For years, the ‘Magnificent Seven’ have dominated the US market as a concentrated group of companies at the forefront of AI, innovation and technology, comprising of: Alphabet, Amazon, Apple, Microsoft, Meta, Nvidia, and Tesla.
The race for AI dominance is accelerating, and Wall Street’s long serving market framework, the ‘Magnificent Seven’, is starting to fall behind.
June 16, 2026
With a combined valuation of around USD $22.62 trillion, the Magnificent 7 has dominated the market, led by Nvidia at USD $5.13 trillion, with its shares rising 3.3% to USD $211.96 on Monday 15th June. (Source: VandaTrack)
What’s driving this shift is a clear rotation in capital. Ahead of SpaceX’s debut, Vanda reported the longest streak of retail net selling in the Magnificent 7 since March 2020, while the Roundhill Magnificent Seven ETF has fallen 4.73% over the past month. (Source: VandaTrack)
Following SpaceX’s historic market debut on Friday, and a string of AI IPOs on the horizon, the market is now talking about the Fab 10.
The Fab 10 expands on the Magnificent Seven to include SpaceX, OpenAI, and Anthropic, reflecting a broader set of companies driving the next phase of AI and technology innovation.
In his CNBC coverage, Viraj Patel, Deputy Head of Research and Partner, observed:
“If the last few years were dominated by the Magnificent 7, this may be the clearest sign yet that investors are starting to focus on what we call the Fab 10.”
SpaceX’s IPO, the largest in history, has catalysed this shift in investor focus.
SpaceX entered public markets on Friday with shares priced at USD $150, giving the company a valuation of USD $1.75 trillion and placing it among the largest publicly listed companies in the US. (Source: VandaTrack)
In our latest CIO report, we highlighted the scale of that demand: retail net buying was substantial, reaching $117 million on Friday 12th June, which accounted for 56% of all retail purchases in the equities market on its first day of trading.
The significance of this goes beyond the numbers, it captures the early expansion into the next phase of AI driven market performance. SpaceX embodies many of the qualities that have historically resonated with retail investors: a transformational technology story, a bold vision of the future, a celebrity founder and unparalleled media attention.
It reflects a growing appetite for a new class of opportunity, one that extends beyond traditional frameworks. Investors are increasingly looking for exposure to frontier innovation, with SpaceX’s offerings spanning
- Space exploration and colonisation
- AI data centres in space
- Next generation AI platforms such as xAI and Grok.
And this shift extends beyond SpaceX.
Both OpenAI and Anthropic have filed for IPOs earlier this month and are expected to proceed quickly following their filings. Anthropic has gained significant traction, with its positioning at the premium end of the AI market, highlighting the growing depth of competition with OpenAI. Together, analysts have presented valuations in excess of USD $2 trillion, underlining their growing influence as they prepare to enter public markets. As the current global leaders in artificial intelligence transition toward public listings, their outsized growth potential is set to accelerate the next phase of market performance.
Together, these companies represent the future of AI & tech that will define the next decade
You can use VandaTrack to monitor the Magnificent 7 now, and the Fab 10 when OpenAI and Anthropic IPOs launch later this year. Contact sales to request access at sales@vanda.com, or complete the form below.
This commentary is for informational purposes only and should not be considered investment advice.