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 acquisition of Cursor, which reportedly generates about $4 billion in annual recurring revenue (ARR), with enterprise business accounting for 75%. JPMorgan expects Cursor to strengthen SpaceX’s enterprise AI strategy, expand its model-training data and improve Grok’s performance.