SpaceX stormed into markets this past week with a valuation eclipsing $2 trillion, surpassing two members of Wall Street's "Magnificent Seven" and raising an interesting question: Does the Mag 7 label still fit? And if not, what should replace it?
The initial punlic offering (IPO), the biggest in U.S. history, vaulted SpaceX's value above two Mag 7 members: CEO Elon Musk's other company, Tesla and Meta Platforms.
With trillion-dollar contenders such as OpenAI and Anthropic also lining up for IPOs, the club may soon need a name change, analysts said.
With SpaceX's arrival, "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.
These groupings are not formal market categories, but shorthand labels coined by strategists, investors and the media to capture the hottest big stocks at a given moment.
