JPMorgan has maintained its $240 price target for SpaceX (SPCX), implying nearly 80% upside from Monday’s $135 close, with artificial intelligence rather than rockets driving much of the bank’s bullish case.
At $240 per share, SpaceX would command a valuation above $3 trillion. Analyst Doug Anmuth pointed to improving prospects for Grok and the recently acquired Cursor coding platform as major potential contributors to that valuation.
The call adds to a growing Wall Street debate over how much value investors should assign to SpaceX’s expanding AI operations. Morgan Stanley previously argued that the market was overlooking the company's AI value, while maintaining a $300 base-case target and a much more aggressive $600 bull case.
Cursor Strengthens the Enterprise AI Story
SpaceX completed its acquisition of Cursor on Aug. 14. The coding platform was generating roughly $4 billion in annual recurring revenue as of June, with around 75% coming from business customers, according to the source report.
That existing customer base could give SpaceX a route to sell Grok into enterprise accounts while also providing coding interactions that can support model training.
The transaction follows the earlier $60 billion deal for Cursor parent Anysphere, which significantly expanded SpaceX beyond launches and Starlink into enterprise software and AI.
Recent operating results have strengthened the broader growth case. SpaceX reported second-quarter revenue of $7.81 billion, up 92% year over year, while adjusted EBITDA increased 191% to $3.54 billion. Its Q2 results also showed AI revenue climbing sharply.
AI Upside Comes With Heavy Spending
The expansion is expensive. SpaceX’s AI unit lost about $1.26 billion last quarter and accounted for 86% of capital expenditure, according to BeInCrypto.
That spending remains one of the biggest risks to increasingly ambitious AI valuations. Coinpaper’s recent look at AI stocks also shows how investor attention is shifting toward computing infrastructure, power capacity and AI-related revenue rather than traditional business labels alone.
Near-term supply could also pressure the shares. Around 370 million shares are expected to unlock on Sept. 9–10, potentially increasing the public float by about 20%.
SpaceX has already experienced substantial volatility since its record June IPO, which valued the company at about $1.77 trillion. The company later climbed above $2 trillion before falling back toward its $135 offering price.
JPMorgan’s $240 target therefore depends increasingly on whether SpaceX can turn its rapidly expanding AI portfolio into durable enterprise revenue. Rockets and Starlink remain core businesses, but Wall Street’s most bullish SpaceX valuations are becoming an AI story as much as a space story.
