That compute fleet is expanding aggressively. SpaceX reported 1.4 gigawatts of AI capacity online as of its second quarter and has stated an ambition to reach 10 gigawatts by the end of 2027. The company allocated $15.8 billion of its $18.4 billion in quarterly capital expenditures to AI compute, and has secured multiyear contracts with Anthropic and Google Cloud worth more than $70 billion combined.
Analyst views diverge sharply. Morgan Stanley maintains a $300 base price target with a $600 bull case that assumes Cursor evolves from a model wrapper into a standalone frontier model, projecting Cursor revenue of $8 billion by year-end 2026 and $33 billion by 2030. Morningstar, by contrast, holds a $62 fair value estimate. The widest bull-bear gap in major coverage reflects fundamental disagreement about whether Cursor's market position is durable; Ramp spending data cited by Morgan Stanley shows Cursor's enterprise AI coding share falling from 41% to 26% in under a year, while Anthropic's Claude Code surged to 54%.
SpaceX shares closed at $138.74 on August 11, recovering from an all-time low of $104.83 after a float unlock of roughly 911 million shares. The stock has since traded above its $135 IPO price, with a market capitalization near $1.9 trillion.