AST SpaceMobile, Inc.
Communication Services · Integrated Telecommunication Services
Structural read: only public pure-play on sat-to-phone with unmodified handsets. Five BlueBird Block 1 sats on orbit; Block 2 (10x bandwidth) launches stack through 2026-2027 targeting ~25 sats for intermittent US coverage. 8B subs of addressable footprint.
Cash runway extended via 2026 converts + Verizon prepayment; capex peaks during Block 2 build.
- Only listed direct-to-cell pure-play; $TMUS/$SPCE-Starlink integration is bundled inside private cos
- $AT&T + Verizon committed gateway spectrum (850MHz) - regulatory moat vs Starlink-DTC
- Government/DoD revenue leg (SDA, prime contracts) adds non-MNO cash before consumer ramp
- Cell-broadcast architecture means no handset CapEx for operators - easier signup
- Pre-revenue; FY26 revenue guide remains <$100M vs ~$33B mkt cap
- BlueBird Block 2 schedule slipped twice; one more slip pushes commercial launch into 2027
- Dilution cadence: convertibles + ATM means share count grew >40% trailing 12mo
- Starlink DTC (via $TMUS) already live with $25/mo retail; ASTS commercial start still pending
- Spectrum coordination with terrestrial holders unresolved in EU/Asia geographies