Analyst: Cursor deal could push SpaceX to $3T valuation

Oppenheimer analyst Timothy Horan placed a $250 price target on SPCX in a research note, projecting roughly 40% upside from current levels after SpaceX’s $60 billion acquisition of AI coding firm Cursor. The target followed a recent pullback in SPCX shares; the stock remained about 25% above its IPO price at the time of the note.

If SPCX reaches $250 per share, the firm’s market capitalization would exceed $3.2 trillion, putting it among the world’s largest companies by market value.

Oppenheimer highlighted two assets Cursor brings: a developer database of more than one million users and an operational software layer built for agentic coding tools. The firm said those assets pair with SpaceX’s compute and engineering to support product development and could improve margins.

Horan wrote: “Cursor gets the compute to train and inference its models – and SPCX gets the harness engineering, data, and a captive base of expert developers, rounding out its AI flywheel, and vertically integrating, which helps innovation and margins.”

The research note included revenue figures. Oppenheimer estimated Cursor’s annual recurring revenue had risen to a $4 billion run rate from about $1 billion a year earlier, and forecast it could reach $6 billion by the end of 2026. The firm raised its fourth-quarter AI sales estimate for SpaceX by $4 billion, to $8.75 billion.

Oppenheimer said it adjusted its financial models to reflect a change in how Wall Street values SpaceX, with greater emphasis on AI infrastructure alongside satellite and launch businesses. The note flagged execution and integration risks for the remainder of the year and made clear the $250 target assumes successful integration of Cursor’s software and user base with SpaceX’s compute and engineering resources and sustained AI revenue growth.

SpaceX completed the Cursor acquisition earlier this year for $60 billion in cash and stock, expanding beyond its satellite and launch operations into AI software and developer tools.