Why AST SpaceMobile Stock Soared Today
Key Points
Elon Musk's SpaceX is taking the whole space industry on a wild ride.
AST SpaceMobile could be a long-term winner.
- 10 stocks we like better than AST SpaceMobile ›
Shares of AST SpaceMobile (NASDAQ: ASTS) rocketed higher on Tuesday as excitement surrounding SpaceX's upcoming initial public offering (IPO) reached a fevered pitch.
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IPO mania
SpaceX's IPO is projected to be the biggest of all time when it makes its stock market debut in mid-June. The Elon Musk-led rocket and satellite technology titan is reportedly looking to raise about $75 billion at a stunning $2 trillion valuation.
SpaceX plans to use these funds to accelerate the expansion of its satellite-based internet service, Starlink, as well as its aggressive rocket development timelines.
Those efforts received a boost after SpaceX conducted a partially successful test of its Starship spacecraft and new Super Heavy V3 vehicles on Friday.
AST SpaceMobile is getting its due
SpaceX's rocket development progress and forthcoming IPO are bringing more attention to the entire space industry. In turn, a wave of investor capital is flowing into the top space stocks. AST SpaceMobile, as a leading provider of satellite-delivered cellular broadband technology, is now getting its fair share of attention from traders and investors alike.
AST SpaceMobile is targeting 45 of its relatively low-cost satellites in orbit by the end of 2026. The company's vertically integrated manufacturing network and agreements with SpaceX, Blue Origin, and other top launch partners give it a solid shot at achieving that goal.
AST SpaceMobile also stands to benefit from a recently announced joint venture between AT&T, Verizon, and T-Mobile. The three telecom giants are seeking to bolster mobile connectivity for their customers by using satellite-based technologies to eliminate dead zones across the U.S.
Should you buy stock in AST SpaceMobile right now?
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile. The Motley Fool recommends T-Mobile US and Verizon Communications. The Motley Fool has a disclosure policy.
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