JPMorgan has reiterated its Overweight rating on SpaceX (SPCX.O) and maintained a $240 price target, citing growing confidence in the outlook for Grok artificial intelligence. The bank also highlighted SpaceX’s acquisition of Cursor. According to the report cited in the source material, Cursor generates about $4 billion in annual recurring revenue, with 75% of that tied to enterprise business. JPMorgan said it expects the deal to strengthen SpaceX’s enterprise AI strategy, expand its model training data, and improve Grok’s performance. The note centers on AI-related upside rather than any separate business update, with Cursor’s enterprise-heavy revenue mix presented as a key support point for the bank’s view.
JPMorgan reiterated its Overweight rating on SpaceX (SPCX.O) and kept its $240 price target, citing growing confidence in the outlook for Grok artificial intelligence.
The bank also pointed to SpaceX’s acquisition of Cursor. According to the report referenced in the source material, Cursor has about $4 billion in annual recurring revenue, with 75% coming from enterprise business.
JPMorgan said it expects Cursor to strengthen SpaceX’s enterprise AI strategy, add to model training data, and improve Grok’s performance.
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