SpaceX IPO upends Mag 7 label, traders hunt for new ticker acronym

SpaceX became a $2 trillion-plus company the day it listed, leapfrogging Tesla and Meta Platforms in market value. The IPO instantly broke the "Magnificent Seven" framing that Wall Street has used since late 2023.

That label, coined by BofA's Michael Hartnett, covered Nvidia, Apple, Amazon, Alphabet, Meta, Tesla and Microsoft. With SpaceX now trading, plus OpenAI and Anthropic waiting to debut, the old seven-stock shorthand no longer fits the top of the market.

"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," said Shay Boloor, chief market strategist at Futurum Equities.

The scramble to find a replacement is producing contenders. One gaining attention on X is "MANGOS" – an acronym that covers Meta, Anthropic, Nvidia, Alphabet, OpenAI and SpaceX. The "A" is not settled; some traders use it for Apple, the third-largest U.S. listed company.

"We are already referring to it internally, and the industry is picking up on it as well," said Aga Kuplinska, SVP of product development at Tidal Financial Group, which helps asset managers roll out ETFs.

Dan Boardman-Weston, CEO at BRI Wealth Management, proposed "Magna Atoms" – the Magnificent Seven plus SpaceX, OpenAI and Anthropic. Others point to BofA's May note on the "AI Big 10," adding Broadcom, Micron and AMD to the original seven. That cohort accounts for more than 40% of the S&P 500's weight, per LSEG data.

Monikers have shifted before. FANG covered Facebook (Meta), Amazon, Netflix and Google. FAANG added Apple. The Magnificent Seven swapped Netflix for Microsoft, Nvidia and Tesla. Each change tracked which companies actually led the market.

"It's been Mag 7 for several years now. Maybe the markets are excited for something new," said Dustin Thackeray, chief investment officer at Crewe Advisors.

The labeling question is not purely academic. ETFs and strategy products track these baskets. A new acronym could mean new index products, reweighting flows and even derivative positioning.

Dave Mazza, CEO of Roundhill Investments, thinks the old label will not vanish. "The Magnificent Seven label is not going away," he said. "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."

For now, the market caps themselves are the cleanest guide. SpaceX, at over $2 trillion, sits ahead of Tesla and Meta. The old group had no easy name for a nine- or ten-stock roster. That is the whole reason the acronym search matters – and why the next few IPO windows will force a decision.

(The table is approximate and includes only U.S.-listed or soon-listed entities from the source. Data from LSEG and public filings.)

Meta, with an Alpha Score of 55/100 and a "Mixed" label, trades at $566.98, down 0.26% today. Microsoft, Alpha Score 57/100 (Moderate), is at $390.74, up 0.10%. Both are part of the original seven and will likely stay in any new grouping. The real question is whether OpenAI, Anthropic, and SpaceX force a rename before year-end.

Tidal Financial Group's Kuplinska expects the ETF industry to move fast. "If a new label gets volume on Twitter and in media, the product teams start drafting prospectuses within weeks," she said. The comment underscores the real-world stake in what sounds like a naming game: whichever acronym wins will attract capital formation, index inclusion, and retail attention.

The last time the label changed – from FAANG to Mag 7 – the shift reflected the rise of Nvidia and Microsoft and the fading of Netflix as a pure tech leader. A similar rotation is happening now, with SpaceX joining and OpenAI waiting. The market is not waiting for anyone to agree on the name. It is already trading the stocks.