Morgan Chase maintained a target price of $240 for SpaceX, which, at a collection rate of $135 on Monday, implied an increase of nearly 80 per cent. For many reasons, this investment bank is increasingly falling into AI business, not just rocket launch and chain.

Wall Street to discuss AI valuation

How much of the AI valuation should be given around SpaceX, and Wall Street divisions are widening. Morgan Stanley had also previously suggested that the market might have underestimated the company ' s AI asset value and given the $300 base target and $600 optimistic scenario target.

This means that market pricing logic for SpaceX is changing. In addition to space and satellite Internet operations, business software, modelling capabilities and AI revenues are becoming a new focus of observation.

Cursor's acquisition brought in the company's customers.

SpaceX completed its acquisition of Cursor on August 14th. According to data cited in the report, the annual recurrent revenue of the programming platform up to June was approximately $4 billion, of which approximately 75 per cent came from business clients.

This portion of the client ' s resources is considered an important entry point for SpaceX promotion of Grok enterprise services. At the same time, the large amount of interactive data generated by programming scenarios may also be used for modelling training.

Prior to this, SpaceX further expanded its layout in the area of enterprise software and AI by trading $60 billion with the Cursor parent company, Anysphere. The company ' s operational boundaries are thus no longer limited to launch services and network of chains.

Revenue growth is significant and AI investment is still high

Recent performance has also reinforced growth expectations. SpaceX received $7.81 billion in the second quarter, an increase of 92 per cent over the same period; the adjusted EBITDA was $3.54 billion, an increase of 191 per cent over the same period. The financial statements for the same period also show a significant increase in AI-related income.

However, AI expansion costs no less. According to BeInCrypto data, SpaceX ' s AI sector lost approximately $1.26 billion in the last quarter, representing 86 per cent of corporate capital expenditure. High input remains one of the main risks in the current valuation discussions.

SpaceX stock prices have also fluctuated considerably since June, when IPO was recorded. The company was listed with an estimated 1.77 trillion United States dollars (US$) and subsequently broke down to US$ 2 trillion, before falling closer to US$ 135.

For Morgan Chase, a target price of $240 depends more and more on SpaceX turning fast-growing AI assets into a continuous source of business income. The rocket launch and the star chain remain core operations, but the most radical valuation logic on Wall Street is making more bets on AI.