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Elon Musk Requires Banks Behind SpaceX IPO To Buy Grok Subscriptions: NYT
Some banks are spending tens of millions a year on Grok and integrating it into their systems to win SpaceX IPO roles, the report said.
- On Friday, The New York Times reported that Elon Musk is requiring banks and advisers managing the upcoming SpaceX IPO to purchase subscriptions to his artificial intelligence chatbot, Grok.
- SpaceX, the Texas-headquartered rocket maker, recently boosted its target valuation above $2 trillion, aiming to raise a record $75 billion, which would dwarf previous mega-IPOs like Saudi Aramco and Alibaba.
- Serving as active bookrunners for the deal are Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Citigroup, alongside international firms including Royal Bank, Mizuho Financial Group, and Macquarie Group.
- Some banks have already agreed to spend tens of millions of dollars annually on Grok, integrating the chatbot into their IT systems as a mandatory condition for participating in the offering.
- The company recently filed confidentially for its IPO with the Securities and Exchange Commission, though JPMorgan Chase and Goldman Sachs declined to comment on the new subscription requirement.
22 Articles
22 Articles
The condition Musk demanded for participating in the SpaceX IPO is... an AI chatbot subscription. As Tesla CEO Elon Musk's space company SpaceX has officially commenced the initial public offering (IPO) process, it has been reported that the company has set a subscription to its AI chatbot, Grok, as a condition for participation. The New York Times.
Elon Musk asks SpaceX IPO banks to buy Grok AI subscriptions: report
Elon Musk is requiring banks and other advisers working on SpaceX’s planned IPO to buy subscriptions to Grok, his artificial intelligence chatbot, the New York Times reported Friday, citing people familiar with the matter.
The company intends to raise a record of US$ 75 bi, which would supersede mega-IPOs like Saudi Aramco in 2019, and Alibaba in 2014, and increased its evaluation target to more than US$ 2 trillion
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