic with millions of views. MANGOS focuses on the AI stack, removing Apple, Microsoft, Amazon, and Tesla entirely. Corgi Funds has already filed a prospectus for a MANGOS ETF, though Morningstar’s Ben Johnson noted that OpenAI and Anthropic remain private.
What happens next for OpenAI and Anthropic?
The market may see further disruption as OpenAI and Anthropic move toward public listings. Both private AI firms filed confidential paperwork in June to go public this year. Valuations for these two companies could potentially exceed $1 trillion each.
The combined market value of the Magnificent 7 currently sits near $22.6 trillion, with Nvidia leading at $5 trillion. The entry of SpaceX and the potential IPOs of OpenAI and Anthropic could create a new tier of companies capable of trumping existing Big Tech valuations.
Comparison of Tech Groupings
- FAANG (2013): Coined by Bob Lang and Jim Cramer; peaked at $7.8 trillion in 2021.
- Magnificent 7 (2023): Coined by Michael Hartnett; currently valued near $22.6 trillion.
- Fab 10/MANGOS (2026): New labels incorporating AI and space leaders like SpaceX, OpenAI, and Anthropic.
Frequently Asked Questions
How much did SpaceX raise in its IPO?
SpaceX raised $85.7 billion, making it the largest public offering in history.
Who is the world’s first trillionaire?
Elon Musk became the first trillionaire due to his 38% stake in SpaceX.
What is the “Fab 10” acronym?
Coined by Vanda Research, the “Fab 10” (Frontier AI & Big Tech 10) includes the original Magnificent 7 plus SpaceX, OpenAI, and Anthropic.
Do you think the “MANGOS” or “Fab 10” labels will permanently replace the Magnificent 7?