SpaceX's market value is surpassing Amazon.com, Inc.'s! Musk's "space AI empire" completely ignites the "MANGOS" trade.

In the week following the record-breaking IPO of SpaceX (SPCX.US), the American super tech giant founded by Musk focusing on "AI + space exploration," the global stock market has been heating up around investments in commercial space and artificial intelligence computing infrastructure. As of press time, Musk's SpaceX stock price surged by over 10% in pre-market trading on Tuesday, with the momentum continuing post-epic IPO. The company is poised to surpass the market value of the American cloud computing and e-commerce super giant Amazon.com, Inc., and become the world's fifth-largest publicly listed company in market valueonly behind NVIDIA Corporation, Alphabet, Apple Inc., and Microsoft Corporation. The stock's latest increase of 10.4% to $212.50, compared to its $135 IPO price, represents a significant increase of over 57%; if this growth is sustained, the company's market value could reach nearly $2.8 trillion. Meanwhile, Amazon.com, Inc. (AMZN.US) currently has a market value of around $2.66 trillion. With SpaceX's total market value surpassing that of Amazon.com, Inc., the investment narrative around the American tech giants is rapidly evolving: from the previous hype around FAANG and MAG 7, to a new emphasis on the "MANGOS" combination focused on "AI base models + AI computing infrastructure + space communication/data network." The reshaping of the investment abbreviation "MANGOS" at its core signifies that investors are using a new framework to price new global core technology assets, shifting the market focus from mature internet platforms and consumer tech leaders to AI native application assets and AI computing infrastructure assets. The "MANGOS" abbreviation, often interpreted as Meta (parent company of Facebook), Anthropic, NVIDIA Corporation, Alphabet Inc. Class C (parent company of Alphabet), OpenAI, and SpaceX, has not been fully standardized, with some versions also including "A" as Apple Inc. This transformation fundamentally indicates that investors are using new abbreviations to express a new global core technology asset pricing framework. With index-tracking ETFs expected to generate billions of dollars in new demand for SpaceX stock, combined with the anticipated investment and construction processes in AI computing infrastructure reaching up to $30 trillion, some Wall Street analysts see SpaceX as a potent amplifier for the AI super bull market, rather than a bubble-bursting force. This also implies that the impact of the record-breaking SpaceX IPO on the global stock market's trajectory surrounding the "AI super bull market," focused on the AI computing industry frenzy, is far from over. As the richest person in the world to date, Musk has accomplished what others considered impossible in the pastestablishing a commercially viable high-frequency rocket launch business through SpaceX, bringing electric cars into the mainstream market through the global electric vehicle leader Tesla, Inc., and providing internet connectivity infrastructure services in space through Starlink. However, some investors doubt whether Musk can truly build his recently outlined "epic" chip manufacturing operation in Austin and achieve his vision of an "AI, self-driving, humanoid Siasun Robot & Automation, and space AI data center super blueprint." SpaceX stock surges by 57% after IPO! Greenshoe expansion, options opening, and Nasdaq 100 inclusion expectations collectively drive funds towards SpaceX "We can confidently say that this valuation makes no sense whatsoever today. People are buying into SpaceX with the expectation that others will also buy in and push up the pricenot the best interpretation of speculative investing," said Ipek Ozkardeskaya, Senior Market Analyst at Swissquote Bank. The company (SpaceX) reported sales of $18.67 billion last year and recorded a net loss of $4.94 billion after merging with the loss-making AI leader xAIa stark contrast to the strong performance consistently announced by many large tech companies that Wall Street analysts have long been bullish on. In addition, SpaceX options trading is expected to begin on Tuesday, with early trading expected to be highly active and volatile, potentially costly. Speculative forces surrounding options derivatives could drive SpaceX stock prices up further, but the trajectory may experience significant volatility after reaching temporary peaks. Analysts and portfolio managers generally advise retail investors to prepare for volatility, especially in the earliest stages of SpaceX as a publicly listed company, due to its relatively small float and high valuation. As SpaceX is set to be quickly included in the Nasdaq 100 index, the upward trend may continue in the short term. This means that Nasdaq companies will soon push SpaceX to become an important holding target for passive funds and ETFs that track the Nasdaq 100 index, creating new sources of demand for its stock. FTSE Russell and MSCI will also include the stock in their respective benchmark market indices starting from June 26 and June 29, respectively. NASDAQ Inc., FTSE Russell, and MSCI Inc. are all preparing to swiftly include the company in their benchmark indices. According to data from the index rebalancing forecasting service Intropic, about 30% of SpaceX's freely tradable shares will be held by passive investors just 15 days after trading commences. In contrast, under the slower index inclusion rules of these index providers, this proportion is only about 4%. SpaceX announced on Monday that its underwriters have exercised the "green shoe" option to purchase additional shares, significantly increasing the total proceeds from the initial public offering from the initially planned $75 billion to $85.7 billion. On the eve of SpaceX's century-old listing, the well-known Wall Street investment bank Oppenheimer gave the stock an "outperform" rating and set a target price of $190. Based on the initial IPO price of $135, the $190 target price implies a potential upside of about 41%, corresponding to a market value of around $2.5 trillion. The core of Oppenheimer's bullish report is redefining SpaceX from a traditional commercial space company to a "vertically integrated AI infrastructure conglomerate": it not only has rocket launch, Starlink satellite network, and manufacturing engineering capabilities but is also endowed with a complex narrative of large language models, AI smart bodies, large ground AI data centers, large cloud-based inference computing resources, and future space orbit AI data centers. As of 5:02 AM Eastern Time, SpaceX's pre-market trading volume has exceeded $1.76 billion, several times the total trading volume of NVIDIA Corporation, Microsoft Corporation, Tesla, Inc., and Apple Inc. Other heavyweight tech stocks, including NVIDIA Corporation and Alphabet, showed a slight decline. Tesla, Inc., on the other hand, fell by 1.5%. Musk's "Space AI Empire" reshapes the investing labels of American tech giants SpaceX's highly anticipated IPO prospectus released last month showed that its self-assessed total addressable market (TAM) reached an astonishing $28.5 trillion; if this so-called "Space AI Empire" super blueprint scale is eventually realized, it will approach the entire output of the U.S. economy. The company stated in its IPO prospectus that it has "identified the largest executable total addressable market prospects in human history," driven mainly by AI super software with contributions from the space sector as well. SpaceX is accelerating its transformation from a "commercial space and space exploration company" towards a "global AI computing infrastructure operator + AI application giant," with over $300 billion in subscription size far exceeding expectations and $100 billion in retail subscriptions serving as evidence of market acceptance of this growth narrative. Subsequently, the trends and trajectories of "SpaceX's record-breaking IPO actually expanding the boundaries of the AI super bull market rather than consuming the liquidity of the AI bull market" will continue to be reinforced. From an observation of global capital flows, it currently appears that the AI super bull market has entered its second phase. The first phase was driven by massively scaled training clusters dominated by AI GPU and ASICs; the second phase is now shifting towards data center power chains, HBM/DRAM/NAND, advanced packaging, liquid cooling, data center CPUs, optical communication/optical interconnection, high-performance Ethernet network infrastructure/data center DCI high-speed interconnection, as well as PC, wearable consumer electronics, humanoid Siasun Robot & Automation, self-driving AI applications terminals, and even the space AI computing infrastructure represented by SpaceX fully diffusing. After SpaceX goes public, its market value rapidly approaches or even surpasses that of Amazon.com, Inc. Furthermore, with the "MANGOS" discussions in the market, the investment labels of American tech giants are accelerating a significant evolution: shifting from the previous FAANG and MAG 7 narratives towards a new combination emphasizing "AI base models + AI computing infrastructure + space communication/data network" with the "MANGOS" composition. The "MANGOS" abbreviation, typically interpreted as Meta (parent company of Facebook), Anthropic, NVIDIA Corporation, Alphabet Inc. Class C (parent company of Alphabet), OpenAI, and SpaceX, has not been fully standardized, with some versions also including "A" as Apple Inc. This reshaping of the investment abbreviation fundamentally signifies that investors are using a new framework to price new global core technology assets, highlighting a redistribution in the weight of benchmark indices in the U.S. stock market from mature tech cash flows to AI computing infrastructure monopolies, AI application and model platform pricing rights, and the scarcity of space infrastructure. NVIDIA Corporation represents the data center CPU and AI GPU, Infiniband network infrastructure, and the AI computing infrastructure ecosystem led by the CUDA system; Alphabet/Meta represents massive cloud and AI application distribution; OpenAI/Anthropic represents the basic AI large model platform; SpaceX represents space satellite internet communication, AI smart body application ecosystem, defense military and aerospace, and space AI data center infrastructure. In other words, MANGOS is not just a simple name change but an industrial chain reconstruction from the era of "mobile internet/cloud computing/digital advertising platforms" to "AI large modelsAI computing infrastructuresatellite network architectureAI smart body application portal." --- Please note that the translation may not be 100% accurate.