SpaceX (SPCX) Stock Climbs as JPMorgan Backs Grok AI and Cursor Deal

TLDR

• SpaceX stock rose 1.6% in early Tuesday trading to $137.10, recovering from its $135 IPO price close on Monday
• JPMorgan reiterated an Overweight rating and $240 price target on SPCX, implying roughly 78% upside
• Analyst Doug Anmuth praised Grok 4.6’s rapid improvement and expects Grok 5 by December
• SpaceX acquired Cursor, an AI coding tool, which closed August 14 and adds ~$4 billion in annual recurring revenue
• SpaceX plans to launch AI computing satellites using space-optimized Nvidia Vera Rubin chips, with orbit planned for 2027

SpaceX stock opened Tuesday at $137.10, up 1.6% from its $135 June IPO closing price the day before. A bullish note from JPMorgan appears to have given the stock a nudge.

Space Exploration Technologies Corp., SPCX

JPMorgan analyst Doug Anmuth reiterated an Overweight rating and $240 price target on SpaceX. That target implies about 78% upside from current levels.

Anmuth called out the pace of Grok’s development. Grok 4.6, released earlier this month, jumped five points on the Artificial Analysis Intelligence Index compared to Grok 4.5, despite only arriving about a month later.

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