· JPMorgan analyst note via multiple reports · positive
JPMorgan's Doug Anmuth reiterated his positive rating and $240 SpaceX target. Against the August 24 close of $135, that implies 77.8% upside—but the target was raised from $225 after Q2 around August 5, so this is renewed conviction rather than a new estimate.
JPMorgan analyst Doug Anmuth maintained his positive rating on SpaceX and reiterated a $240 price target in reports dated August 25. SpaceX closed Monday, August 24, at $135. The target therefore implies $105 of appreciation per share, or 77.8% upside, which explains reports describing the gap as nearly 80%. The rating was variously described as Buy or Overweight, but the directional message is the same: JPMorgan continues to see substantial upside from the current price. The date of the target matters. Anmuth did not establish a fresh $240 objective on August 25. He had already raised the target from $225 to $240 around August 5 following SpaceX's second-quarter results. The latest coverage is a reiteration, not another upward revision. That makes it evidence of sustained conviction after the stock's subsequent trading rather than a newly increased valuation estimate. Readers should not interpret the repeated headline as two separate target raises. The renewed confidence was tied in part to SpaceX's growing artificial-intelligence exposure, including the Cursor acquisition and Grok. Those assets broaden the argument beyond the company's established launch, satellite and connectivity operations. For the investment case, the relevant question is whether AI adds a durable, monetisable earnings stream or simply gives the market another high-multiple narrative to attach to the existing business. JPMorgan's unchanged $240 target suggests the analyst sees enough progress to preserve the post-Q2 valuation case. The note is positive for SPCX because the target remains far above the market price and the analyst is reiterating it after reviewing recent developments. It is still only one analyst's valuation, and the 77.8% figure is mechanical upside to a target rather than a forecast probability-weighted return. The most useful takeaway is therefore narrower than the headline: JPMorgan has not become more bullish since its early-August increase, but it also has not backed away from a target that requires the shares to rise by more than three quarters from Monday's close.