SpaceX Stock Is Moving Higher: What's Going On Today?

SpaceX Stock Is Moving Higher: What's Going On Today?

Evette Mitkov

Tue, August 25, 2026 at 8:05 PM GMT+3 3 min read

• SPCX +1.22%

Space Exploration Technologies Corp (NASDAQ:SPCX) shares are rising Tuesday. JPMorgan reiterated an Overweight rating and $240 price target on the stock, pointing to progress on SpaceX's AI ambitions following its recently closed acquisition of Cursor.

• SpaceX stock is showing upward movement. What's pushing SPCX stock higher?

JPMorgan Sees Cursor Deal and Grok Progress Building SpaceX's AI Case

JPMorgan analyst Doug Anmuth on Tuesday pointed to a clearer picture of SpaceX's AI roadmap taking shape, with the firm's confidence in Grok climbing since the company finalized its purchase of Cursor on Aug. 14. Cursor carries an annualized revenue base near $4 billion, three-quarters of which comes from business clients, a split JPMorgan sees as an asset both for reaching enterprise customers and for supplying fresh training material to future Grok models.

Early signs suggest that data is already making a difference. Grok 4.6, which debuted earlier this month, gained five points on the Artificial Analysis Intelligence Index versus its predecessor despite launching barely a month after Grok 4.5, putting it just behind Anthropic's two most advanced models on the overall leaderboard.

JPMorgan said pairing that level of performance with pricing below what rivals charge should widen the model's appeal among developers and enterprises alike. The company is also layering more sophisticated capabilities on top of Grok, including Grok Bot, a recently launched beta product built around autonomous agents that carry out tasks inside the apps and websites employees already rely on.

Looking further out, JPMorgan expects SpaceX to keep shipping new models at pace, pointing to Grok 4.7 arriving as soon as early September and Grok 5 following by December.

Those AI developments help explain how JPMorgan arrived at its valuation. Starting from a projected 2028 profit of $7.02 per share, the firm applies a multiple near 34 times to land on its $240 target, a premium it says is warranted given SpaceX's simultaneous leadership in launch vehicles, satellite broadband and artificial intelligence.

SpaceX Launch Momentum Continues

Separately, SpaceX launched a Falcon 9 rocket carrying 29 Starlink broadband satellites from Florida at 5:33 a.m. Tuesday, continuing its regular cadence of satellite deployment missions.

SpaceX also announced plans for a new high-cadence launch facility in Louisiana, which it's calling Starbase Louisiana, describing the site as a key piece of infrastructure meant to support more frequent Starship missions going forward.

SPCX Shares Are Climbing

SPCX Price Action: SpaceX shares were up 2.70% at $138.65 at the time of publication on Tuesday, according to Benzinga Pro.

Read Also:Einhorn Vs. Musk: Hedge Fund Manager Says SpaceX IPO Was 'Meme-ification of the Market'

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This article SpaceX Stock Is Moving Higher: What's Going On Today? originally appeared on Benzinga.com

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