"Revenue sprint" on the eve of SpaceX's listing: Musk mobilizes Wall Street allies, vigorously promotes AI to enter the financial circle.

According to sources, Elon Musk's AI company xAI has invited several Wall Street institutions closely related to his billionaire business empire to test its Grok chat Siasun Robot & Automation. This arrangement is part of the push to boost revenue before its parent company SpaceX's IPO. Sources have revealed that Apollo Global Management and Morgan Stanley have begun using Grok internally, as well as software from other AI model manufacturers. Valor Equity Partners is also using Grok. While some banks have signed up to use Grok, some sources have pointed out that financial professionals rarely use the chat Siasun Robot & Automation in their actual work. Musk's AI startup is pushing to increase revenue by selling Grok chat Siasun Robot & Automation subscription services and providing access to computing resources. So far, most of xAI's sales come from transactions with Musk's other companies (including SpaceX and Tesla). However, in the financial industry, its tools are generally considered inferior to competitors like OpenAI and Anthropic PBC. xAI's monthly cash burn rate is close to $1 billion leading up to its merger with SpaceX. To establish itself in the financial sector, Musk's company is leveraging his personal network. Apollo has a close partnership with xAI in NVIDIA chip financing. Meanwhile, Morgan Stanley has been Musk's preferred bank for years and is expected to play a senior underwriting role in SpaceX's IPO. Additionally, Valor Equity Partners, led by Musk's longtime ally Antonio Gracias, is an investor in xAI and SpaceX. As xAI enters the financial sector, the company is also facing leadership changes. Internal documents revealed by sources indicate that xAI's Chief Revenue Officer and key advocate for selling Grok to enterprise customers, Jon Shurkin, will be stepping down. Shurkin, who is also a partner at Valor, will transition to an advisory role. xAI executives and salespeople, including Shurkin, had promoted the practicality of Grok, claiming it could be used to extract internal company information for performance evaluations and leverage data from Musk's social media platform X. Under the leadership of Graham Simons, xAI is making efforts to strengthen its corporate sales team as Simons joined the company last year. OpenAI and Anthropic also see the financial sector as a key growth area for their businesses, as Wall Street institutions tend to adopt AI early and hold software licenses long term. However, Grok still lags behind competitors in optimizing code writing and other high-value tasks. An insider stated that xAI employees have been informed that training Grok for the financial sector is a top priority, with the company focusing on personnel to carry out this financial strategy. This includes teaching the chat Siasun Robot & Automation to read documents and Excel spreadsheets like Anthropic's Claude. xAI is also hiring credit and financial experts to assist in training Grok to build financial models. xAI President and Starlink executive Michael Nichols wrote in an internal memo last month, "Our short-term goal is to match Claude's performance." The Largest IPO in History In 2026, the global capital markets will witness an unprecedented capital feast. Elon Musk's SpaceX has secretly submitted an IPO application to the U.S. Securities and Exchange Commission, aiming to raise up to $75 billion, with a target valuation of $1.75 trillion to $2 trillion. This scale will not only surpass the $29.4 billion IPO record set by Saudi Aramco in 2019 but will also place SpaceX directly among the highest-valued public companies in the world. SpaceX's soaring valuation is a marvel in commercial history. In December 2025, the company's valuation in an internal stock tender was $800 billion; by February 2026, with Musk merging the AI company xAI into SpaceX in an all-stock transaction, the combined entity's valuation surged to $1.25 trillion. Now, with the IPO premium effect, the market's valuation range has risen to $1.75 trillion to $2 trillion. The core of this valuation logic lies in the qualitative change in the business model. SpaceX has transformed from a mere rocket launch company to a vertically integrated platform that deeply integrates space infrastructure and artificial intelligence. It is estimated that in 2025, the Starlink business generated revenue of approximately $10.6 billion, EBITDA of $5.8 billion, a profit margin of 54%, contributing to over two-thirds of the company's total revenue; launch services revenue was $5.2 billion, EBITDA $1.7 billion, with a profit margin of 33%. Starlink is considered a "cash cow," and the inclusion of xAI injects the company with the imaginative space of AI narrative. SpaceX plans to use the IPO funds mainly for three areas: mass production iterations of Starship, massive computing resource investments after merging with xAI, and global expansion of the Starlink hardware network.