SpaceX (NASDAQ: SPCX) is once again above the initial public offering (IPO) value, thanks to this week’s 4% rally that pushed the price to $139 and prompted JPMorgan to double down on its SpaceX stock price target.
Namely, the bank reiterated its ‘Overweight’ rating and $240 price target for the space company on August 25, noting growing artificial intelligence (AI) ambitions, particularly following the acquisition of Cursor on August 14.
The new figure implies a roughly 70% upside from the current stock price and, if reached, would constitute a new SPCX share all-time high, beating the previous record of $225 seen a few days after the debut.
JPMorgan reiterates SpaceX price target on AI expansion
Cursor generated approximately $4 billion in annual recurring revenue as of June 2026, 75% of which came from business customers. Now, JPMorgan views the acquisition as a significant step in expanding SpaceX’s enterprise AI capabilities.
According to the firm, the deal provides valuable data for model training while also strengthening SpaceX’s go-to-market strategy. The bank also said Cursor data has already been incorporated into supplemental training for Grok, with observable improvements in recent model performance following the integration.
Analyst Doug Anmuth had already noted earlier this month that SpaceX continues to benefit from its high degree of vertical integration and rapid innovation in AI, when he argued the space exploration leader could reach $100 billion in annual recurring revenue, well above the firm’s 2027 consensus estimate of $75 billion.
The bank’s higher valuation also reflects its expectation that SpaceX could generate $1 trillion in revenue by 2030, a year earlier than initially anticipated. What’s more, Anmuth believes management could accelerate its projected $100 billion in AI revenue from 2028 to 2027, supported by expanding computing capacity.
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