JPMorgan Stays Bullish On SpaceX Stock, Doubles Down On $240 Target

JPMorgan continues to have a positive outlook on SpaceX (SPX) and still has a $240 price objective in place. Analyst Doug Anmuth also had an ‘Overweight’ rating. Targeting around 75% upside from current prices.

JPMorgan Shares Another Bullish Rating On SpaceX

The SPCX stock put in a 2% rise in pre-market trading Tuesday. The company’s outlook has improved since it finished acquiring Cursor for $60 billion, JPMorgan said.

The bank highlighted improvements in Grok’s capabilities over the past few months. Adding Cursor data for supplemental model training has yielded “tangible improvements,” it said.

The opportunity of enterprise AI for Elon Musk-led SpaceX is now greater, according to the firm JPMorgan. As adoption grows, it expects Grok’s monetization to play a larger role in Grok’s AI revenues.

Cursor might be able to accelerate that push. The coding platform is designed to help software developers complete coding tasks like writing code, editing code and debugging code. It has more than 50,000 business customers. According to a report, almost two thirds of Fortune 500 companies are reportedly using the platform.

SpaceX’s xAI division has also recently introduced Grok 4.6. The new one is geared towards challenging workloads in research, data analysis, software engineering and application development.

JPMorgan noted Grok 4.6’s features and costs might be benefits. The bank believes these factors may be conducive to broader adoption with business clients.

Grok also has been pointed to as a possible “wildcard” for SpaceX by Bernstein. The company’s AI solutions have been a key focus area for the firm, which previously noted that the new model and Cursor bring a potential boost to the company’s AI services.

SPCX Gears Up For Further Share Unlock

Meanwhile, another big SpaceX share unlock is on the horizon. An estimated 370 million shares are potentially available for trading on Sept. 9 and 10. The release would increase the public float by about 20%, according to JPMorgan.

The event is coming after the August 20 unlock of approximately 319 million shares. More than 911 million shares were made eligible for trading with an earlier release on Aug. 6.

Retail sentiment on Stocktwits was still bearish on SPCX for the past 24 hours. There were a few positive posts, however. A stock user estimated that the stock would reach $250 by the end of the year, while another said the stock is oversold.

SpaceX is also attempting to get fresh permission in India for its Gen 2 Starlink constellation. The system is intended to support direct-to-device connectivity.

In a separate list, Intesa Sanpaolo revealed a $966 million stake in SpaceX as of June 30. The number of shares held by the Italian bank was almost 5.66 million.