AST SpaceMobile, Inc.

Company purpose

AST SpaceMobile is developing SpaceMobile Service, a global cellular broadband network in space that delivers high-speed cellular service (2G/4G-LTE/5G) directly to standard smartphones without requiring new devices. The service is designed to operate when handsets are outside terrestrial coverage, using a constellation of high-powered, large phased-array satellites in low Earth orbit (LEO) and spectrum controlled by mobile network operators (MNOs).

Business model and offerings

• SpaceMobile Service
  • Direct-to-device cellular broadband to unmodified consumer devices via LEO satellites.
  • Planned deployment uses large phased-array satellites and low- and mid-band spectrum licensed to MNOs.
  • Commercial model centers on revenue-sharing arrangements with MNOs; end users access the service through their MNOs.
  • Initial rollout planned as noncontinuous service in targeted markets, expanding with regulatory approvals and MNO participation.
• Partnerships and channels
  • Definitive commercial agreements with AT&T, Verizon, Vodafone, and STC.
  • Partnerships with more than 50 MNOs globally, covering nearly 3 billion subscribers through those relationships.
  • Collaboration with wireless infrastructure providers for ground infrastructure; gateway equipment and related services are sold to MNOs.
  • Revenue is expected to be driven primarily by space-based services sold to MNOs under revenue-sharing arrangements.
• Government and related applications
  • Uses patented space-to-Earth technology for government tasks and has agreements with the U.S. government (directly or via primes) for testing and applications.
  • Program engagements include SDA (Europa Track 2 ~ $30 million) and other programs such as SHIELD, with potential future task orders.

Fleet, technology, and intellectual property

• Satellites and launches
  • BW1 (test satellite) launched in 2019 to validate the architecture; BW3 (2022) completed deployment of the communications phased-array antenna.
  • Five Block 1 BB satellites launched on September 12, 2024.
  • Block 1 BB tests included the first SpaceMobile video call with Vodafone in January 2025 and additional voice/video tests with AT&T and Verizon in February 2025.
  • Block 2 BB: BB6 launched December 23, 2025; BB6 features up to approximately 2,400 square feet of phased array, the largest deployed commercially in LEO to date.
  • As of February 10, 2026, BB6 was deployed; BB7 received authority to operate at a lower altitude in January 2026.
  • A launch campaign is planned for 45–60 Block 2 BB satellites by the end of 2026 (roughly one launch every 1–2 months), targeting a broader goal of 60+ Block 2 satellites and more than 90 BB satellites for broader continuous coverage.
  • The long-term constellation plan may include up to approximately 248 non-geostationary satellites to deliver SpaceMobile service.
• Capacity and performance (Block 2 BB)
  • Large phased-array apertures enable greater spectrum reuse, stronger signal levels, and higher capacity, which reduces the number of satellites required for coverage.
  • AST5000 ASIC (planned for Block 2) is designed to support up to 40 MHz per beam, peak data rates up to 120 Mbps, and up to 10,000 MHz of processing bandwidth per Block 2 BB satellite.
  • Until ASIC qualification is complete, Block 2 satellites are being produced with an FPGA-based design.
• Intellectual property
  • Approximately 3,850 patent and patent-pending claims worldwide across 38 patent families.
  • 54 U.S. patents granted (53 owned by the company, 1 exclusively licensed) and about 35 U.S. patent applications pending.
  • 29 granted international patents in 17 countries and roughly 11 additional international patent applications pending.
  • The company owns or controls the majority (about 95%) of Block 2 sub-systems, supporting in-house manufacturing or control via contract manufacturers.
• Manufacturing and facilities
  • Primary assembly, integration, and testing (AIT) facilities totaling about 450,000 square feet in Texas, with additional facilities in Florida, Spain, and Israel.
  • In-house IP and vertical integration for many subsystems, supported by long-term supplier agreements and ongoing supplier qualification.
  • Ground infrastructure integration with MNO networks to support SpaceMobile service rollout.

Market presence and customers

• MNOs and subscribers
  • Partnerships with over 50 MNOs worldwide covering nearly 3 billion subscribers.
  • Definitive commercial agreements with AT&T, Verizon, Vodafone, and STC; reseller arrangements with SatCo for Europe/UK and other markets; a separate agreement with Vodafone for end users outside SatCo markets.
• End-user access model
  • End users access SpaceMobile via their existing devices; no new consumer devices required beyond MNO gateway and backhaul integration.
• Government and defense
  • Multiple government contracting vehicles and direct prime contractor relationships for BW3 and BB satellites, including SDA testing, Europa Track 2, SHIELD, and other IDIQ arrangements.

Financial snapshot (year ended December 31, 2025)

• Revenue
  • Revenue recognized from U.S. government contracts (directly or via primes) related to initial BB satellites, and from gateway equipment, software, and related services sold to MNOs.
  • SpaceMobile Service had not generated revenue from space-based commercial service as of December 31, 2025.
• Profitability
  • Net loss of $341.9 million for the year ended December 31, 2025.
  • Cumulative net losses attributable to common stockholders of approximately $831.7 million from inception through December 31, 2025.
• People and footprint
  • Approximately 1,126 full-time and part-time employees worldwide as of December 31, 2025 (about 708 in the U.S.; about 418 in other jurisdictions).
  • Global operational footprint of approximately 450,000 square feet as of December 31, 2025.
• Debt and capitalization
  • Approximately $2.3 billion in debt outstanding as of December 31, 2025.
  • Financing arrangements associated with the Ligado transaction (Backstop Commitment) and related facilities, including the UBS loan and Sound Point Credit Facility, to fund initial payments and spectrum-related assets.
• Capital plan
  • Ongoing capital requirements to design, assemble, launch, and operate the constellation beyond the currently funded size.
  • Planned financing options include equity, convertible notes, debt facilities, and government or partner credit arrangements.

Corporate and governance

• Structure and control
  • The company is a holding entity with principal assets in AST LLC and a multi-class stock structure that concentrates voting power with the founder, Abel Avellan, and related holders.
  • As of February 26, 2026, Class C common stockholders (founder and permitted transferees) control approximately 72% of combined voting power, given Sunset Date provisions.
• Headquarters and locations
  • Headquarters and primary manufacturing and test facilities in Texas; additional engineering and development centers in the U.S., India, and Scotland; production centers in Spain and Israel; other leased facilities globally.
• IP and regulatory posture
  • Large, diverse IP portfolio comprising patents, trademarks, and trade secrets, with ongoing efforts to protect IP and defend against infringement.
  • Subject to extensive regulation (FCC in the U.S., ITU internationally); spectrum access depends on partnerships with MNOs and regulatory approvals. Regulatory milestones are tied to constellation deployment.

Milestones and timeline highlights

• 2019: BW1 test satellite launched to validate architecture.
• 2022: BW3 test satellite deployed; demonstrated two-way 5G voice calls to standard unmodified smartphones, throughput exceeding 21 Mbps, and spectral efficiency around 3 bps/Hz.
• 2024-09-12: Five Block 1 BB satellites launched.
• 2025-01 and 2025-02: VoLTE and data/video demonstrations with Vodafone, AT&T, and Verizon.
• 2025-12-23: BB6 (Block 2 BB) launched.
• 2026-01: BB7 authorized to operate at a lower altitude.
• 2026 target: Launch roughly 45–60 Block 2 BB satellites by year-end, with a broader plan for more than 90 BB satellites and a total constellation target of approximately 248 NGSO satellites.
• Regulatory and spectrum progress: FCC modification approvals to expand satellite operations and frequencies; agreements with Ligado for access to lower mid-band spectrum (up to 45 MHz in the U.S.) and related financing arrangements.

Summary

AST SpaceMobile is building a space-based cellular broadband network to deliver data, voice, and video directly to unmodified mobile devices through a large LEO satellite constellation. The company partners with major MNOs (AT&T, Verizon, Vodafone, STC) and more than 50 additional operators worldwide, focusing on revenue-sharing and network integration. The current fleet includes Block 1 BB satellites and Block 2 BB satellites (BB6 launched; BB7 authorized), with plans to deploy a large number of Block 2 satellites to reach continuous coverage. The company reports substantial IP holdings, a sizeable manufacturing footprint, notable government program participation, and material financing and capital requirements to execute its deployment plan.