SpaceX stock has gained about 2% after JPMorgan retained its Overweight rating and $240 price target, implying roughly 75% upside from recent trading levels.
SpaceX stock gets a $240 price target
JPMorgan analyst Doug Anmuth has maintained an Overweight rating on SpaceX and a $240 price target, telling investors that the bank has become “increasingly positive” about the prospects for Grok following the Cursor acquisition.
Based on SpaceX’s recent share price, the target indicates potential upside of about 75%. SPCX rose around 2% in Tuesday’s premarket session and traded near $138 during the regular session, compared with its previous close of $135.
Anmuth said the completed purchase of Cursor represents an important step in the development of SpaceX’s enterprise artificial intelligence business. JPMorgan has already observed “tangible improvements” after Cursor data was added to supplemental training for recent Grok models, according to the analyst note.
Grok’s ability to generate revenue from business customers could become a more important part of SpaceX’s AI operations if corporate adoption increases, the bank said. JPMorgan based its positive view partly on the performance and pricing of Grok 4.6, which it believes could help the model compete for enterprise clients.
Bernstein has also described Grok as a possible “wildcard” for SpaceX, according to a separate analyst assessment. The firm said Cursor and the latest Grok model could strengthen the company’s AI services, although the assessment remains an analyst projection rather than a financial result reported by SpaceX.
Cursor gives Grok access to enterprise users
SpaceX completed its $60 billion stock-based acquisition of Anysphere, the company behind Cursor, on Aug. 14. As crypto.news reported after closing, Anysphere became a wholly owned SpaceX subsidiary through a merger involving X67 Inc., an entity created to carry out the transaction.
An Aug. 14 filing with the U.S. Securities and Exchange Commission showed that Cursor investors were entitled to receive about 389.3 million SpaceX Class A shares. The companies had signed the merger agreement on June 16, shortly after SpaceX completed its public listing.
Cursor provides AI tools that help developers write, edit, and debug software. The platform has more than 50,000 business customers, while reports cited by JPMorgan said nearly two-thirds of Fortune 500 companies use its products.
Access to that customer base could help SpaceX sell Grok tools to companies already using Cursor, according to the bank. Cursor’s developer data has also supported additional model training, giving JPMorgan an early basis for assessing how the acquisition may affect Grok’s performance.
SpaceX recently released Grok 4.6 for tasks including research, data analysis, software engineering, and application development. JPMorgan said the model’s capabilities and lower costs relative to some competing services could support adoption among business customers.
Financial benefits from the combination have not yet been established in SpaceX’s reported results. The acquisition closed after the end of the company’s second quarter, meaning investors will need later filings to assess Cursor’s contribution to revenue, costs and operating losses.
SpaceX share unlock could raise the public float
The bullish call arrives before another large release of SpaceX shares. JPMorgan estimates that approximately 370 million shares could become eligible for trading across Sept. 9 and Sept. 10, potentially increasing the company’s public float by around 20%.
Eligibility does not mean every unlocked share will immediately be sold. Investors covered by an expired restriction may continue holding their positions, while the actual effect depends on how many shareholders decide to sell.
SpaceX faced a similar event on Aug. 20, when around 319 million shares became eligible for trading. An earlier release on Aug. 6 covered as many as 911.5 million shares, but the feared wave of selling did not immediately materialize.
During the session following the first expiration, SPCX climbed 14.09% to $131.06 as lockup concerns eased. Argus also assigned the stock a Buy rating with a $160 target, providing a more cautious valuation than JPMorgan’s current $240 objective.
The September release could still affect trading by increasing the number of shares that insiders and other early investors are permitted to sell. JPMorgan’s projected 20% expansion in the float also indicates that the event is smaller than the combined August releases, although selling pressure cannot be determined until trading begins.
Retail sentiment remained bearish on Stocktwits over the preceding 24 hours, according to the supplied report. Individual users offered bullish views, including one prediction that SPCX would reach $250 by the end of 2026 and another assessment that the shares were oversold. Such posts represent personal opinions rather than professional price forecasts.
U.S. investors weigh AI growth against valuation
SpaceX entered the Nasdaq under the SPCX ticker on June 12 after selling 555.6 million Class A shares for $135 each. The offering raised $75 billion and valued the company at roughly $1.75 trillion, according to its U.S. securities filings.
An earlier report on the IPO identified JPMorgan as one of the banks in the underwriting syndicate, alongside Goldman Sachs, Morgan Stanley, Bank of America Securities, and Citigroup. The U.S. listing gave retail and institutional investors direct access to SpaceX’s rocket, satellite internet, and AI operations.
SPCX later reached an intraday record of $225.64 before falling below its IPO price during July. The stock traded as low as $119.79 after seven consecutive losing sessions, according to July market coverage, before recovering during August.
JPMorgan’s $240 target sits above the June record and would require the shares to regain all losses from their post-IPO peak. The price objective also depends partly on revenue growth from an AI unit that now includes Grok and Cursor, making subsequent earnings reports important for testing the bank’s assumptions.
Morningstar offered a much lower assessment after the IPO, estimating fair value at $63 per share. Oppenheimer had assigned a $190 target, while Morgan Stanley retained a $300 target and a $600 bull-case estimate after the Cursor transaction closed. Each target is based on the respective firm’s valuation method and should not be treated as a guaranteed future price.
Institutional ownership has also expanded since the listing. A U.S. regulatory filing showed that Italian bank Intesa Sanpaolo held nearly 5.66 million SpaceX shares worth about $966 million as of June 30, according to Reuters. The position was the bank’s largest disclosed U.S. equity holding at the end of the second quarter.
Starlink seeks another approval in India
Outside the AI business, SpaceX’s Starlink unit has submitted a fresh request to Indian regulators for permission to deploy its second-generation satellite constellation, Reuters reported on Aug. 20, citing an Economic Times report and people familiar with the application.
The proposed Gen 2 network would include direct-to-device connectivity, allowing compatible mobile phones to connect with satellites without dedicated Starlink terminals.
Starlink already holds a telecom license in India but still requires approval from the Indian National Space Promotion and Authorisation Centre for the constellation. The latest application covers satellites designed to operate in low Earth orbit at altitudes ranging from about 340 to 615 kilometers.
