Topline
SpaceX’s blockbuster Nasdaq debut has vaulted it past three Magnificent 7 members by market cap in its second full day of trading, fueling a Wall Street scramble to retire the acronym in favor of new labels, including the social media viral “MANGOS” and Vanda Research’s “Fab 10″—neither of which most investors can fully buy, since marquee members OpenAI and Anthropic remain private.
Key Facts
Elon Musk’s rocket company began trading on the Nasdaq under ticker SPCX on June 12 and rose 12% on its second full trading day Tuesday, reaching a $2.85 trillion market cap and surpassing Mag 7 companies Tesla, Meta and Amazon.
Research firm Vanda coined the acronym FAB 10 (Frontier AI & Big Tech 10), which includes the original Mag 7 (Nvidia, Apple, Alphabet, Microsoft, Amazon, Meta, Tesla) plus SpaceX, OpenAI and Anthropic.
The acronym MANGOS (Meta, Anthropic, Nvidia, Google, OpenAI, SpaceX) went viral this month after a developer posted a graphic on X that drew millions of views.
MANGOS swaps consumer-internet names for the AI stack, dropping Apple, Microsoft, Amazon and Tesla entirely.
ETF issuer Corgi Funds filed a prospectus this week for an ETF called MANGOS, prompting Morningstar’s Ben Johnson to quip on X that the ink had barely dried before a fund appeared as two members Anthropic and OpenAI remain private.
Both private AI makers filed paperwork confidentially in June to go public this year at valuations potentially north of $1 trillion.
SpaceX is up 35% since its debut, while the Roundhill Magnificent Seven ETF (MAGS) is down roughly 4.7% over the past month, with Microsoft’s stock down 17% and Meta and Tesla’s down around 8% this year.
big number
$85.7 billion. That’s how much SpaceX raised in its IPO—the largest public offering in history, clearing prior records held by Saudi Aramco and Alibaba. The rocket maker raised its initially planned $75 billion Thursday, before banks exercised the option to sell more shares than originally planned due to demand.
forbes valuation
SpaceX’s IPO made its founder and CEO Elon Musk the world’s first trillionaire. Musk’s net worth gained more than $100 billion each full trading day thanks to his 38% stake in the company.
key background
FAANG (Facebook, Amazon, Apple, Netflix and Google) was coined by market technician Bob Lang and popularized by CNBC’s Jim Cramer in 2013 to describe five consumer-internet companies that converted human attention into revenue. At their 2021 combined peak, the five carried a market cap of roughly $7.8 trillion. Bank of America strategist Michael Hartnett coined the Magnificent 7 label in 2023, adding Nvidia, Microsoft and Tesla while keeping Apple, Amazon, Meta, and Alphabet. By 2025, Hartnett himself had taken to calling the group the “Lagnificent 7” as Apple, Tesla, Amazon and Microsoft trailed Nvidia and Alphabet—an early sign the label was straining. The Mag 7’s combined market value now sits near $22.6 trillion, with Nvidia taking the lead with a $5 trillion market cap. SpaceX’s debut, plus the looming IPOs of OpenAI and Anthropic, are giving the market three new names that have the potential to trump Big Tech.
