Markets JUN 16, 2026

Wall Street retires the Mag 7 for the 'FAB 10' as OpenAI, Anthropic chase $1T listings

Vanda Research's new label folds SpaceX, OpenAI and Anthropic into the seven incumbents; the three new entrants alone carry a combined $3.6T in pipeline valuation.

BY HENLEY MARRAST · MARKETS DESK

Vanda Research has formally retired the Magnificent 7, replacing it with a ten-name basket called the FAB 10 (Frontier AI & Big Tech 10) that folds SpaceX, OpenAI and Anthropic into the existing roster of Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. The three new entrants carry a combined headline valuation of roughly $3.6 trillion, more than enough to justify a basket rename and, more importantly, a reweighting of how Wall Street tells itself the AI story.

The trigger was a four-day stretch. Anthropic filed a confidential S-1 with the SEC on June 1, fresh off a $65 billion funding round at a $965 billion post-money valuation closed in late May. OpenAI followed on June 8 with its own confidential filing, first reported by the Wall Street Journal, sitting on an $852 billion post-money mark from a $122 billion March round. SpaceX debuted on Nasdaq on June 12 with a $75 billion offering at a $1.75 trillion valuation. Three private giants, all suddenly legible to public markets in the same week.

The fundamentals don’t quite line up with the framing. Anthropic’s S-1 shows a $47 billion revenue run-rate against $10 billion a year earlier, a curve that makes the $965 billion mark defensible to a believer and absurd to a skeptic. OpenAI told prospective investors it doesn’t expect to be free-cash-flow positive for at least four more years. CFO Sarah Friar is asking the public market to fund a runway that private capital, for all its appetite, has started to ration.

That’s what makes the FAB 10 label itself the more revealing artifact. Bank of America strategists are already broadening their preferred AI exposure list to include Broadcom, AMD and Micron. Gil Luria of D.A. Davidson has been describing the IPO wave as evidence that AI capital needs are outrunning what private rounds can absorb.

Index labels are downstream of narrative. Vanda’s rename is an acknowledgement that the seven-name story stopped describing the trade some time ago, and that the next leg requires three companies that don’t yet trade.

Sources

About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.