Both companies are racing to blanket the globe with satellite connectivity, but their strategies and valuations tell very different stories for investors weighing their options.
AST SpaceMobile (ASTS) is building a proprietary satellite constellation designed to connect directly to standard smartphones without requiring any hardware modifications from users.
That direct-to-device approach sets AST apart from rivals, as the company partners with major telecom carriers rather than competing against them for subscribers.
AST’s key telecom partners include AT&T and Verizon, helping those carriers push wireless coverage into remote areas that traditional terrestrial cell towers cannot reach.
Space Exploration Technologies, better known as SpaceX, takes a different approach by operating its own first-party Starlink broadband service, which has already scaled to millions of global subscribers.
SpaceX also dominates the commercial launch market, giving it a dual revenue stream that AST cannot currently match in scale or operational maturity.
One question hovering over SpaceX is whether its corporate identity is coherent, given that its mission spans telecom services, space cargo, and long-term Mars colonization ambitions.
AST’s BlueBird satellites are considerably larger than Starlink’s satellites, and the company has launched seven satellites so far with plans to expand its constellation to between 45 and 60 satellites by the end of 2026.
AST’s longer-term roadmap targets a constellation of up to 248 satellites, which would significantly expand its capacity to serve carrier partners across underserved global markets.
On valuation, AST does not look cheap even after a recent pullback, currently trading at roughly 11 times its projected 2028 sales figures.
SpaceX, however, trades at approximately 21 times its 2028 sales, making AST appear considerably more attractive on a relative value basis despite its early-stage build-out.
The low-Earth orbit satellite market is still expanding rapidly, which could give AST meaningful room to grow into its current valuation and beyond as deployment accelerates.
For investors comparing the two companies heading into the remainder of 2026, AST SpaceMobile represents the stronger buy based on valuation, strategic focus, and its carrier-partnership model.
