The tech investing narrative that defined the past few years is shifting. The so-called "Magnificent 7" — the group of mega-cap tech stocks that dominated market conversations — is being eclipsed by a new crop of companies, according to Yahoo Finance, which is already calling the emerging cohort the "FAB 10."
Leading that charge is SpaceX. According to TechCrunch, the rocket and satellite company has surpassed Amazon in valuation, with its worth ballooning to $2.7 trillion. That figure represents an increase of roughly $1 trillion since SpaceX shares began trading on Friday — a staggering single-week surge for any company, let alone one that remains privately held in the traditional sense.
Joining SpaceX in the new power ranking, per Yahoo Finance, are AI giants OpenAI and Anthropic — two companies that have reshaped how the world thinks about artificial intelligence but have yet to go public through a conventional IPO.
The shift signals something significant: the companies now capturing investor imagination are no longer the established giants of the smartphone and cloud era. They are builders of rockets, large language models, and AI infrastructure — ventures that were either startups or science projects just a decade ago.
Why it matters: if the "FAB 10" framing takes hold, it reflects a fundamental reordering of where money, talent, and attention flow in tech — and which companies get to set the agenda for the next decade.