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AST SpaceMobile
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Updated Aug 10, 2026
AST SpaceMobile Q2 2026: Backlog hits $1.3B; constellation reaches 13 satellites with 20,000 sq ft aperture
AST SpaceMobile achieved $31.5 million in Q2 revenue driven by gateway deliveries and government milestones, with a revenue backlog now standing at approximately $1.30 billion in aggregate contracted revenue spanning commercial and U.S. Government partnerships. The company has established partnerships with over 60 MNOs collectively covering 3 billion subscribers and successfully orbited 13 satellites (BlueBirds 8-13 within 50 days), positioning its constellation with approximately 20,000 square feet of combined aperture hardware. Management indicated beta service initiation in 2026 and full-year revenue guidance of $150-200 million, supported by over $125 million in new U.S. Government contract awards. The company raised $1.15 billion gross from convertible notes in July 2026, bringing pro forma cash to over $3.7 billion.
Tone: bullishRevenue
$70.9M
ASTS 10-K · FY 2025
Employees
1,126
Revenue FY2024
$4.4M
Founded
2017
Profile
ASTS 10-K Item 1 · Mar 2, 2026AST SpaceMobile is building the first global Cellular Broadband network in space designed to connect directly to standard, unmodified smartphones without specialized hardware. The company operates through partnerships with over 50 mobile network operators (MNOs) representing nearly 3 billion subscribers, intending to offer SpaceMobile Service via a revenue-sharing model. Revenue to date has been limited to gateway equipment sales to MNOs and performance-based contracts with the U.S. government; the commercial SpaceMobile Service has not yet launched.
Read filing description ↓ Collapse description ↑
We are building the first and only global Cellular Broadband network in space to be accessible directly by everyday smartphones (2G/4G-LTE/5G devices) for commercial use, and for other applications for government use utilizing our extensive intellectual property and patent portfolio. The SpaceMobile Service is being designed to provide cost-effective, high-speed Cellular Broadband services to end-users who are out of terrestrial cellular coverage using existing mobile devices. The SpaceMobile Service currently is planned to be provided by a constellation of high-powered, large phased-array satellites in LEO using low-band and mid-band spectrum controlled by MNOs. We intend to work with MNOs to offer the SpaceMobile Service to the MNOs' end-user customers. We currently have partnerships with over 50 MNOs with nearly 3 billion subscribers globally. Our vision is that users will not need to subscribe to the SpaceMobile Service directly through us, nor will they need to purchase any new or additional equipment. Instead, users will be able to access the SpaceMobile Service when prompted on their mobile device that they are no longer within range of the land-based facilities of the MNOs or will be able to purchase a plan directly with their existing mobile provider. We intend to seek to use a revenue-sharing business model for the SpaceMobile Service in our agreements with MNOs. We also intend to leverage our patented technology, including the large phased array and high power capability of our BlueBird satellites, for a variety of non-communication and communication applications in the government sector. We have entered into agreements with the U.S. government either directly or through prime contractors to perform certain tasks.
Primary products
- SpaceMobile Service
- BlueBird (BB) satellites
- Block 1 BB satellites
- Block 2 BB satellites
- BlueWalker 3 (BW3) test satellite
- Gateway equipment and software
Business segments
End markets
Geographies
Named customers
Named competitors
“We believe the planned SpaceMobile Service will compete with the direct-to-device segment of the mobile satellite service sector by providing the ability to support Cellular Broadband data rates, utilize existing unmodified handsets and operate in virtually all of the low to mid-band spectrums used by MNOs today.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $4.4 million in 2024 to $70.9 million in 2025, driven by a sharp rise in gateway equipment and software sales to MNOs and growth in U.S. government services contracts.
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