JPMorgan reiterated its "overweight" rating on SpaceX (SPCX.O) and a target price of $240

JPMorgan reiterated its "overweight" rating on SpaceX (SPCX.O) and a target price of $240, citing increasing confidence in the prospects of Grok artificial intelligence. The firm highlighted SpaceX's acquisition of Cursor, which reportedly has an annual recurring revenue (ARR) of about $4 billion, with 75% coming from enterprise business.

JPMorgan expects that Cursor will enhance SpaceX's enterprise artificial intelligence strategy, model training data, and the performance of Grok.