JPMorgan Sticks to $240 Price Target for SpaceX Amid AI Breakthroughs

SpaceX's stock price rose 1.6% to $137.10 after JPMorgan reaffirmed its Overweight rating and $240 price target on the company.

The analyst, Doug Anmuth, pointed out that SpaceX's acquisition of Cursor has accelerated progress on the company's artificial intelligence roadmap.

Cursor contributes roughly $4 billion in annualized revenue, with about three-quarters coming from business clients. This mix is seen as an asset for reaching corporate customers and supplying fresh training data to future Grok models.

The Grok model family has shown promising performance, with Grok 4.6 gaining five points on the Artificial Analysis Intelligence Index versus its predecessor.

JPMorgan expects SpaceX to keep shipping new models at pace, pointing to Grok 4.7 arriving as soon as early September and Grok 5 following in December.