AST SpaceMobile vs. Redwire: Which Space Infrastructure Stock Is a Better Buy in 2026?

The space economy is expanding rapidly, leaving many investors wondering which companies will lead the next frontier. Choosing between AST SpaceMobile (NASDAQ:ASTS) and Redwire Corp (NYSE:RDW) requires weighing disruptive potential against established infrastructure.

AST SpaceMobile aims to eliminate global dead zones by connecting standard smartphones to satellites. Redwire operates as a diverse supplier of hardware for satellites and space stations. While both belong to the growing group of communication stocks and aerospace firms, their business models offer very different paths to potential growth.

The case for AST SpaceMobile

AST SpaceMobile builds a space-based cellular broadband network that connects standard, unmodified mobile phones directly from space. The company has secured definitive commercial agreements with major partners like AT&T Corp (NYSE:T), Verizon Communications (NYSE:VZ), and Vodafone Group (NASDAQ:VOD) to provide direct-to-cellular service. Customer concentration like this adds a layer of risk to the business, as revenue depends on a few heavy hitters.

In FY 2025, revenue reached approximately $70.9 million, a substantial jump from the $4.4 million reported in the prior fiscal year. The company reported a net loss of nearly $342 million for the period. While revenue growth is accelerating as the company begins its commercial rollout, profitability remains a distant goal during this build-out phase.This resulted in a net margin of negative 482%, illustrating the high costs associated with launching a satellite constellation before reaching full operational scale.

The current debt-to-equity ratio is roughly 1.2x, showing the company relies more on debt than equity to fund its operations. Based on the December 2025 balance sheet, the so-called current ratio is roughly 16.4x. This indicates a high level of liquid assets relative to near-term liabilities. Free cash flow, which is cash flow from operations minus capital expenditures, was more than negative $1.1 billion for FY 2025, as the firm invested heavily in its proprietary manufacturing and launch capabilities.

The case for Redwire Corp

Redwire develops mission-critical solutions including spacecraft infrastructure, sensors, and autonomous systems. It serves a diverse customer base where national security agencies account for nearly 47% revenue. The company derives a high percentage of revenue from a limited number of customers, with the top two customers accounting for approximately 39% of total revenue in 2025.

In FY 2025, revenue reached approximately $335.4 million, showing a growth of just about 10% from the previous year. The company reported a net loss of nearly $226.6 million. Net margin, which indicates how much of each dollar of revenue remains after all expenses, for the fiscal year ended in December 2025 was rnegative 68%.

As of its December 2025 balance sheet, the debt-to-equity ratio is approximately 0.2x. The so-called current ratio stands at nearly 1.6x, indicating the company has enough assets to cover its immediate liabilities. Free cash flow was roughly around negative $198 million, showing the company is still spending more on capital and operations than it generates in cash.

Risk profile comparison

AST SpaceMobile faces risks related to the developmental nature of its service and potential for delays in satellite production. It competes with well-capitalized entities like Space Exploration Technlogies Corp.'s (NASDAQ:SPCX) Starlink and other satellite operators. The company also faces financial risks including a history of operating losses and uncertainties regarding the pending Ligado transaction.

Redwire relies heavily on U.S. government contracts which are subject to funding volatility and rigorous audits. It faces stiff competition from larger aerospace contractors such as The Boeing Co (NYSE:BA) and Northrop Grumman Corp (NYSE:NOC). Additionally, the company must manage operational complexities from its recent acquisition of Edge Autonomy and address material weaknesses in internal controls.

Valuation comparison

Redwire appears more reasonably priced based on its lower sales multiple, while AST SpaceMobile carries a premium valuation due to its high growth expectations. Neither company has a forward price-to-earnings ratio because they are not anticipated to turn a profit in their coming fiscal years.

Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?

In April, Redwire was selected as one of 14 vendors (out of a total of 32 bids) on the Space Systems Command $1.8 billion 10-year Andromeda Indefinite Delivery Indefinite Quantity, or IDIQ contract. That's a project to replace aging GPS satellites and upgrade the U.S. space infrastructure to counter emerging threats. The IDIQ win is something management feels moves Redwire 'up the food chain' with the Department of Defense. It could mean significantly more revenue, since U.S. Space Systems Command provided a notice of its intent to raise the total shared ceiling for the Andromeda IDIQ to more than $6 billion to meet increased demand.

In the near-term, Redwire expects fiscal 2026 revenue to come in around $475 million, growth of about 40% over the prior year. In addition, the business has an order backlog of $498 million. The business is still expected to post net losses for the foreseeable future, but they are trending in the right direction.

AST SpaceMobile, meanwhile, expects its space-based network to give it a significant business in a few years. Essentially, AST SpaceMobile is a direct-to-device play to provide full mobile phone compatibility for major carriers without the need for specialized equipment. Many of its potential clients are also equity holders in the company, including AT&T, Verizon, Bell Canada, Rakuten, Vodafone, Alphabet Inc (NASDAQ:GOOGL), American Tower Corp,(NYSE:AMT) and Telus Corp (NYSE:TU).

By the end of 2026, the company should have 45 satellites, which will allow it to fully service the U.S., and that should start to supercharge revenue growth. For fiscal 2026, Wall Street sees $149 million in sales, jumping to $725 million the following year, when the company is projected to turn its first modest profit. Free cash flow appears much more manageable, with analysts expecting positive free cash flow in 2029.

Both of these are exciting stocks for the space infrastructure age that is developing, but Redwire gets the nod for its quite reasonable P/S ratio for investors right now under the adage of buy good companies at good prices.

Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile, Alphabet, American Tower, and Boeing. The Motley Fool recommends TELUS, Verizon Communications, and Vodafone Group Public. The Motley Fool has a disclosure policy.