AST SpaceMobile, Inc.
ASTS 4.5Price and target zones价格与目标区间
What the company does公司做什么
AST SpaceMobile builds satellites that talk to normal, unmodified smartphones. It does not need a special antenna or a special phone. It works with mobile network operators — companies like AT&T and Verizon — to add cell coverage in places with no cell towers. The company launched its first satellites in 2024 and 2025 and is still building out its network today.AST SpaceMobile制造能与普通、未经改装的智能手机直接通信的卫星。用户不需要特殊天线或特殊手机。公司与AT&T和Verizon等移动网络运营商合作,在没有蜂窝基站覆盖的地方增加信号覆盖。公司于2024年和2025年发射了首批卫星,目前仍在建设其网络。
Earns from营收来源 equipment sales to network partners and government customers, plus fees for engineering work and contract milestones.向网络合作伙伴和政府客户销售设备,以及工程服务费和合同里程碑款项。
Read the full description查看完整介绍
AST SpaceMobile, Inc., together with its subsidiaries, designs and develops the constellation of BlueBird satellites in the United States. The company provides a cellular broadband network in space to be accessible directly by smartphones for commercial use and other applications, as well as for government use. Its SpaceMobile service provides cellular broadband services to end-users who are out of terrestrial cellular coverage. The company was founded in 2017 and is headquartered in Midland, Texas.
Revenue breakdown营收构成 share of revenue (FY2025)收入占比(2025财年)
This is the larger of the two revenue lines today. It comes from delivering hardware to mobile network operators and government customers as the network is built. It will grow or shrink with the pace of satellite and ground-station buildout, not with subscriber use.这是目前两条收入线中较大的一条。收入来自在网络建设过程中,向移动网络运营商和政府客户交付硬件。它会随卫星和地面站建设的进度增减,而非随用户使用量变化。
- BlueBird satellitesBlueBird卫星 — large satellites built to connect directly to phones on the ground.专为直接连接地面手机而建造的大型卫星。
- Ground gateway equipment地面网关设备 — hardware that links the satellite network into a partner's existing cell network.将卫星网络与合作伙伴现有蜂窝网络对接的硬件。
This line includes payments tied to U.S. government contracts and non-recurring engineering work for network partners. It is real, contracted revenue, but it is milestone-based, not repeating subscriber revenue. It will stay lumpy until commercial phone service starts.这条收入线包括与美国政府合同挂钩的款项,以及为网络合作伙伴提供的非经常性工程工作。这是真实的、有合同约束的收入,但属于里程碑式付款,而非重复性的用户订阅收入。在商用电话服务启动之前,这部分收入将保持不稳定波动。
- Government contracts政府合同 — paid work for U.S. government and defense customers.为美国政府和国防客户提供的有偿工作。
- Engineering services工程服务 — paid technical work done for mobile network partners ahead of commercial launch.在商业发射前为移动网络合作伙伴提供的有偿技术工作。
Company facts公司资料
- Founded成立时间
- 2017
- Headquarters总部
- Midland, Texas
- Employees员工人数
- 1,126
- Industry行业
- Communication Equipment
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
🎲 ANALYZED 8/30 (/analyze-smallcap) — WATCH, Startup. Speculative-sleeve only, sized small. Direct-to-cellphone satellite broadband, essentially pre-commercial. The balance sheet is its strongest ever (~2yr runway after the July $1.15B convert) and early government/gateway revenue exists — real progress — but it is priced at ~130-200x revenue for an outcome that depends on a long, unproven chain against a vastly better-funded Starlink Direct-to-Cell (already commercially live).
Red flags
- The make-or-break commercial-service catalyst slipped from end-2026 to early-2027 after Blue Origin's New Glenn exploded on the pad (forcing Falcon 9, ~⅓ the satellites per flight)
- Extreme dilution — 54M (2022) → ~389M fully-diluted (~67%/yr); two vendor traps corrected (true EV ~$23.3B, not Yahoo's $18.6B; sharesOut excludes ~89M Class C). No traditional FV — reverse-DCF needs ~$2-3B revenue by 2028-30. Entry $40-48, small starter only after 2 consecutive on-schedule BlueBird launches. Trim $95-110+ on squeeze spikes (19% short, β 2.75) — risk management, not valuation. Recheck: next Falcon 9 BlueBird launch early-27 commercial start (a 2nd slip = serious red flag).
🎲 8/30 分析（/analyze-smallcap）——观察，初创型。 仅限投机仓位，小额持有。 直连手机的卫星宽带，基本处于商业化前阶段。 资产负债表为历史最强（7 月 $1.15B 可转债后约 2 年跑道），已有早期政府/网关收入——对该领域是真实进展——但按约 130-200x 收入定价，其结果依赖一条漫长、未经验证的执行链，且对手是资金雄厚得多、已商业化运营的 Starlink Direct-to-Cell。 🚩 决定成败的商业服务催化剂在 Blue Origin 的 New Glenn 在发射台爆炸后，从 2026 年底推迟到 2027 年初（被迫改用 Falcon 9，每次发射约 ⅓ 的卫星数）。 🚩 极端稀释——从 2022 年的 54M 增至约 389M 全面摊薄（约 67%/年）；已修正两处供应商数据陷阱（真实 EV 约 $23.3B 而非 Yahoo 的 $18.6B；流通股数未含约 89M 的 C 类股）。 无传统公允价值——反向 DCF 需要在 2028-30 年达到约 $2-3B 收入。 减持 $95-110+ 于逼空式冲高（19% 空头，β 2.75）——属风险管理而非估值判断。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- -46%
- Revenue growth营收增长
- +2627%
Competitors竞争对手
Why customers stay客户为什么留下
its satellites work with unmodified phones on partner mobile networks' own licensed airwaves, so a phone user needs no new hardware or app; its deals with AT&T and Verizon keep it from competing head-on with rivals in those partners' home markets.其卫星可在合作移动网络自有的授权频谱上,与未经改装的手机直接通信,用户无需任何新硬件或应用程序;公司与AT&T和Verizon的合作协议使其无需在这些合作伙伴的本土市场与对手正面竞争。