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Elon Musk is reportedly asking banks and other advisers working on SpaceX’s planned initial public offering to buy subscriptions to Grok, the artificial intelligence chatbot linked to his business group. The reported requirement comes as SpaceX prepares for a public listing that could value the company at more than $2 trillion and raise about $75 billion. If those targets hold, the deal would rank above previous record IPOs by size.
Musk has told banks and other advisers that work on the SpaceX IPO comes with a requirement to purchase Grok subscriptions, according to people familiar with the matter cited in recent reporting. Some banks have reportedly agreed to spend tens of millions of dollars each year on the chatbot and have already started integrating it into internal technology systems.
The reported arrangement adds an unusual commercial condition to one of the biggest equity offerings in preparation. It also places Grok inside large financial firms at a time when companies are expanding spending on enterprise AI tools.
The reported requirement goes beyond banks alone. It also covers advisers involved in the offering process, including other professional service firms attached to the listing. The push gives Grok a direct route into large institutions through a deal that many firms want to join because of its size and visibility.
Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup are serving as active bookrunners on the IPO. These firms are leading the bank group managing the transaction, while a wider syndicate of at least 21 banks has also been assembled for the deal.
The underwriting group shows how broad the transaction has become. The banks are expected to handle institutional, high-net-worth, and retail investor channels, along with regional distribution. The bank lineup may still change as the deal moves forward, but the current structure already ranks among the largest underwriting groups assembled for a listing in recent years.
Several of the banks involved have not publicly commented on the reported requirement for Grok. This comes as firms compete for roles in a deal that could produce large fees and strong market visibility if it reaches the public markets on the scale now being discussed.
SpaceX is targeting an IPO valuation of more than $2 trillion, according to recent reports. The company is also aiming to raise about $75 billion. This size would place the offering above Saudi Aramco’s 2019 listing and Alibaba’s 2014 debut.
The company had previously been associated with a lower target near $1.75 trillion, but the valuation goal has since risen. SpaceX has confidentially filed paperwork for the offering, and the planned listing remains one of the most closely watched equity deals in the market.
Recent reporting also said SpaceX has explored talks with anchor investors, including Saudi Arabia’s Public Investment Fund, over a possible $5 billion investment. Those discussions show that the company is building support for the offering as it moves toward a public debut.
The reported Grok condition reflects Elon Musk’s practice of linking activity across his companies. In this case, the appeal of the SpaceX IPO appears to be helping Grok win corporate contracts at Wall Street firms that want a role in the deal.
Also Read: Is Elon Musk About to Become the First Trillionaire Through a SpaceX IPO?
