FAANG gives way to MANGOS: Anthropic, OpenAI and Nvidia lead the IPO wave

The IPO market is awakening after a two-year freeze — and this time it is not led by the old FAANG guard, but by a new club of technological giants under the acronym MANGOS.

What is MANGOS and why it matters

MANGOS stands for Meta (or Microsoft — analysts disagree), Anthropic, Nvidia, Google, OpenAI, and SpaceX. This is not just another financial play on words: each of the six companies sits at the epicenter of the AI revolution and simultaneously sets the agenda for public markets in the years ahead.

The FAANG acronym — Facebook, Apple, Amazon, Netflix, Google — dominated investment vocabulary for more than a decade. It became a label for everything most expensive and promising in technology, a reference point for pension funds and retail investors around the world. Now this label is becoming obsolete. Apple and Netflix are perceived as mature, predictable businesses, not as engines of the next technological era. OpenAI, Anthropic, and SpaceX — quite a different story: companies with enormous uncertainty, but also with the potential to radically reshape entire industries.

Half of MANGOS is heading to market at the same time

Three of the six companies in the acronym are preparing for IPOs in a close time window — this is what makes the situation unprecedented for financial markets.

• OpenAI transitioned to a commercial structure in 2025, removing the key legal barrier to a public offering. Based on recent funding rounds, the company is valued at $300 billion and higher — this would make it one of the largest IPOs in American market history.

• Anthropic — developer of the Claude model — has attracted tens of billions from Google and Amazon. The company has so far avoided the spotlight, but pressure from early investors who need liquidity and an exit is intensifying every quarter.

• SpaceX formally remains private, however, rumors are circulating in the market about a possible spin-off of Starlink as a separate public company — which would essentially become a partial IPO of the entire group.

For Nvidia and Google, the situation is different: both have been trading on exchanges for a long time. But they are precisely the key beneficiaries of the AI boom and set the valuation benchmarks that newcomers will follow.

Why this is a stress test for investors

The simultaneous exit of several ultra-expensive companies creates unusual pressure on the market. Institutional funds are forced to reallocate capital for several large offerings at once. Retail investors compete for limited allocations in hot IPOs. Analysts must justify valuations for companies that either have no profit at all, or only recently became profitable.

An additional risk is inflated expectations. When an IPO takes place at the peak of hype, the post-offering correction is often painful. Recall the 2021 debuts: Robinhood lost half its market cap within months of listing, Rivian — three-quarters within a year. MANGOS companies are valued an order of magnitude higher — and the cost of a possible valuation error is incomparably greater.

"This is the first time that several of the world's most expensive private companies are going public practically simultaneously.

This is not a test for issuers — for the entire asset pricing system," note analysts tracking the market.

What does this mean

If the wave of MANGOS IPOs passes successfully, it will definitively cement AI as a standalone infrastructure sector — with its own indices, thematic ETFs, and sustained allocations in pension portfolios. A failure or disappointing valuations, conversely, could cool the entire AI investment market for several years and cast doubt on current multiples. The summer of 2025 risks entering financial history as the moment when the AI industry passed its maturity test — or discovered it was overvalued.

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