Space Exploration Technologies Corp. (NASDAQ: SPCX) has received another bullish Wall Street call, with JPMorgan analyst Doug Anmuth maintaining his $240 price target and positive rating on the stock Tuesday.
The target represents about 77.8% upside from SpaceX’s Monday closing price of $135. SPCX was trading around $137.13 in Tuesday premarket trading at 1:00 PM UTC, up about 1.6%, although several other companies and broader market developments were also in focus ahead of the opening bell.
The $240 figure itself is not a new target, as JPMorgan has actually raised its SpaceX target from $225 to $240 on August 5 following the company’s second-quarter results and has now maintained that valuation while placing greater weight on the company’s developing artificial intelligence business.
JPMorgan Sees SpaceX AI Story Moving Beyond Grok
Anmuth’s latest thesis focuses heavily on SpaceX’s acquisition of AI coding platform Cursor, which officially closed on August 14.
JPMorgan estimates Cursor generates roughly $4 billion in annual recurring revenue, with around three-quarters coming from business customers. The bank sees that enterprise customer base as a potential distribution channel for SpaceX’s broader AI products while Cursor’s coding data could also contribute to Grok’s development.
The acquisition has strengthened an AI narrative that was already influencing SPCX trading, moving AI closer to the center of the company’s post-IPO valuation debate.
Grok 4.6 and Grok Bot Add to JPMorgan’s Case
JPMorgan also pointed to the rapid development of Grok as evidence that SpaceX’s AI spending is beginning to produce new products rather than remaining primarily an infrastructure investment.
SpaceXAI released Grok 4.6 earlier this month with a focus on longer-running agents, coding and knowledge work. Anmuth also highlighted Grok Bot, an AI agent designed to complete tasks across business applications.
JPMorgan expects SpaceX to maintain a relatively fast model-release schedule through the second half of 2026, with Grok 5 expected later this year. Anmuth argues that combining Cursor’s software-development expertise with SpaceX’s engineering knowledge could make Grok more useful for coding and complex technical work.
The revenue potential remains an analyst expectation rather than guidance from SpaceX. The company still needs to show that increased AI usage can translate into enough revenue and cash flow to offset the infrastructure spending required to build and operate its models.
How Does JPMorgan’s $240 SpaceX Target Compare?
JPMorgan is not the most bullish major Wall Street firm on SpaceX.
Bernstein analyst Douglas Harned recently maintained a Buy rating with a $248 target, while Morgan Stanley analyst Adam Jonas maintained a $300 target, implying more than 120% upside from a $135 share price.
JPMorgan’s $240 target therefore sits between several major Wall Street estimates. The spread between individual targets remains wide, with some analysts valuing SpaceX well above $200 while more bearish estimates sit substantially below its current market price.
Crypto Investors Can Also Access SpaceX Through Tokenized Stocks
SpaceX’s public listing has also opened another route for crypto investors through tokenized SPCX products, which allow eligible users to gain price exposure to the stock through blockchain-based trading platforms.
These products extend access beyond conventional stock brokerages and let investors trade blockchain representations linked to SpaceX shares using crypto-market infrastructure. The Crypto Times has previously tracked the growing market for tokenized SPCX products, which has developed alongside demand for tokenized U.S. equities.
However, a tokenized stock is not necessarily the same as directly owning a Nasdaq-listed SPCX share. Shareholder rights, custody arrangements, redemption mechanisms and geographic availability depend on the issuer and platform.
That crossover gives JPMorgan’s valuation call relevance beyond traditional equity investors. A move toward the bank’s $240 target would also affect crypto traders holding tokenized SpaceX exposure, while the company’s AI expansion adds another variable to a valuation story previously dominated by Starlink and its space operations.
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