JPMorgan on Aug. 25 reiterated its Overweight rating on SpaceX (SPCX.O) and kept its $240 price target, saying its confidence in the outlook for Grok artificial intelligence has been increasing. In its note, the bank highlighted SpaceX’s acquisition of Cursor, which was reported to have about $4 billion in annual recurring revenue, with 75% of that tied to enterprise business. JPMorgan said the deal could strengthen SpaceX’s enterprise AI strategy, expand its model training data, and improve Grok’s performance. The call ties the firm’s positive view on SpaceX to the commercial and technical upside it sees from AI, especially through Cursor’s enterprise exposure and revenue base. The note did not add further details beyond the rating, price target, and the expected contribution of Cursor to SpaceX’s AI efforts.
JPMorgan on Aug. 25 reiterated its Overweight rating on SpaceX (SPCX.O) and maintained its $240 price target, pointing to growing confidence in the outlook for Grok artificial intelligence.
The bank specifically highlighted SpaceX’s acquisition of Cursor. Cursor was reported to have about $4 billion in annual recurring revenue, with 75% coming from enterprise business.
JPMorgan said Cursor is expected to strengthen SpaceX’s enterprise AI strategy, its model training data, and Grok’s performance.
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