ASTS
AST SpaceMobile, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for AST SpaceMobile, Inc.
AST SpaceMobile, Inc. is building a space-based cellular broadband network designed to connect unmodified standard mobile phones directly to satellites. The company designs and manufactures large phased-array satellites (BlueBird) that operate in partnership with mobile-network operators to extend coverage over oceans, rural areas, and other unserved or underserved regions. It plans to provide voice, text, and broadband data services.
Coverage
Rocket Lab Values Iridium's Spectrum at $3.32B—More Than the Entire Constellation.
Rocket Lab's merger filing marks Iridium's spectrum at $3.32B — 43.7% of the price, 1.72x the constellation, and more than Iridium's pre-leak market value.
Rocket Lab Is Buying $884 Million of Iridium Revenue at 9x Sales. Its Own Enterprise Value Sits at 58x.
Rocket Lab is paying 9.0x sales for Iridium — revenue 115% of its own — with stock valued at 57.6x. The collar moves the mix only between 4.0% and 6.6%.
SpaceX Paid $19.6B for Pre-Revenue Spectrum. Our Model Breaks Even at 23M Handsets.
SpaceX's $19.6B EchoStar spectrum buys a vertical our model still scores at zero for six quarters. Break-even is 23.2M monetised handsets against 74.3M assumed.
Satellite Spectrum: What the Bands Are, How the Licences Are Won, and Who Holds What
A first-principles guide: what each satellite band is for, why orbit decides which bands work, how the ITU hands out transmit rights, and who holds what today.
SpaceX and AST SpaceMobile Circle Grain's 800 MHz Spectrum
Both are reported to have expressed interest in ~$6bn of 800 MHz licences Grain Management took from T-Mobile in a swap; the licences span 3,224 counties, preliminary bids are due the first week of September and the FCC has set 5 November for completion.
FCC Grants Temporary Authority to Test 800 MHz Direct-to-Device
The Commission granted AST limited special temporary authority to test satellite-to-smartphone connectivity in the 800 MHz band, the same frequencies at issue in the Grain licence sale.
Revenue growth is measured from a near-zero prior-year base, while capital expenditure is large relative to current revenue. These extreme, opposing percentages do not produce a useful Rule of 40 score.
Quarter contextWhere the revenue goes next
Why unreliable: reason not recorded
Latest: $32M (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | $500,000.00 |
| 2024Q2 | $900,000.00 |
| 2024Q3 | $1M |
| 2024Q4 | $2M |
| 2025Q1 | $718,000.00 |
| 2025Q2 | $1M |
| 2025Q3 | $15M |
| 2025Q4 | $54M |
| 2026Q1 | $15M |
| 2026Q2 | $32M |
Latest: −$0.77 (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | −$0.16 |
| 2024Q2 | −$0.51 |
| 2024Q3 | −$1.10 |
| 2024Q4 | −$0.18 |
| 2025Q1 | −$0.20 |
| 2025Q2 | −$0.41 |
| 2025Q3 | −$0.45 |
| 2025Q4 | −$0.26 |
| 2026Q1 | −$0.66 |
| 2026Q2 | −$0.77 |
Latest: n/m (2026Q2)
| Period | Value |
|---|---|
| 2024Q4 | n/m |
| 2025Q1 | n/m |
| 2025Q2 | n/m |
| 2025Q3 | n/m |
| 2025Q4 | n/m |
| 2026Q1 | n/m |
| 2026Q2 | n/m |
Latest: −$695M (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | −$88M |
| 2024Q2 | −$38M |
| 2024Q3 | −$64M |
| 2024Q4 | −$110M |
| 2025Q1 | −$149M |
| 2025Q2 | −$354M |
| 2025Q3 | −$303M |
| 2025Q4 | −$331M |
| 2026Q1 | −$310M |
| 2026Q2 | −$695M |
Latest: 299M (2026Q2)
| Period | Value |
|---|---|
| 2021Q3 | 52M |
| 2022Q2 | 52M |
| 2022Q3 | 53M |
| 2025Q2 | 242M |
| 2025Q3 | 273M |
| 2026Q1 | 291M |
| 2026Q2 | 299M |
Latest: −$2.44B (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | −$88M |
| 2024Q2 | −$126M |
| 2024Q3 | −$190M |
| 2024Q4 | −$300M |
| 2025Q1 | −$449M |
| 2025Q2 | −$803M |
| 2025Q3 | −$1.11B |
| 2025Q4 | −$1.44B |
| 2026Q1 | −$1.75B |
| 2026Q2 | −$2.44B |
Latest earnings
Next report: Nov 9, 2026 (Q3 2026)
Company History
Abel Avellan founds the company after selling Emerging Markets Communications, with the thesis that a large enough phased array in low Earth orbit can talk to an ordinary handset.
A small test satellite validates the core link budget for direct-to-handset communication ahead of the full-scale array.
The SPAC business combination closes on 6 April 2021 and the company begins trading as ASTS, with a three-class share structure that leaves Avellan in voting control.
The 693-square-foot test array launches on 10 September 2022 and completes deployment in orbit on 14 November 2022, then the largest commercial communications array in low Earth orbit.
Two-way 4G and 5G calls to standard unmodified handsets over BW3, with download speeds above 21 Mbps, establish that the architecture works end to end.
The first commercial satellites launch in September 2024, moving the company from a single demonstrator to an operating constellation.
Agreements dated 22 March 2025 give AST long-term rights to L-band MSS spectrum, and definitive agreements with AT&T and Verizon put the service on the two largest US networks.
A New Glenn second-stage failure on 19 April strands BlueBird 7 and forces a $125.9 million write-off, after which BlueBirds 8 through 13 reach orbit within fifty days, taking the constellation to thirteen spacecraft.
Key Players
The CEO view — 1 appearance →
