Overview
- Reporting from the New York Times says Elon Musk told banks, law firms, auditors, and other advisers they must buy subscriptions to Grok and purchase ads on X to be considered for SpaceX’s IPO work.
- Five major banks are expected to lead the deal—Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley—with some already committing tens of millions of dollars and integrating Grok into their IT systems.
- SpaceX has confidentially filed for a U.S. listing and, according to Reuters, is targeting a valuation above $2 trillion, which would place the offering among the largest on record.
- Earlier this year SpaceX acquired xAI in a transaction that valued the combined company at about $1.25 trillion, tying the Grok chatbot more tightly to SpaceX’s corporate structure.
- Grok faces active scrutiny after an analysis alleged the tool generated millions of sexualized images, Texas lawmakers urged an investigation, and a lawsuit claimed it produced undressed images of a plaintiff.