JPMorgan on $SPCX (OW, PT $240): SpaceX’s AI ambitions are coming into sharper focus, and we are increasingly positive on Grok. The company officially closed its acquisition of Cursor on 8/14, a milestone we view as an important step in building out its enterprise AI capabilities. Cursor brings ~$4B of ARR, as of June 2026, with ~75% coming from businesses, which should help streamline SpaceX’s go-to-market strategy and provide valuable data for model training. Importantly, we have already seen the benefits of Cursor data incorporated into Grok’s supplemental training, with tangible improvements in recent model performance." Analyst: Seth M. Seifman