Elon Musk is reportedly requiring banks involved in SpaceX’s upcoming IPO to purchase subscriptions to Grok, the AI chatbot developed by his company xAI.
According to reports, major financial institutions including Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America and Citigroup are participating as lead underwriters. Some have agreed to spend tens of millions of dollars annually on Grok subscriptions and are integrating the tool into their internal systems.
The move reflects an unusual strategy linking participation in one of the most anticipated IPOs to adoption of Musk’s AI ecosystem. It also highlights growing convergence between financial services and artificial intelligence tools.
SpaceX is reportedly targeting a valuation exceeding $2 trillion and aims to raise up to $75 billion, potentially making it the largest IPO in history. The company’s satellite business, Starlink, is expected to be a key driver of its valuation.
Neither Musk nor SpaceX has publicly commented on the reported requirement.
The development underscores Musk’s broader strategy of leveraging his interconnected businesses—spanning aerospace, AI and social platforms—to reinforce each other commercially and technologically.
