摩根大通发布研报称对SpaceX Grok AI模型'越来越看好'，重申Overweight评级及$240目标价

SpaceX (SPCX) was in focus on Tuesday as J.P. Morgan said it has become “increasingly positive” on the company's Grok artificial intelligence models and chatbot, especially after the Cursor acquisition.
“Cursor brings ~$4B of ARR (as of June 2026), with ~75% coming from businesses, which should help streamline SpaceX’s go-to-market strategy & provide valuable data for model training,” J.P. Morgan analyst Doug Anmuth wrote in a note to clients. “Importantly, we have already seen the benefits of Cursor data incorporated into Grok’s supplemental training, with tangible improvements in recent model performance.”
Anmuth, who has an Overweight rating and a $240 price target on SpaceX, said the Cursor acquisition has already paid off, with Cursor data incorporated into Grok's supplemental training. He cited the fact that Grok 4.6, which was released earlier this month, improved five points on the Artificial Analysis Intelligence Index compared to Grok 4.5, even though it was only released one month later.
“The combination of both frontier intelligence & meaningfully lower cost vs. peers places Grok 4.6 on the Pareto frontier, which should support stronger adoption,” Anmuth added. “SpaceX is leveraging these increasingly capable models to develop compelling agentic products, with the launch of Grok Bot positioning the company to better compete within the massive enterprise AI opportunity.”
Looking forward, Anmuth expects SpaceX to continue the pace and quality of its AI models to improve, with Grok 5 expected to be released by December.
“Overall, while near-term AI revenue is largely driven by premium compute deals ($30-$50/watt), we expect improving Grok monetization, particularly among enterprises, to become an increasingly important driver over time,” Anmuth added.