Space Exploration Technologies Corp.: Grokin' Out: SpaceX Catalyst Path

Research evidence excerpt

Space Exploration Technologies Corp.: Grokin' Out: SpaceX Catalyst Path

nlessframeworkotherwise noted, all metrics are based on Morgan Stanley ModelWare

** = Based on consensus methodology

3 Quick Thoughts: §e == MorganConsensusStanleydataResearchis providedestimatesby Refinitiv Estimates

Quarterly EPS ($)

• Enterprise workflows front and center: Grok 4.5 is framed around coding,

2026e 2026e 2027e 2027e

agentic work, and knowledge work with examples spanning Excel models, Quarter 2025 Prior Current Prior Current

Q1 (0.18) - (0.84)a - 0.54

PowerPoint, legal review, web research, and multi-sheet formulas. SpaceXAI Q2 (0.34) - (0.35) - 0.55

is picking a lane to focus specifically on the enterprise. Enterprise AI Q3 (0.36) - 0.27 - 0.54

Q4 (0.80) - 0.45 - 0.56

represents ~50% of our $300 price target. Key question remains whether

e = Morgan Stanley Research estimates, a = Actual Company reported data

SpaceXAI will be able to combine Grok + Cursor to create compelling,

differentiated enterprise products that aren't easily replicated by competing

labs

• Cursor integration: Cursor was called out in the first two sentences of the

release. The model was trained alongside Cursor and is available in Cursor on

all plans, creating a high-frequency distribution channel inside developer

workflows (reportedly >60% of the F500 use Cursor). Coding is an entry,

but not the end-state for SpaceXAI's enterprise ambitions. Still watching for

whether SpaceXAI can really leverage Cursor as the enterprise wedge,

converting developer adoption into broader agentic workflow deployments

Morgan Stanley does and seeks to do business with

beyond just coding. companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of