SpaceX IPO: Elon Musk asks SpaceX IPO banks to buy Grok AI subscriptions. Here's why

Elon Musk is requiring banks and other advisers working on SpaceX’s planned IPO to buy subscriptions to Grok, his artificial intelligence chatbot, the New York Times reported on Friday, ‌citing people ⁠familiar ⁠with the matter. Elon Musk's SpaceX boosted its target IPO valuation above $2 trillion, Bloomberg News reported on Thursday setting ‌the stage for ⁠what ⁠could become the largest stock market listing on record.

Some banks have agreed to spend ​tens of millions of dollars a year on the ​chatbot and have begun integrating it into their IT systems, the report ​said.

Morgan Stanley, Goldman Sachs, ⁠JPMorgan Chase , ‌Bank of America and ​Citigroup ​are serving as active bookrunners, or ⁠the lead banks managing the deal, Reuters ​reported earlier this week, Reuters reported.


SpaceX, based in Starbase, Texas, submitted confidential IPO paperwork with the U.S. Securities and Exchange Commission recently and ‌is targeting a market launch later this year.

The ​IPO comes ​after ⁠Musk merged SpaceX with artificial intelligence startup xAI in a deal that valued ​the rocket company at $1 trillion and the developer of the Grok chatbot at $250 billion.

The Starbase, Texas-headquartered rocket maker boosted its target ‌initial public offering valuation above $2 trillion, according to a Bloomberg News ​report ​a day ⁠earlier, setting the stage for what could become the largest stock market listing on record.

The company ​aims to raise a record $75 billion, which would dwarf previous mega-IPOs such as Saudi Aramco in 2019 and Alibaba in 2014.