AST SpaceMobile Has $3.7 Billion in Liquidity and No Commercial Revenue. Here's How to Value That.
Key Points
AST generates all of its revenue from defense contracts and commercial prepayments rather than continuous commercial contracts.
That could change next year when its constellation grows to 45 satellites.
- 10 stocks we like better than AST SpaceMobile ›
AST SpaceMobile (NASDAQ: ASTS) is a tough stock to value. The developer of low Earth orbit (LEO) satellites has a market cap of $15.3 billion, which is 90.5 times its expected 2026 revenue. It had more than $3.7 billion in total liquidity at the end of June, but it doesn't generate any revenue from its commercial contracts.
So how should investors value AST SpaceMobile?
AST SpaceMobile's BlueBird satellites provide broadband cellular connections for government and commercial customers. It's successfully launched 13 of those satellites so far.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Image source: Getty Images.
AST SpaceMobile currently generates all of its revenue from government and defense contracts, as well as prepayments from AT&T, Verizon, and other telecom companies, rather than from its commercial satellite operations.
But next year, AST plans to expand its constellation to 45 satellites, enabling it to provide continuous direct-to-cell broadband coverage for its telecom customers. It's already working with over 60 carriers to reach more than 3 billion wireless subscribers, and it plans to eventually expand its constellation to more than 248 satellites to convert its backlog -- which reached $1.3 billion in its latest quarter -- into actual revenue.
If AST achieves those goals, analysts expect its revenue to surge more than tenfold from $169 million in 2026 to $1.73 billion in 2028. So, rather than valuing AST based on its near-term revenue, investors should value it for the future growth of its satellite constellation.
Should you buy stock in AST SpaceMobile right now?
Before you buy stock in AST SpaceMobile, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and AST SpaceMobile wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $379,123!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,408,822!*
Now, it’s worth noting Stock Advisor’s total average return is 950% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of October 10, 2026.
Leo Sun has positions in Verizon Communications. The Motley Fool has positions in and recommends AST SpaceMobile. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.
Recommended Articles
