Elon Musk confirmed this week 10 that X Money, his long-delayed payments platform, will open to select external users in April — a milestone in his push to transform X into an all-in-one financial app ahead of a landmark public offering.
Musk described the product as already live in a closed beta among company employees at an internal xAI all-hands meeting in February. The April date is the clearest commitment he has made since he first floated the payments concept when he acquired Twitter in 2022.
The rollout will support peer-to-peer transfers, a 6% annual percentage yield on deposits, a Visa debit card with cashback, and no foreign transaction fees. FDIC-insured partner banks, including Cross River Bank, will hold customer deposits. Cryptocurrency support remains unconfirmed, though Dogecoin jumped 8% on speculation before retreating.
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SpaceX acquired xAI in an all-stock deal valued at $1.25 trillion in February, and the combined entity — which includes X — is now targeting a June IPO at $1.5 to $1.75 trillion, Bloomberg reported. SpaceX is preparing a confidential SEC filing as early as this month.
Read: SpaceX Moves Quietly Toward Historic IPO After xAI Merger
The offering could raise up to $50 billion, surpassing Saudi Aramco’s $29 billion debut in 2019 as the largest IPO on record. Edward Byun, JPMorgan’s global head of technology equity capital markets, said investors increasingly view the wave of coming AI IPO candidates as “generational assets” with compounding long-term potential.
Investors, of course have reason to be skeptical. Musk’s track record leads analysts to treat his product timelines with caution — or a grain of salt — particularly given X Money’s repeated delays since 2022.
X holds money transmitter licenses in more than 40 US states and has partnered with Visa since January 2025. Head of product Nikita Bier said the platform will also roll out in-feed stock and cryptocurrency trading features in coming weeks, though X will not act as a broker.
Musk envisions the platform eventually reaching 1 billion active users — a scale he compares to China’s super-app WeChat.
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