SpaceX’s recent initial public offering (IPO), which valued the company at over US$2 trillion, has prompted market analysts to question the relevance of Wall Street’s longstanding “Magnificent Seven” tech-stock grouping. The IPO, the largest in U.S. history, propelled SpaceX's valuation ahead of two existing members of the group—Tesla and Meta Platforms—highlighting a growing need to reconsider the label used to describe leading technology companies.

The “Magnificent Seven” refers to seven major technology firms widely recognized for their significant market influence and high valuations. While not an official market classification, the term has become a convenient shorthand for investors and media to discuss the dominant players in the tech sector. However, with SpaceX’s entry and the anticipation of additional high-profile IPOs such as OpenAI and Anthropic, some experts argue the label may no longer adequately capture the current landscape.

“Once SpaceX is included, it’s difficult to continue using ‘Mag 7’ as a neat descriptor for market leadership because one of the most important companies would lie outside that designation,” said Shay Bolour, chief market strategist at Futurum Equities.

In response, new acronyms have emerged, seeking to redefine the core group of leading tech companies. One such term gaining traction on social media platform X is “MANGOS,” an acronym that includes Meta, Anthropic, Nvidia, Alphabet, OpenAI, and SpaceX. However, the composition of this grouping remains fluid, with some versions substituting “A” to represent Apple instead of Anthropic. Apple currently ranks as the third most valuable U.S.-listed company.

“We have already been using it internally, and the industry is beginning to adopt it as well,” said Aga Kaplukina, senior vice president of product development at Tidal Financial Group, which assists asset managers with exchange-traded funds (ETFs).

Alternatively, Dan Boardman-Weston, CEO of BRI Wealth Management, proposed the term “Magna Atoms,” which builds on the original Magnificent Seven by adding SpaceX, OpenAI, and Anthropic to the mix.

Despite these attempts at renaming, some industry leaders believe the original “Magnificent Seven” label will remain entrenched. “The Magnificent Seven label is here to stay,” said Dave Mazza, CEO of Roundhill Investments. “It’s too deeply embedded in how investors and the media perceive large-cap tech leadership. What is more likely to happen is the introduction of additive terminology rather than wholesale replacement.”

The debate illustrates the dynamic nature of the technology sector and the challenge of capturing market leadership with a single acronym as new players enter the stage. The outcome will likely depend on which companies maintain their valuations and influence over the coming months.