TechCrunch says the IPO market is active again, but the leading names are no longer the classic FAANG companies. The episode centers on MANGOS: Meta or Microsoft, Anthropic, Nvidia, Google, OpenAI, and SpaceX. With several of these companies approaching public markets in the same window, Equity’s hosts discuss what that means for valuations, investors, and expectations for public tech companies in 2026.
The tech industry's shorthand for power is getting an update. As SpaceX, Anthropic, and OpenAI eye massive public market debuts, a new acronym — MANGOS — is emerging to replace the decade-old FAANG. The shift signals that AI and deep tech companies are becoming the new dominant forces in capital markets, displacing the platform and consumer internet era's giants.
OpenAI announced Monday that it confidentially submitted a Form S-1 with the US Securities and Exchange Commission. The move follows Anthropic, which reportedly made the same filing step on June 1. The Verge frames this as part of an IPO race between the two AI rivals, but the report does not provide timing, valuation, or offering details.
OpenAI said Monday in a blog post that it has confidentially filed for an initial public offering. The move comes a little over a week after Anthropic, its main rival, also filed to go public. TechCrunch notes that OpenAI was last valued at $852 billion post-money, making the filing a major marker in the AI sector’s race toward public markets.