Elon Musk asks SpaceX IPO banks to buy Grok AI subscriptions to join $2 trillion IPO, NYT reports

Elon Musk is pushing deeper into AI—and this time, he’s tying it directly to one of the most anticipated IPOs in history. Banks lining up to help take SpaceX public are being asked to do more than structure the deal. They’re being told to buy into Grok.

Musk is requiring banks and other advisers working on SpaceX’s planned IPO to purchase subscriptions to Grok, his AI chatbot, according to a report from The New York Times, which cited people familiar with the matter. Some of those banks have already agreed to spend tens of millions of dollars annually and have started integrating the chatbot into their internal systems, the report said.

“Elon Musk has made a particularly bold demand of his Wall Street advisers ahead of the initial public offering of his company SpaceX. Mr. Musk is requiring banks, law firms, auditors and other advisers working on the I.P.O. to buy subscriptions to Grok, his artificial intelligence chatbot, which is part of SpaceX,” the New York Times reported, citing four people with knowledge of the matter, who were not authorized to speak publicly about confidential discussions.

Three of the people told the Times that “Some of the banks have agreed to spend tens of millions on the chatbot, and they have already started integrating Grok into their I.T. systems.”

Want in on SpaceX’s IPO? Musk reportedly asks banks to subscribe to Grok first

It’s an unusual move, even by Musk’s standards. Wall Street banks are used to competing for roles on blockbuster IPOs. Being asked to adopt a founder’s AI product as part of the process adds a new layer—one that blends capital markets with product distribution.

Several of the biggest names in finance are already involved. Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup are serving as active bookrunners on the deal, according to an earlier Reuters report.

None of the parties is saying much publicly. Musk and SpaceX did not respond to requests for comment. JPMorgan Chase, Goldman Sachs, Citigroup, and Bank of America declined to comment. Morgan Stanley has not responded.

Behind the scenes, the scale of the IPO is starting to come into focus. Bloomberg News reported that SpaceX has raised its target valuation to more than $2 trillion. If that number holds, it would put the company in a league of its own before even hitting the public markets.

The fundraising target is just as ambitious. SpaceX is aiming to raise around $75 billion, a figure that would surpass previous landmark listings, including Saudi Aramco’s 2019 debut and Alibaba’s 2014 IPO.

That context makes Musk’s Grok push easier to read. Access to a deal of this size doesn’t come often. Tying participation to the adoption of his AI product gives him leverage that few founders ever have.

It’s early, and the details may still shift. But one thing is clear: Musk isn’t treating this IPO as a standalone event. He’s using it as a distribution engine—one that could put Grok inside some of the most powerful financial institutions in the world before the first share of SpaceX even starts trading.