STARBASE, TEXAS — Elon Musk is requiring banks, law firms, auditors, and other advisers working on SpaceX's initial public offering to purchase subscriptions to Grok, the artificial intelligence chatbot developed by xAI. Some banks involved in the deal have agreed to spend tens of millions of dollars on the subscriptions and have begun integrating Grok into their internal IT systems.

SpaceX confidentially filed paperwork with the Securities and Exchange Commission for an IPO, a step that came two months after the rocket company completed its purchase of xAI. SpaceX has boosted its target valuation to more than $2 trillion.

Five banks are expected to work on the offering: Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley. The law firms Gibson Dunn and Davis Polk are also advising on the deal. Beyond the Grok subscription requirement, Musk asked the banks working on the IPO to advertise on X, the social media platform he owns.

At a valuation above $1 trillion, the banks could generate fees in excess of $500 million for their roles on the deal. The IPO is expected to raise more than $50 billion, and a public listing of SpaceX carries a potential valuation of more than $1.75 trillion.

SpaceX was valued at $1.25 trillion in connection with its merger with xAI two months before filing for the IPO. That merger valued SpaceX at $1 trillion and xAI at $250 billion.

SpaceX's growth has been associated with its development of reusable rockets and the Starlink satellite internet network. xAI offers business and enterprise versions of Grok, and the subscription requirements tied to the IPO advisory work represent a new channel for the chatbot's corporate distribution.

Musk has also encouraged X users to prompt Grok to generate roasts on the platform, part of wider efforts to increase engagement with the AI tool. xAI's business and enterprise Grok offerings are separate from the consumer-facing version available on X.