AST SpaceMobile (ASTS), a developer of low Earth orbit satellites, went public through a merger with a special purpose acquisition company in April 2021.
Since its market debut, ASTS has risen more than fivefold, drawing significant investor attention as the LEO satellite sector gains momentum globally.
Unlike SpaceX’s Starlink satellites, AST’s BlueBird satellites are considerably larger and designed to help telecom companies extend wireless coverage to remote and underserved areas.
The company has launched 13 BlueBird satellites so far, with 12 of them currently in orbit and actively supporting commercial operations.
AST has set an ambitious target of expanding its satellite constellation to 45 units by early 2027, with further plans to grow that number beyond 248 satellites over the following years.
The company is already partnered with more than 60 carriers worldwide, including major US operators AT&T and Verizon, giving it access to a potential customer base of over 3 billion wireless subscribers.
AST’s backlog reached $1.3 billion at the end of the second quarter of 2026, a figure that represents nearly eight times its projected full-year revenue of $169 million.
Analysts are forecasting substantial revenue acceleration, expecting the company to bring in $1.73 billion by 2028 as more carriers integrate satellite-based connectivity into their networks.
However, with a current market cap of $18.7 billion, ASTS already trades at roughly 11 times its projected 2028 sales, raising questions about whether the stock’s upside is already partially priced in.
While the company could deliver multibagger gains over the next decade as it scales its constellation and deepens carrier relationships, it is unlikely to turn a fresh $10,000 investment into $1 million through a 100-bagger gain.
Investors considering ASTS should view it as a volatile but promising position in the still-nascent market for low Earth orbit satellite communications rather than a guaranteed path to life-changing wealth.
