JPMorgan Is ‘Increasingly Positive’ On SpaceX’s Grok-Cursor Push – Sees 75% Potential Upside In SPCX Stock

JPMorgan expects Grok’s improving monetization to become an increasingly important contributor to SpaceX’s AI revenue.

• JPMorgan believes Grok 4.6’s advanced intelligence and lower costs compared to competing models could potentially lead to broader adoption.
• Analyst Doug Anmuth maintained an ‘Overweight’ rating and $240 price target on SpaceX, according to The Fly.
• Roughly 370 million SPCX shares will become eligible for trading on September 9 and 10, according to JPMorgan.

SpaceX’s (SPCX) $60 billion Cursor acquisition can turn Grok into a major enterprise AI business, according to JPMorgan, which cites “tangible improvements” in Grok’s recent performance.

SPCX shares were up around 2% in pre-market trading on Tuesday.

JPMorgan Sees 75% Upside Potential

JPMorgan analyst Doug Anmuth maintained an ‘Overweight’ rating and $240 price target on SpaceX, saying the firm is “increasingly positive” about Grok’s prospects following the completion of the acquisition of Cursor. This price target represents a roughly 75% upside from current levels.

Anmuth described the deal as an important step in expanding SpaceX’s enterprise artificial intelligence capabilities. The firm said it has already seen improvements in Grok’s recent performance after incorporating Cursor data into the model’s supplemental training.

JPMorgan expects improving monetization of Grok to become an increasingly important contributor to SpaceX’s AI revenue. Recently, Bernstein called Grok a potential “wildcard,” saying the new model and Cursor could make SpaceX’s AI products more attractive.

Grok Could Gain Enterprise Customers

SpaceX’s xAI division recently introduced Grok 4.6, a model designed to perform complex, multi-step tasks such as research, data analysis, software development and application creation.

JPMorgan believes Grok 4.6’s advanced intelligence and lower costs compared to competing models could potentially lead to broader adoption.

The company also completed its $60 billion acquisition of Cursor, an AI coding platform that helps developers write, edit and debug software. Cursor is used by more than 50,000 businesses and nearly two-thirds of Fortune 500 companies.

Third Unlock Approaches

SpaceX faces another major lock-up expiry on September 9 and September 10, with roughly 370 million shares becoming eligible for trading, and potentially increasing the float by about 20%, according to the firm.

This follows the release of around 319 million shares on August 20. An earlier tranche on August 6 made more than 911 million shares eligible for trading.

Retail Bulls Eye $250

Retail sentiment surrounding SPCX on Stocktwits remained ‘bearish’ over the past 24 hours, though chatter was largely positive.

One user expects the stock to climb past $250 by the end of 2026.

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Another user said the stock was “oversold.”

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SPCX shares are trading 2% above their listing price.

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