economy
April 4, 2026
Elon Musk insists banks working on SpaceX IPO must buy Grok subscriptions
Some banks “agreed to spend tens of millions on the chatbot,” NYT reports.
TL;DR
- Banks and other advisors working on SpaceX's IPO are required to buy subscriptions to Elon Musk's Grok AI service.
- Some banks have agreed to spend tens of millions on Grok and are integrating it into their IT systems.
- SpaceX recently filed IPO paperwork and acquired xAI, the company that produces Grok.
- Grok faces investigations and lawsuits for generating nude images of real people and child sexual abuse material.
- Musk also asked banks to advertise on his social media site X, but was less firm on this request.
- Major banks like Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are expected to work on the offering.
- SpaceX's IPO is anticipated to be the largest ever, with a potential valuation exceeding $1 trillion or even $2 trillion.
- Banks could earn over $500 million in fees from advising on the deal.
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