JPMorgan Chase reiterates SpaceX's top of the line rating, with a target price of $240

JPMorgan Chase reiterated its top of the line rating and $240 target price for SpaceX, citing the enhanced prospects of Grok's artificial intelligence. JPMorgan Chase mentioned SpaceX's acquisition of Cursor, whose annual recurring revenue is approximately $4 billion, of which 75% comes from enterprise business. JPMorgan expects Cursor to enhance SpaceX's enterprise artificial intelligence strategy, model training data, and Grok's performance.