JPMorgan reiterated its overweight rating on SpaceX (SPCX.O) and a $240 price
target, citing rising confidence in Grok AI’s prospects. The bank flagged
SpaceX’s acquisition of Cursor, reported to have roughly $4bn in annual
recurring revenue, about 75% from enterprise customers. JPMorgan said Cursor
should bolster SpaceX’s enterprise AI strategy, provide additional model
training data and improve Grok’s performance.