Artificial
Intelligence
A.I. Job Threat
Breaking Fund-Raising Records
Silicon Valley
Data Centers
White House Policy
Advertisement
SKIP ADVERTISEMENT
You have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load.
Supported by
SKIP ADVERTISEMENT
Big Banks Seeking a Piece of SpaceX’s I.P.O. Must Subscribe to Elon Musk’s Grok
Mr. Musk is requiring Wall Street firms to purchase subscriptions to his A.I. chatbot if they want to advise on one of the largest initial public offerings in history.
Listen
· 4:51 min
Share full article
Elon Musk has promoted Grok, his A.I. chatbot, as the antidote to political correctness.
Credit...
Evelyn Hockstein/Reuters
By
Maureen Farrell
April 3, 2026
Updated
1:45 p.m. ET
See more of our coverage in your search results.
Encuentra más de nuestra cobertura en los resultados de búsqueda.
Add The New York Times on Google
Agrega The New York Times en Google
It’s not uncommon for large companies doing big deals to make demands of their bankers and lawyers.
But 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 that is part of SpaceX, according to four people with knowledge of the matter, who were not authorized to speak publicly about confidential discussions.
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, three of the people said.
Mr. Musk and a SpaceX spokesman did not respond to requests for comment.
For almost any major initial public offering, banks find ways to ingratiate themselves with the company going public, as well as its chief executive. But after several years with few significant public offerings coming to market, Wall Street has been salivating for a deal like SpaceX, which is forecast to be one of the largest in history.
The I.P.O. is expected to raise more than $50 billion at a valuation above $1 trillion, which means the banks could generate fees in excess of $500 million for advising on the deal.
Mr. Musk’s ability to secure business from the banks for his A.I. chatbot also shows the enormous sway of the world’s richest man over a banking sector clamoring for his business now and into the future.
Thank you for your patience while we verify access. If you are in Reader mode please exit and
log into
your Times account, or
subscribe
for all of The Times.
Thank you for your patience while we verify access.
Already a subscriber?
Log in
.
Want all of The Times?
Subscribe
.
Related Content
Advertisement
SKIP ADVERTISEMENT
댓글
0