The Unprecedented Catch in Elon Musk's SpaceX IPO

The most contentious detail of the upcoming SpaceX initial public offering isn't the rocket science -- it's a mandatory software subscription.

Elon Musk is reportedly requiring the deal's lead investment banks, law firms, and other advisors to commit tens of millions of dollars to his artificial intelligence platform, Grok, as a condition for securing their roles in the historic deal.

Space X's IPO is expected to raise as much as $80 billion and value the company at $1.75 trillion, more than twice as much as the richest IPO to date, Saudi Aramco's $29 billion debut in 2019.

MorganStanley, Goldman Sachs, and JPMorgan Chase are among the banks dealing with Musk's request, an unconventional ask by a billionaire known for his unorthodox management style. The New York Times says some banks have already agreed to subscribe to Grok and are now integrating the chatbot into their Information Technology systems.