The bank’s bullish outlook hinges on the potential for Grok to gain traction among business clients. According to Anmuth, the $60 billion acquisition of Anysphere, the developer behind the Cursor coding assistant, has already yielded measurable improvements in Grok’s performance. By leveraging Cursor’s established user base—which includes nearly two-thirds of Fortune 500 companies—SpaceX is positioned to scale its AI services more aggressively.
In section Cryptocurrency
JPMorgan Sets $240 Target for SpaceX, Citing AI Growth
JPMorgan has maintained an Overweight rating on SpaceX, setting a $240 price target that implies a 75% upside from current levels. Analyst Doug Anmuth pointed to the recent acquisition of Cursor and the subsequent integration of its data into the Grok AI model as a major driver for enterprise adoption.
While the financial impact of the merger remains to be seen in formal earnings reports, the market is bracing for a significant liquidity event. JPMorgan estimates that approximately 370 million shares could become eligible for trading on September 9 and 10, potentially expanding the public float by 20%. Although previous share unlocks in August did not trigger a sell-off, investors remain focused on whether this influx of supply will pressure the stock price. The $240 target remains ambitious, requiring a full recovery from the volatility that followed the company’s June IPO.
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