AST SpaceMobile, Inc. (ASTS)

AST SpaceMobile is building what it describes as the first and only global Cellular Broadband network in space that everyday smartphones (2G/4G-LTE/5G) can access directly. The planned SpaceMobile Service is designed to give high-speed cellular service to users outside terrestrial coverage, using a constellation of large phased-array satellites in low Earth orbit and low-band and mid-band spectrum controlled by mobile network operators (MNOs). The company also plans to use its patent and IP portfolio, about 3,850 patent and patent-pending claims, for government applications. The service has not yet launched and has generated no revenue.

The satellite line consists of the BlueBird (BB) satellites. Test satellites BlueWalker 1 and BlueWalker 3 were launched earlier. Five Block 1 BB satellites launched in September 2024. The first Block 2 BB satellite (BB6) launched in December 2025 with a phased array of about 2,400 square feet, designed for up to ten times the bandwidth capacity of Block 1. The company is developing its own AST5000 ASIC chip for Block 2 satellites and will use FPGA-based chips until it is introduced. For spectrum, it has usage agreements with Ligado for up to 45 MHz of lower mid-band spectrum in the U.S. and Canada, subject to conditions including regulatory approval. It also acquired an entity holding S-Band ITU priority rights of up to 60 MHz globally. Revenue to date comes from U.S. government agreements, directly or through prime contractors, and from sales of gateway equipment, software and related services to MNOs. Government contracts include Space Development Agency work and a SHIELD IDIQ award.

The company sells mainly to MNOs, which would offer the service to their own subscribers, typically on a revenue-share model. It reports partnerships with over 50 MNOs serving nearly 3 billion subscribers. Definitive agreements include AT&T and Verizon for the continental U.S. and Hawaii, Vodafone, a jointly owned European satellite service business (SatCo) that will distribute to MNOs in Europe, the UK and other markets, and a ten-year agreement with Saudi Telecom Company. Targeted early markets include the U.S., Europe and Japan, subject to regulatory approvals and MNO agreements in each jurisdiction. Citing GSMA data, the company sees about 5.8 billion subscribers moving in and out of coverage, 3.4 billion people without broadband coverage, and about 300 million with no connectivity. The U.S. government is a second customer group.

AST SpaceMobile is headquartered in Texas, where it runs satellite assembly, integration and test facilities. It has engineering and development centers in the U.S., India and Scotland, and engineering, development and production centers in Spain and Israel, for a footprint of about 450,000 square feet at December 31, 2025. The company says it owns the IP and controls manufacturing, internally or through third-party contract manufacturers, for about 95% of the sub-systems in its Block 2 satellites. It positions itself against other direct-to-device satellite services.