The Market Didn't See AST SpaceMobile's Move Coming. These 2 Stocks Are Next to Watch.

AST SpaceMobile (NASDAQ: ASTS), a developer of low Earth orbit (LEO) satellites for cellular connections, went public through a merger with a special-purpose acquisition company (SPAC) just over five years ago. Its stock closed at $11.81 per share on its first day, but sank to a record low of $2.01 on April 2, 2024. It lost its luster as it repeatedly delayed the long-awaited launch of its first BlueBird Block 1 (BB1) commercial satellites, racked up steep losses, and faced stiff competition from SpaceX's Starlink. But today, its stock trades at about $85.

That comeback was driven by its deals with telecom giants like AT&T and Verizon, the launch of its first five BB1 satellites in September 2024, and the launch of its first BlueBird Block 2 (BB2) satellite -- which can process ten times more data than its predecessor -- last December. It also impressed the bulls with its goal of reaching 60 satellites in orbit by the end of this year, as well as its long-term aim of launching over 240 satellites.

Image source: Getty Images.

AST's comeback stunned many investors who ignored its near-term catalysts, and analysts expect its revenue to surge from $71 million in 2025 to $1.92 billion in 2028 as it strikes new deals and expands its constellation with even more powerful satellites. But with a market cap of $26 billion, much of that growth is already priced into its stock at 14 times 2028 sales.

While AST still has room to grow, investors might want to focus on two other underappreciated stocks -- Nio (NYSE: NIO) and Joby (NYSE: JOBY) -- and see why a few near-term catalysts could also drive their shares higher over the next few years.

Why are Nio and Joby underappreciated?

Nio, a Chinese electric vehicle maker, sells a wide range of sedans and SUVs. It differentiates itself from competitors with swappable batteries, which can be quickly replaced at its battery-swapping stations as a faster alternative to conventional charging.

From 2020 to 2025, Nio's annual vehicle deliveries surged from 43,728 to 326,028 units, and its revenue grew at a 40% CAGR. From 2025 to 2028, analysts expect its revenue to grow at a 24% CAGR as it sells more premium vehicles, expands its Onvo and Firefly sub-brands, monetizes its battery swapping stations more effectively, and sells more vehicles in Europe.

Yet Nio's stock still trades at less than one times this year's sales. It remains under pressure because it's highly leveraged and still deeply unprofitable. The trade war, tariffs, and other geopolitical issues are also broadly driving investors away from Chinese stocks.

Joby is an early mover in the electric vertical take-off and landing (eVTOL) market. Its first eVTOL, the S4, can carry a single pilot and four passengers, travel up to 150 miles on a single charge, and achieve a maximum speed of 200 miles per hour. Its top investors and customers already include Toyota, Delta Air Lines, and Uber. It's also developing eVTOLs for the U.S. Department of Defense (DoD).

Joby planned to launch its first commercial flights in Dubai this year, but those plans will likely remain on hold until the Middle East conflict ends. In the U.S., it's still waiting for the Federal Aviation Administration (FAA) to approve its first commercial flights. Until those catalysts kick in, it will still generate most of its revenue from its DoD contracts for the U.S. Air Force.

But assuming its first flights are approved, analysts expect Joby's revenue to surge from $53 million in 2025 to $459 million in 2028. It might not seem cheap at 19 times its 2028 sales, but that higher valuation could be justified if the eVTOL market explodes over the next decade.

Why could a few catalysts drive Nio and Joby higher?

Nio's vehicle margins are steadily improving as it sells more higher-margin vehicles, and it actually reported its first profit in the fourth quarter of 2025. If it narrows its losses, reduces its debt, and proves its business is sustainable, then it could be revalued as a growth stock again.

As for Joby, its stock could blast off once its first commercial flights are cleared in Dubai and the United States. If it maintains its early mover advantage in the eVTOL market, it could deliver multibagger gains as those drone-like aircraft replace conventional helicopters.

Leo Sun has positions in Verizon Communications. The Motley Fool has positions in and recommends AST SpaceMobile and Uber Technologies. The Motley Fool recommends Delta Air Lines and Verizon Communications. The Motley Fool has a disclosure policy.