JPMorgan sets $240 SpaceX price target

• JPMorgan kept its Overweight rating on SpaceX and a $240 price target.
• The target implies about 75% upside from recent trading levels near $138.
• JPMorgan cited SpaceX’s Cursor acquisition and improving Grok performance as key factors.

SpaceX traded near $138 after JPMorgan kept its $240 price target.

The target implies about 75% upside, while SpaceX shares rose about 2% in Tuesday’s premarket trading.

“increasingly positive” about Grok’s prospects, said JPMorgan analyst Doug Anmuth after the Cursor acquisition.

SpaceX completed its $60 billion stock-based acquisition of Anysphere, the company behind Cursor, on August 14.

JPMorgan said Cursor data has already produced “tangible improvements” in recent Grok models.

About 370 million SpaceX shares could become eligible for trading on September 9 and 10, JPMorgan estimates.

SpaceX listed on Nasdaq in June at $135 per share, raising $75 billion and valuing the company at about $1.75 trillion.