AST SpaceMobile (NASDAQ: ASTS) is pursuing one of the most ambitious goals in the telecommunications industry today.
The company wants to deliver cellular coverage to every corner of the planet using a constellation of low-Earth-orbit satellites.
Unlike direct-to-consumer satellite competitors, AST operates a carrier-first model that positions it as a partner to existing telecom giants rather than a rival.
AST works alongside established operators including Verizon, AT&T, and Vodafone to fill coverage gaps that traditional ground-based infrastructure simply cannot reach cost-effectively.
For carriers, the partnership reduces the need to invest in new towers or develop their own satellite networks from the ground up.
For AST, the model means it can scale without building a consumer brand from scratch or fighting for customers in a crowded retail market.
AST SpaceMobile says its partnerships with nearly 60 mobile network operators give it access to more than 3 billion potential subscribers globally.
Those subscribers can access AST’s service through their existing carrier via monthly add-ons, day passes, enterprise packages, or stand-alone connectivity plans.
The bull case for the stock rests on a scenario where even a fraction of that enormous subscriber base converts into paying users of the satellite service.
If just 5% of those 3 billion subscribers use AST’s service monthly, that would translate into 150 million paying customers on the network.
AST has not publicly disclosed its expected per-customer revenue, as its agreements are structured around revenue-sharing arrangements with mobile network operators.
As a reference point, T-Mobile currently offers its T-Satellite service as a consumer add-on for around $10 per month.
In a bullish scenario where AST retains $5 per subscriber per month, monthly revenue would reach approximately $750 million, adding up to $9 billion annually.
Those figures represent an optimistic projection, and a significant number of operational and commercial factors would need to fall in AST’s favor for them to materialize.
However, if the company executes on its stated ambitions, analysts suggest a path toward a $300 share price by 2028 is not out of the question.
