JPMorgan kept an Overweight rating and a $240 price target on SpaceX on August 25, pointing to the closed Cursor acquisition and early Grok gains after Cursor data went into training.
Analyst Doug Anmuth wrote that SpaceX’s AI ambitions are coming into sharper focus, and that the bank is increasingly positive on Grok. The $240 target implies roughly 74 percent upside from a share price near $135. SpaceX stock rose about 2.5 percent Tuesday after that note circulated.
SpaceX closed the all-stock Cursor purchase on August 14, the $60 billion deal first filed in June. JPMorgan estimates Cursor at about $4 billion in annual recurring revenue as of June 2026, mostly from business customers. The bank treats that book as both a Grok sales channel and a stream of real coding data for model training.
Cursor data is now in supplemental Grok training, and JPMorgan said recent model performance has improved. That sits next to the same SpaceXAI stack already handling more than 15,000 Starlink support and sales calls a day.
The bank is treating Grok and Cursor as core to SpaceX alongside launch and Starlink, not as a side bet.
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