JP Morgan exclaimed "increasingly optimistic": the acquisition of Cursor has an immediate effect, and SpaceX (SPCX.US) Grok 4.6 performance has jumped by 5 points.

SpaceX (SPCX.US) became the market focus on Tuesday, with J.P. Morgan stating that its outlook on SpaceX's Grok artificial intelligence model and chatbot, as well as Siasun Robot & Automation, has become "increasingly optimistic," especially following the company's acquisition of Cursor. J.P. Morgan analyst Doug Anmuth wrote in a report to clients, "Cursor brings an annualized recurring revenue (ARR) of approximately $4 billion (as of June 2026), with about 75% coming from enterprise clients, which will help simplify SpaceX's go-to-market strategy and provide valuable data for model training." He noted that Cursor's data has been integrated into Grok's auxiliary training, leading to a tangible improvement in model performance recently. Anmuth rated SpaceX as "overweight," with a target price set at $240. He mentioned that the acquisition of Cursor has already shown resultsGrok 4.6, released earlier this month, improved by 5 points on the Artificial Analysis Intelligence Index compared to Grok 4.5, with only a month between their release dates. Anmuth added, "The combination of cutting-edge intelligence and significantly lower costs compared to peers places Grok 4.6 on the Pareto frontier, which is expected to support stronger adoption rates. SpaceX is leveraging these increasingly powerful models to develop competitive agency products, and the launch of Grok Bot allows the company to better seize the massive enterprise AI market opportunity." Looking ahead, Anmuth expects SpaceX to continue improving the iteration speed and quality of its AI models, with Grok 5 anticipated to be released by December. Anmuth further pointed out, "Overall, although short-term AI revenue is primarily driven by premium computing transactions ($30 to $50 per watt), we expect that over time, the enhancement of Grok's monetization capabilitiesespecially on the enterprise sidewill become an increasingly important growth engine."