JPMorgan sees big upside for SpaceX after Cursor deal, sets $240 target — ~75% rally potential JPMorgan maintained an Overweight rating on SpaceX and raised its price target to $240, implying roughly 75% upside from recent trading around $138. Analyst Doug Anmuth said the bank is “increasingly positive” about SpaceX’s Grok AI after its acquisition of Anysphere’s Cursor, and JPMorgan has observed “tangible improvements” after adding Cursor data to supplemental training for Grok models. Why JPMorgan is bullish - Cursor’s developer dataset and customer base could accelerate Grok’s enterprise push. Cursor provides tools for writing, editing and debugging code, serves more than 50,000 business customers, and — per reports cited by JPMorgan — is used by nearly two-thirds of the Fortune 500. - Grok 4.6’s performance and competitive pricing could make it attractive to enterprise buyers. If corporate adoption expands, enterprise revenue from Grok could become a meaningful part of SpaceX’s AI business. - JPMorgan notes early empirical gains from integrating Cursor data into Grok training, giving the bank an initial basis to project future performance improvements. Deal and mechanics - SpaceX completed a $60 billion stock-based acquisition of Anysphere (Cursor) on Aug. 14; Anysphere became a wholly owned SpaceX subsidiary via a merger executed through an entity called X67 Inc. - An SEC filing showed Cursor investors were entitled to about 389.3 million SpaceX Class A shares as part of the transaction. Market context and near-term catalysts - SPCX rose roughly 2% in premarket trading and was near $138 in regular hours (previous close $135). - Financial benefits from Cursor aren’t yet visible in reported results because the deal closed after Q2; investors will need later filings to see Cursor’s revenue, cost and margin impact. - A separate liquidity event could matter: JPMorgan estimates about 370 million shares may become eligible for trading on Sept. 9–10, potentially increasing the public float by ~20%. That doesn’t guarantee selling — prior unlocks (Aug. 6 and Aug. 20) produced less selling than some feared, and the stock even rallied at times after expirations. Analyst views are split - JPMorgan’s $240 target is bullish relative to other firms: Morningstar’s fair value sits at $63, Argus has a $160 target, Oppenheimer $190, and Morgan Stanley retained a $300 target with a $600 bull case. These differences reflect varying assumptions about AI revenue growth and other business lines. Other notable items - SpaceX’s June 12 Nasdaq IPO (SPCX) sold 555.6 million Class A shares at $135, raising $75 billion and valuing the company around $1.75 trillion. The stock peaked intraday at $225.64 before pulling back below the IPO price in July. - Institutional interest has grown: Italian bank Intesa Sanpaolo disclosed roughly 5.66 million SpaceX shares (~$966 million) as of June 30. - Outside AI, SpaceX’s Starlink unit has reapplied to Indian regulators for permission to deploy a Gen 2 constellation with direct-to-device connectivity (phones connecting to satellites without terminals). The proposed LEO constellation would operate roughly 340–615 km up and still requires approval from India’s space authority. - Retail chatter on platforms like Stocktwits leaned bearish over the prior 24 hours, though individual bullish posts predicted SPCX could hit $250 by end-2026 — opinions, not professional forecasts. Bottom line JPMorgan’s bullish $240 call hinges on Grok + Cursor turning into a fast-growing enterprise AI revenue stream. The thesis will be tested in upcoming filings and by how investors respond to the next share unlock. For traders and crypto/tech-focused investors watching AI-driven equities, SpaceX’s combination of AI product development and Starlink expansion makes it a high-upside, high-uncertainty story to monitor closely. Read more AI-generated news on: undefined/news