SpaceX roared onto public markets this week with a valuation exceeding $2 trillion, instantly surpassing two members of the so-called “Magnificent Seven” and raising urgent questions about the grouping’s relevance.
The historic IPO, the largest in U.S. history, pushed SpaceX’s market value above both Tesla (NASDAQ: TSLA) and Meta Platforms (NASDAQ: META), two current members of the elite tech cohort.
With trillion-dollar contenders such as OpenAI and Anthropic also waiting in the IPO wings, analysts say the Mag 7 label may be running out of road.
Shay Boloor, chief market strategist at Futurum Equities, said it “becomes very hard to keep using Mag 7 as the clean shorthand for market leadership because one of the most important companies in the world would immediately be outside the label.”
These groupings are not formal market categories but shorthand labels coined by strategists, investors and the media to capture the most dominant stocks at any given moment.
Such monikers have a long history, ranging from the “Nifty 50” of the 1960s and 1970s to the “Four Horsemen” of the late 1990s dot-com boom.
SpaceX’s arrival has set off a race among market watchers to devise the next memorable acronym to describe the new generation of market leaders.
One label gaining traction on X is “MANGOS,” standing for Meta, Anthropic, Nvidia, Alphabet, OpenAI and SpaceX, though the grouping is far from standardized, with some interpreting the “A” as Apple.
Aga Kuplinska, SVP of product development at Tidal Financial Group, which helps asset managers roll out ETFs, said, “We are already referring to it internally and the industry is picking up on it as well.”
Dan Boardman-Weston, CEO at BRI Wealth Management, has proposed “Magna Atoms,” encompassing the original Magnificent Seven plus SpaceX, OpenAI and Anthropic.
The “Magnificent Seven” label itself was coined by BofA Global Research Chief Investment Strategist Michael Hartnett in late 2023 to describe Nvidia, Apple, Amazon, Alphabet, Meta, Tesla and Microsoft.
In a May 22 note, BofA wrote about the “AI Big 10,” adding Broadcom, Micron Technology and Advanced Micro Devices to the original seven, reflecting the semiconductor rally of the past year.
That expanded group now accounts for more than 40% of the S&P 500’s weight, according to LSEG data, underscoring just how concentrated market leadership has become.
The labels have evolved before, moving from FANG to FAANG and eventually to the Magnificent Seven, with each shift tracking which companies were actually leading the market at the time.
Dustin Thackeray, chief investment officer at Crewe Advisors, noted, “It’s been Mag 7 for several years now. Maybe the markets are excited for something new.”
Not everyone expects the old label to disappear entirely, however, with some arguing its cultural staying power is simply too strong to displace.
Dave Mazza, CEO of Roundhill Investments, said, “The Magnificent Seven label is not going away. It is too embedded in how investors and the media view large-cap tech leadership. What you will likely see is additive terminology rather than replacement.”
