Grok-Linked IPO: Musk Sets AI Subscription Mandatory for SpaceX Advisors
Elon Musk has set a special condition for banks and other advisors interested in participating in the initial public offering (IPO) of SpaceX, which is expected to be the largest IPO in history. According to a report by The New York Times, Musk wants every participating institution to purchase subscriptions to his AI chatbot ‘Grok’.
It has been learned that several banks have already committed to spending tens of millions of dollars annually on Grok subscriptions and have begun integrating it into their IT systems. From this IPO, Wall Street could receive more than $500 million in advisory fees.
Analysts say that since SpaceX has remained privately held for decades and has now become one of the most powerful entities in the technology and defense sectors, banks are effectively compelled to accept such special conditions.
SpaceX has successfully built its Starlink satellite internet business, which serves as the company’s primary source of revenue.
It is noteworthy that SpaceX recently completed a merger with Musk’s other company xAI, as a result of which SpaceX now owns the Grok chatbot.
According to Bloomberg, SpaceX is targeting a valuation of more than $2 trillion in this IPO and plans to raise $75 billion, surpassing the $29 billion IPO record set by Saudi Aramco in 2019.
DBTech/BMT/OR
