NASDAQ · Satellite comms · Direct-to-cell (D2C)
AST SpaceMobile
A space-comms firm connecting ordinary smartphones directly to satellites (D2C). With BlueBird satellites it demonstrated two-way calls with AT&T, Verizon, Vodafone and Rakuten, targeting 45-60 satellites by end-2026. 2025 revenue $70.9M (SDA and carrier milestones). Agreements with ~60 operators covering 3B subscribers.
ASTS Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, AST SpaceMobile is directly linked to 1 companies (1 supply, 0 revenue relationships) and reaches 1 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025 revenue $70.9M
- Customer concentration · AT&T, Verizon, Vodafone; 45-60 satellites.
- Segments · D2C satellite comms · Government (SDA)
Revenue from
- Telecom carriers · government (D2C · SDA) High confidence· Revenue ~$71M · 2025 · 2025 revenue
Supplies D2C satellite comms to ~60 carriers (AT&T, Verizon, Vodafone) and the SDA (2025 revenue $70.9M); AT&T and Verizon, as strategic investors, provide their cellular spectrum — anchor customers and capital partners.Confirms EN Via Satellite Published Oct 8, 2025: Verizon Deepens AST SpaceMobile Ties With Commercial AgreementConfirms KO Cosmos Times Published Aug 6, 2024: AST to start satellite-to-smartphone direct service, like Starlink - Europe · Japan telecom (D2C expansion) Medium confidence
Expands D2C coverage with UK, Japan and Canada carriers (service targeted early 2026) — the path to a subscriber base beyond the US.
Pays to
- Redwire Medium confidence
Redwire supplies solar arrays and structures to AST satellites — a key supplier of the power/structure subsystems. - Satellite manufacturing · components (undisclosed) Low confidence
BlueBird satellite manufacturing, phased-array antennas and parts (targeting 45-60 satellites); the large phased array is the crux of in-house manufacturing difficulty.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| AST SpaceMobile | node | -41.5 | -39.3 | +25.1 | +249.9 | +244.2 | +1 |
| Redwire | benef1 | · | -70.7 | +43.9 | +477.5 | -53.8 | +33.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is how to value first-mover D2C coverage while commercial revenue is still minimal. It has stacked agreements with ~60 carriers covering 3bn subscribers (AT&T, Verizon, Vodafone, Rakuten), and Verizon and AT&T, as strategic investors, contribute their own spectrum — building a satellite-plus-terrestrial spectrum moat. But 2025 revenue was just $70.9M (mostly SDA/carrier milestones), so results are still project risk levered to deployment progress — placing 45-60 satellites in orbit by end-2026 is the gateway to coverage and commercialization. On the supply side it outsources launches to Rocket Lab and others and solar arrays/structures to Redwire, so its own satellite-manufacturing and launch capacity is the bottleneck: launch slips translate directly into revenue-recognition slips.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 1 · Hold 1 · Sell 1 · Avg. target $91 · Price $73.58 (07-11) · Upside +24%