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Elon Musk is reportedly mandating that banks and advisers involved in SpaceX’s anticipated initial public offering (IPO) subscribe to Grok, his artificial intelligence chatbot, according to a report by the New York Times on Friday, which cites sources familiar with the situation.
The report indicates that some financial institutions have committed to investing tens of millions of dollars annually in Grok and are in the process of integrating the technology into their IT infrastructures.
Earlier this week, Reuters reported that Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup are serving as active bookrunners, leading the management of the IPO deal.
Inquiries from Reuters to Musk and SpaceX for comments went unanswered.
JPMorgan Chase, Goldman Sachs, Citigroup, and Bank of America have declined to make any statements regarding the matter, while Morgan Stanley has not yet responded to requests for comment.
The Starbase, Texas-headquartered rocket maker boosted its target initial public offering valuation above $2 trillion, according to a Bloomberg News report a day earlier, setting the stage for what could become the largest stock market listing on record.
The company aims to raise a record $75 billion, which would dwarf previous mega-IPOs such as Saudi Aramco in 2019 and Alibaba in 2014.