JPMorgan Sets $240 Target for SpaceX, Citing AI Growth

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.

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.