Crossroads Capital LLC, an investment management firm, spotlighted AST SpaceMobile in its second-quarter 2026 investor letter, praising the company’s operational momentum.
AST SpaceMobile, Inc. (NASDAQ: ASTS) is a US-based satellite communication company building a space-based cellular broadband network that connects directly to standard smartphones via its BlueBird satellites.
Shares of ASTS closed at $66.43 on August 19, 2026, giving the company a market capitalization of approximately $25.85 billion.
The stock posted a one-month return of 12.25% and gained 47.69% over the prior 52-week period, reflecting strong investor appetite for the company’s growth story.
Crossroads Capital’s fund increased by 11.5% net of fees and expenses during the second quarter, and has compounded at a net rate of 17.9% since its founding.
In its letter, the firm described AST SpaceMobile’s evolution as moving from “underway” to “unmistakable,” characterizing the shift from R&D startup to operational scaleup as a defining development of the quarter.
The quarter was not without setbacks, as the BB7 satellite launched on April 19 was lost after Blue Origin’s New Glenn rocket failed during deployment, resulting in a roughly $125 million write-off partially covered by launch insurance.
Crossroads Capital noted the failure “was cleanly attributable to Blue Origin, not to AST,” and that the company responded by pointing to its 42 satellites then in advanced stages of production.
“AST’s response on the May call was the right one, citing its 33 satellites (now 42, as of this writing) in advanced stages of production. So, yes, BB7 was a loss, but it’s moving on to the next launch,” the firm wrote.
The FCC granted commercial authorization for SpaceMobile service in the United States during the quarter, covering a network of up to 248 satellites, effectively resolving the key regulatory question for AST’s home market.
Block 1 satellites set a peak-speed record of 98.9 Mbps to unmodified smartphones, with Block 2 satellites expected to nearly double that figure when deployed.
First-quarter results, reported in May, showed modest revenue from gateways and government milestones, with guidance reaffirmed and approximately $3.5 billion in cash on hand.
Crossroads Capital noted that the broader market environment in Q2 was favorable, with the S&P 500 rebounding 14.9%, its strongest quarterly performance since 2020, as macroeconomic uncertainty eased.
According to Crossroads Capital’s data, 39 hedge fund portfolios held ASTS at the end of the first quarter of 2026, up from 33 portfolios in the prior quarter, signaling growing institutional interest in the company.
AST SpaceMobile’s direct-to-device satellite technology remains a rare capability in the commercial space industry, positioning the company as a distinctive player in the rapidly evolving satellite communications market.
