JPMorgan has reiterated its overweight rating on SpaceX (SPCX.O) and a $240 price target, citing increasing confidence in the outlook for Grok, its artificial-intelligence initiative. The bank highlighted SpaceX’s reported acquisition of Cursor, whose annual recurring revenue is estimated at about $4 billion, with 75% generated by enterprise customers. JPMorgan expects Cursor to strengthen SpaceX’s enterprise AI strategy, expand its model-training data and improve Grok’s performance.