Overview
- The New York Times reported Friday that Elon Musk required banks, law firms, auditors and advisers on the SpaceX IPO to buy subscriptions to his Grok chatbot.
- Some banks agreed to spend millions per year on Grok and began wiring the tool into their internal systems as a condition for roles, according to the reports.
- Expected bookrunners include Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley, with Gibson Dunn and Davis Polk advising.
- Royal Bank of Canada, Mizuho and Macquarie are also participating to place shares in their home markets, according to the same reporting.
- SpaceX filed confidentially with the SEC this week, a step that allows private regulator feedback before a public prospectus, with market estimates pointing to a $50–75 billion raise at a value above $1 trillion.