Company Profile
Founding
AST SpaceMobile (ticker: ASTS) was founded in May 2017 by Abel Avellan, specializing in the design and manufacture of satellites.
Company Goals
The company is currently building the SpaceMobile satellite constellation, a space-based cellular broadband network. The goal is to provide direct connectivity to all standard, unmodified smartphones currently in use, achieving global 4G and 5G broadband coverage, especially in remote and underdeveloped areas.
AST SpaceMobile’s approach involves building a network of satellites and partnering with existing wireless carriers to transmit network signals directly to 4G and 5G devices, including smartphones, used by everyone today; providing high-speed connectivity for standard, unmodified mobile devices.
AST SpaceMobile aims to eliminate blind spots in existing wireless carrier cellular network connectivity and extend mobile broadband coverage to underserved areas.
Technology
AST SpaceMobile’s BlueWalker 3.0 prototype satellite and BlueBird commercial satellite, launched and operational in 2022 and 2024 respectively, will form one of the largest commercial communications arrays in low Earth orbit. The company demonstrated voice and data connectivity between a standard smartphone and its BlueWalker 3.0 satellite in 2023.
As its name suggests, AST SpaceMobile is developing a method to connect mobile phones to broadband networks using Earth-orbiting satellites. AST SpaceMobile’s satellites are designed to simulate the function of terrestrial base stations to support cellular broadband services in the US, Europe, Japan, and other markets. This is not just theoretical; the company has already deployed a fleet of satellites primarily for proof-of-concept purposes. Connecting to this satellite-based network will not require the specialized satellite communication equipment initially required by SpaceX’s Starlink; AST SpaceMobile’s network can be accessed using ordinary smartphones currently in use by everyone.
AST SpaceMobile’s First-Mover Advantage
Starlink’s Response to AST SpaceMobile
In response to the emergence of AST SpaceMobile, Starlink is launching its own direct-to-phone SMS service, already available to T-Mobile users in select regions. This provides direct smartphone connectivity without requiring dedicated equipment on the user’s device. By 2025, Starlink’s “Direct Cellular” service will allow standard LTE smartphones to directly connect to satellites for SMS functionality. Voice and data services will be rolled out gradually after 2026.
Amazon and Blue Origin’s catch-up
Blue Origin, which is not slated to start launching its satellites until the end of 2027, telecom companies would have to spend a significant amount of money and funds on launching deals with Blue Origin that are similar to their agreements with AST SpaceMobile. It’s unlikely that the telecom firm will want to take this course because it would involve wasting significant corporate resources. Therefore, barring technical problems, expected AST SpaceMobile’s agreements with these telecom companies to ultimately generate tens of billions of dollars of annual revenue for the firm, even if Blue Origin attempts to launch similar services.
Competition Is Unlikely to Stop AST
Today, around the world, there are many very profitable providers of internet service, military communications, technologies for cellular networks, and data centers. As these sectors transition to satellites, there will likely be many, very profitable satellite companies that provide the same products and services. Therefore, I don’t expect SpaceX’s Starlink or Blue Origin’s initiative to derail AST SpaceMobile.
Non-Telecom Business Opportunities
Extensive Use Military and Government
Over the past few years, the satellite company has partnered with more than 50 mobile network operators, serving 3 billion users worldwide. In addition to cellular network coverage, AST SpaceMobile also sees opportunities in government and military applications, including providing tactical non-terrestrial network connectivity for land, sea, and air.
AST SpaceMobile has partnered with over 50 mobile service providers and telecom technology companies worldwide to promote its solution, including agreements with some of the world’s largest mobile operators such as Vodafone, Verizon, AT&T, American Tower, and Google. These partners represent approximately 3 billion potential customers.
Consumers are clearly also potential users, but the biggest beneficiaries of the AST SpaceMobile solution are likely to be emergency responders and defense personnel operating in the 87% of the world’s landmass not yet covered by traditional mobile networks.
Data centers in space
AST SpaceMobile President Scott Wisniewski last month indicated that AST SpaceMobile can benefit from the development of data centers in space. Both Musk and Bezos are planning to launch such data centers, suggesting that these projects are likely to be very profitable.
Wisniewski said that, “The add-on opportunities (for satellites) are really impressive, and you see that with all the data center conversations in the last week or so, whether it’s communication services, noncommunication services to the U.S. government, or the next generation of commercialization of space, we’ll be in a great position to build that out.”
Other Space-Based Services
In addition to direct-to-cell, AST SpaceMobile can provide internet service and obtain new, lucrative contracts from the military. Moreover, a recent comment by the company’s president indicated that the firm can benefit significantly from the likely launch of data centers in space.
Data on bidding for federal subsidies in Tennessee shows that providers of satellite internet services, including Elon Musk’s SpaceX, “requested, on average, just one tenth of the funding fiber providers” sought, according to StateScoop. The data suggests that satellite internet service providers (ISPs) can price their fiber competitors out of the market. As a result, eventually AST SpaceMobile can probably enter the ISP market and generate significant revenue and profits from it.
Target Customers
Nokia
In July 2022, Nokia announced a five-year 4G and 5G contract with AST SpaceMobile.
AT&T
In January 2024, AST SpaceMobile announced new partnerships with Google and AT&T to jointly develop, test, and implement product plans to bring satellite connectivity to Android smartphones.
Verizon
In May 2024, the company announced a $100 million partnership agreement with Verizon to expand service coverage to more remote areas of the United States where terrestrial networks do not provide coverage.
Vodafone
On December 9, 2024, AST SpaceMobile announced a commercial contract with Vodafone and its partners to provide space-based cellular broadband connectivity services in Europe and Africa, with the contract valid until 2034; the following month, it conducted its first mobile video call test using a regular smartphone.
STC Group
On October 29, 2025, AST SpaceMobile announced a 10-year agreement with the STC Group, which included a $175 million upfront payment commitment to support direct equipment services in Saudi Arabia and select regional markets.
Potential Market
How big is the market?
AST SpaceMobile estimates the global potential market size (TAM) at nearly 6 billion handsets and is committed to bridging the digital gap faced by billions of people currently without internet access. AST SpaceMobile targets the 5 billion mobile users worldwide, as well as millions of people without mobile broadband access.
According to Future Market Insights, the global wireless communications services market is projected to surge from $1.4 trillion in 2025 to $2.8 trillion in 2035. If AST SpaceMobile succeeds, the company has the potential to revolutionize the global communications landscape.
Moreover, this opportunity should not be underestimated. A forecast report from Precedence Research indicates that the global space-based mobile broadband market will grow at an average annual rate of 22% by 2034, consistent with Straits Research’s predictions.
AST SpaceMobile is steadily advancing and expanding its satellite network this year to increase coverage and gradually achieve stable revenue through commercial operations. This could become a key component of the booming space economy, which McKinsey predicts could reach $1.8 trillion by 2035.
The Artificial Intelligence Market
Now, AST SpaceMobile appears to have another revenue stream besides smartphone users. AI chatbots are making people use smartphones more frequently than ever before. The rise of AI applications is making people even more reliant on smartphones. Broadband connectivity is more important than ever.
Primary Contractor for Defense Projects
In addition to providing satellite network access services to consumers worldwide, AST SpaceMobile has been designated a prime contractor for U.S. national security projects. On January 15, 2026, the company announced that it is now also the prime contractor for the Missile Defense Agency’s “SHIELD” program. This program is part of the more well-known “Golden Dome” multi-layered missile defense system, a proposal put forward for the United States. Boosted by this news, AST SpaceMobile’s stock price surged 16.8% that day.
Advantages of AST SpaceMobile
No Additional Special Equipment Required
Starlink is indeed a revolutionary service, allowing users to enjoy high-speed satellite internet from anywhere in the world. The only drawback is that users need an antenna/satellite receiver to connect to Starlink’s satellite network system, limiting the service’s portability.
AST SpaceMobile aims to solve this pain point, allowing users to directly transmit internet data to their smartphones using its giant satellites without the need for satellite antennas or additional special equipment. The company has launched six satellites into orbit and, while testing its technological feasibility, still needs to deploy 40 to 50 more satellites to provide truly viable service in the US, Europe, and Japan. This is no easy feat—the company has burned through nearly $1 billion in cash flow in the past twelve months—but it gives them hope that revenue will begin to grow.
Compatible with Existing Wireless Networks
To attract customers, AST SpaceMobile is partnering with wireless operators, including Verizon, which will pay these operators to bundle AST SpaceMobile’s connectivity service with their customers. Once AST SpaceMobile’s satellite network is operational, it will enable rapid revenue growth.
Its core technology
AST SpaceMobile believes it possesses a technological advantage. The company holds approximately 3,800 patents and manufactures large Block 2 BlueBird satellites, equipped with the largest communications array ever deployed in low Earth orbit, covering an area of 2,400 square feet. AST SpaceMobile has also developed custom-designed application-specific integrated circuit (ASIC) chips, which help increase data throughput to 120 megabits per second (Mbps) while reducing power consumption and production costs.
Competitors
Starlink, owned by SpaceX, is the number one competitor to all companies in this industry. For a detailed introduction to Starlink, see my post of “How does Starlink, which monopolizes low-orbit satellites, make money?“
SES
A global satellite operator giant SES, listed on Euronext with the stock code SESG, , which owns o3b mPower, announced its merger with Intelsat in April 2024. The combined company’s annual revenue will be approximately US$4.1 billion.
Viasat
Considered the number one competitor of Starlink, Viasat (ticker: VSAT) has a geosynchronous orbit satellite network data transmission speed of about 20M per second, and a delay time of 62-594 milliseconds.
OneWeb
In mid-2023, the European Union launched its own plan to build a European space interconnection constellation. At the same time, French satellite company Eutelsat and its British counterpart OneWeb announced a merger (not yet listed) to form Europe’s largest satellite company.
Amazon and Blue Origin
Amazon’s (ticker: AMZN) Amazon Leo (formerly known as Project Kuiper) plan, which aims to deploy 4,538 low-altitude satellites, is accelerating.
Boeing
Boeing (ticker: BA) plans to launch 5,789 satellites into low-Earth orbit within nine years.
Astra Space
Rocket manufacturer Astra Space (ticker: ASTR) is also actively deploying 13,600 satellites under its name to form a powerful space network.
AST SpaceMobile
AT&T said it has reached an agreement with satellite network company AST SpaceMobile (US: ASTS) to provide satellite Internet connections for mobile phones, providing a potential alternative to Starlink.
Business Development Plans
Fundraising
Funding is crucial for a startup like AST SpaceMobile. The company recently secured over $1 billion in total contract revenue commitments from commercial partners, including non-dilutive upfront payments from major operators such as AT&T ($20 million), Verizon ($45 million), and Saudi Telecom ($175 million). As of November 2025, AST SpaceMobile stated that this funding is fully in place, sufficient to manufacture and launch over 100 satellites to provide global service.
Current Progress
In September 2024, the company launched its first commercial satellite. AST SpaceMobile launched its first five commercial BlueBird satellites from Cape Canaveral, Florida, using a SpaceX Falcon 9 rocket.
In December 2025, the company successfully launched its BlueBird 6 satellite array. This is the largest commercial communications satellite ever deployed into low Earth orbit, and AST SpaceMobile also plans to use its satellites for government projects and generate revenue.
To date, AST has launched six production satellites into orbit, including five first-generation BlueBird satellites (smaller in size, 693 square feet). The company successfully deployed its first second-generation BlueBird satellite last December, one of its key goals for 2025.
2026
AST SpaceMobile plans to launch another 45 to 60 satellites in 2026.
Future Plans
AST SpaceMobile is deploying its satellites in phases. 25 satellites will provide initial, discontinuous service in target markets. However, to provide continuous service in the US, Europe, Japan, and other strategic markets, 45 to 60 satellites are actually needed—AST SpaceMobile aims to achieve this by the end of 2026. In the long term, AST SpaceMobile plans to deploy 90 to 100 satellites to achieve full global coverage and support more markets.
The company ambitiously plans to launch 45 to 60 satellites. To achieve this goal, it is shifting towards multi-satellite launches, using SpaceX’s Falcon 9 rocket, which can carry up to four Block 2 BlueBird satellites at a time. Meanwhile, Blue Origin’s New Glenn rocket can carry up to eight Block 2 satellites at a time. Its next launch is scheduled for late January or early February 2026, with four more launches planned before the end of March.
Investors should note that this will incur high costs, as each Block 2 BlueBird satellite costs between $19 million and $23 million. Nevertheless, the company states that its $3.2 billion in cash and other funding sources are sufficient to achieve its goals.
Current Operational Status
Still operating at a loss
Analysts expect the company to become profitable by 2027, and that the process may involve a period of volatility.
2025 Q3 result
The key highlights of the company’s third-quarter results, announced on November 26, 2025, are as follows:
- Revenue: $14.7 million, a year-over-year increase of 1,170%.
- Net loss: Approximately $122.9 million, or approximately $0.45 per share.
- Operating costs: Operating expenses increased significantly due to engineering, gateway delivery, and general and administrative costs.
- Operating cash flow decreased by 89.5% year-over-year to -$136.5 million.
- Cash position: Strong liquidity, holding more than $1.2 billion in cash and cash equivalents as of the end of the quarter.
- Contractual revenue commitments exceed $1 billion.
Financial Status
As of June 30, 2025, AST SpaceMobile has over $1.5 billion in cash and cash equivalents, providing ample funding to support its ambitious near-term plans.
Revenue generating
AST SpaceMobile began generating revenue through contracts with the U.S. government in 2024. However, the company anticipates not generating substantial revenue from mobile network operators such as AT&T and Verizon until its BlueBird 1-5 satellites are fully operational. To date, mobile network operators with agreements and understandings with the company represent over 2.8 billion existing subscribers.
Revenue Growth Plan
AST SpaceMobile management projects revenue between $50 million and $75 million for the second half of 2025, with rapid growth expected thereafter.
Analysts predict that AST SpaceMobile’s revenue will grow by 311% to $236 million in 2026, exceeding $800 million in 2027, and surpassing $2.5 billion in 2028, riding this growth wave.
Capital Market Performance
Market valuation
As of the end of January 2026, AST SpaceMobile’s market capitalization was US$41.08 billion. It remains unprofitable and has a negative price-to-earnings ratio.
The shares have a current price-sales ratio of 1,474 times and a forward price-sales ratio, based on analysts’ mean 2026 revenue estimate of $193 million, of 222 times.
Stock Price Performance
AST SpaceMobile’s stock rose 244% in 2025. Since its mid-2024 low, it has surged over 4000%. Over the past three years, its stock price has risen 1100%, a remarkable and meteoric rise.
Investment Risks
In an extremely optimistic scenario, the company could continue to enhance its direct-to-device network access capabilities and potentially reach billions of users globally, generating billions of dollars in annual revenue. This suggests its stock price could be even higher a decade from now.
The problem is that AST SpaceMobile’s market capitalization is already a staggering $24 billion, while its revenue is virtually zero. Even if its revenue grows to $1 billion or even $5 billion, its valuation remains inflated, especially considering the high costs of building and launching satellites.
I am the author of the original text, the essence of this story was originally featured on Money Magazine, Issue of March 2026
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