JPMorgan maintained its $240 price target on SpaceX on Tuesday, nearly 80% above Monday’s $135 close, viewing the company as an AI bet rather than a rocket play. SpaceX closed its acquisition of Cursor on August 14, a coding platform generating about $4 billion in annual recurring revenue, with roughly 75% coming from business customers. Grok 4.6, launched on August 12, added $500 billion to SpaceX’s market value on debut. SpaceX’s AI unit lost $1.26 billion last quarter and absorbed 86% of capital spending, while approximately 370 million shares are set to unlock on September 9 and 10, potentially expanding the float by about 20%. JPMorgan expects enterprise Grok sales to become a larger portion of SpaceX’s AI revenue over time.
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