Space Exploration Technologies Corp (NASDAQ:SPCX) shares are rising Tuesday. JPMorgan reiterated an Overweight rating and $240 price target on the stock, pointing to progress on SpaceX’s AI ambitions following its recently closed acquisition of Cursor.
SpaceX stock is showing upward movement. What’s pushing SPCX stock higher?
JPMorgan Sees Cursor Deal and Grok Progress Building SpaceX’s AI Case
JPMorgan analyst Doug Anmuth on Tuesday pointed to a clearer picture of SpaceX’s AI roadmap taking shape, with the firm’s confidence in Grok climbing since the company finalized its purchase of Cursor on Aug. 14. Cursor carries an annualized revenue base near $4 billion, three-quarters of which comes from business clients, a split JPMorgan sees as an asset both for reaching enterprise customers and for supplying fresh training material to future Grok models.
Early signs suggest that data is already making a difference. Grok 4.6, which debuted earlier this month, gained five points on the Artificial Analysis Intelligence Index versus its predecessor despite launching barely a month after Grok 4.5, putting it just behind Anthropic’s two most advanced models on the overall leaderboard.
