Musk Tells Banks Seeking SpaceX IPO Roles to Subscribe to Grok

SpaceX is preparing for a potentially record-breaking IPO that is expected to raise more than $50 billion at a valuation above $1 trillion, with underwriting and advisory fees potentially exceeding $500 million. Grok became part of the same corporate group after SpaceX acquired xAI in February 2026. Tying IPO mandates to AI purchases has raised questions about conflicts of interest and whether corporate adoption reflects genuine demand.

The New York Times reported on April 3, 2026, that Elon Musk had asked banks and advisers involved in the IPO to subscribe to Grok. Some banks have agreed to pay tens of millions of dollars annually and begun integrating the chatbot into their IT systems. Musk also asked the banks to advertise on X, though he pressed that demand less forcefully. The five lead banks are Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley.