Elon Musk’s artificial intelligence startup xAI has recruited multiple Wall Street firms with ties to Musk’s business empire to test its Grok chatbot ahead of SpaceX’s initial public offering (IPO) expected in June 2026 [1, 2, 3]. Apollo Global Management Inc. and Morgan Stanley have begun using Grok internally alongside other AI software, while Valor Equity Partners is also among the firms experimenting with the chatbot [1, 2, 3].
Despite the early adoption by these firms, financiers rarely use the Grok chatbot for daily work tasks, indicating limited engagement so far [1, 2, 3]. xAI aims to bolster revenue streams before SpaceX’s anticipated IPO, seeking to leverage Musk’s broader business network for sales opportunities [1, 2, 3]. Most of xAI’s revenue to date has come from deals with other Musk ventures, including SpaceX and Tesla [3].
The Grok chatbot is widely viewed as less advanced than competing AI tools offered by OpenAI and Anthropic, particularly in the finance industry where performance and reliability are critical [3]. Before its merger with SpaceX, xAI was reportedly burning through nearly $1 billion per month, underscoring the financial pressure to ramp up commercialization and revenue generation [3].
The imminent SpaceX IPO is expected to occur in June 2026, making the current phase critical for xAI’s demonstration of its product to institutional clients within Musk’s business orbit [1, 3].
