Cash and Liquidity Runway (Quarter-End)
Q4 2024-Q1 2026
Cash, Cash Equivalents and Restricted Cash (USD M)
Updated at 2026-05
Constellation Deployment: Plan vs Actual
| Period | Plan / Target | Actual (usable orbit) |
|---|---|---|
| 2024 | First commercial Block 1 batch | 5 Block 1 BlueBirds (BlueBird 1 to 5), all arrays unfolded |
| 2025 | Begin Block 2 launches; part of 45 to 60 satellites goal across 2025 to 2026 | 1 Block 2 (BlueBird 6, Dec 2025). Launch cadence slower than planned. |
| 2026 (guidance) | ~45 BlueBirds in orbit during 2026; launches every 1 to 2 months | BlueBird 7 (Apr 2026) declared lost: second-stage engine failure placed it in an orbit too low to correct; being deorbited. Ramp behind schedule at Q1 2026 report. BlueBirds 8 to 10 in production. |
| Operational constellation | ~90 satellites (company states fully funded for this) | In progress. Enables continuous service in target markets. |
| FCC-authorized maximum | Up to 248 satellites (order of 21 Apr 2026) | Deployment windows: 50% by Aug 2030, full by Aug 2033. |
Updated at 2026-05
Mobile Network Operator Partnerships and Commercialization Timeline
| Partner (region) | Latest Status / Date | Scope |
|---|---|---|
| AT&T (United States) | Definitive commercial agreement, May 2024 (prior MOU 2018; investment agreement Jan 2024) | Nationwide US direct-to-cell using AT&T spectrum; successful test calls completed; key anchor partner for SCS in 700/800 MHz. |
| Verizon (United States) | Definitive commercial agreement, Oct 2025 (after $100M strategic commitment, May 2024) | Continental US direct-to-cell for Verizon customers targeting 2026 launch; combined with AT&T gives AST broad US carrier coverage. |
| Vodafone (Europe, multi-country) | SatCo joint venture created; commercial agreement extended to 2034 | Jointly owned European satellite service business (SatCo) wholesaling direct-to-device to MNOs across Europe; mutual exclusivity with Vodafone in 24 countries. |
| Rakuten Mobile (Japan) | Strategic partner and early investor; test call completed | Japan market access; Rakuten is a long-standing strategic backer and one of the operators with completed direct-to-phone test calls. |
| Collaboration agreement (part of Jan 2024 investment with AT&T and Vodafone) | Product development, testing and Android-device integration for SpaceMobile connectivity (not an MNO; ecosystem and device partner). | |
| Bell and TELUS (Canada) | Agreements in place; Bell test call completed | Canadian direct-to-cell coverage; aligns with cross-border L-band spectrum access via the Ligado settlement. |
| stc Group (Saudi Arabia / MENA) | Agreement disclosed | MENA region direct-to-device access through a major regional operator group. |
| Other named partners | MOUs / agreements and understandings | MTN, Orange, Telefonica, Etisalat, Indosat Ooredoo Hutchison, Smart, Globe, Millicom, Telstra, Telecom Argentina and others. Part of the stated 50+ MNO base representing 3B+ potential subscribers; most are pre-definitive. |
Updated at 2026-05
Annual Revenue Ramp (Pre-Subscription Phase)
2023-2026E
Annual Revenue (USD M)
Updated at 2026-05
AST SpaceMobile Satellites Launched and Operational Status
| Satellite | Launch Date | Launch Vehicle | Generation / Status |
|---|---|---|---|
| BlueWalker 1 | 2019-04-01 | PSLV-C45 (ISRO) | Technology demonstrator. Decayed Nov 2023. |
| BlueWalker 3 | 2022-09-10 | Falcon 9 (SpaceX) | Prototype, 693 sq ft array. First direct-to-unmodified-phone 4G/5G voice and data calls. Test asset, not commercial. |
| BlueBird 1 to 5 | 2024-09-12 | Falcon 9 (SpaceX) | Block 1, first commercial constellation (5 satellites on one launch). All five arrays unfolded by late Oct 2024. Operational for non-continuous service and testing. |
| BlueBird 6 | 2025-12-23 | LVM3 (ISRO) | Block 2, ~2,400 sq ft array. Largest commercial communications array deployed in LEO. Up to 10x Block 1 bandwidth. Operational. |
| BlueBird 7 | 2026-04-19 | New Glenn (Blue Origin) | Block 2. Second-stage BE-3U engine underperformed; satellite reached a lower-than-planned orbit too low for on-board thrusters to correct. Declared lost; to be deorbited. Insured for $30M. Launch-vehicle failure. |
Updated at 2026-05
Spectrum and Regulatory Milestones
| Date | Milestone | Why it matters |
|---|---|---|
| 2020-04 | FCC application for a 243-satellite NGSO constellation | First formal bid to operate the full SpaceMobile system in the US. |
| 2022-09 | Experimental license for BlueWalker 3 testing | Allowed the prototype direct-to-phone 4G/5G demonstrations. |
| 2024-08 | FCC authorization to launch and operate BlueBird 1 to 5 plus gateway/TT&C | Cleared the first commercial constellation to go up and operate. |
| 2025-01 | Special Temporary Authority for testing on AT&T and Verizon spectrum | Enabled live SCS test calls using partner carriers' licensed bands. |
| 2025-04 | Authorization for Band 14 (FirstNet) testing | Opens a path to first-responder / public-safety connectivity use cases. |
| 2025-06 | Ligado settlement: up to 45 MHz lower mid-band spectrum, US and Canada | Long-term (80+ yr) access to 40 MHz L-band MSS plus 5 MHz at 1670 to 1675 MHz. Rare nationwide spectrum independent of partner carriers. |
| 2025-08 | FCC authorization for 20 additional satellites and TT&C operations | Incremental expansion ahead of the full-constellation grant. |
| 2026-04-21 | FCC order clearing a 248-satellite constellation for commercial SCS (700/800 MHz) | Defining regulatory win. Expands authorization from 25 to 248 satellites; deploy 50% by Aug 2030 and full constellation by Aug 2033. |
Updated at 2026-05
AST SpaceMobile in Space
AST SpaceMobile
$ASTS
Building a space-based cellular network designed to connect ordinary smartphones directly to satellites, partnered with AT&T, Verizon, and Vodafone.