AST SpaceMobile, Inc. (ASTS): A Bull Case Theory 

We came across a bullish thesis on AST SpaceMobile, Inc. on LongYield’s Substack. In this article, we will summarize the bulls’ thesis on ASTS. AST SpaceMobile, Inc.’s share was trading at $56.20 as of November 28th.

AST SpaceMobile, Inc., together with its subsidiaries, designs and develops the constellation of BlueBird satellites in the United States. ASTS is pursuing an ambitious plan to build the first space-based cellular broadband network capable of delivering voice, text, and data directly to unmodified 4G/5G mobile phones. Its BlueBird satellites are designed to function as cell towers in orbit, addressing the massive global coverage gap that affects roughly six billion devices.

As of Q3 2025, the company reported significant commercial traction, including definitive long-term agreements with Verizon in the U.S. and Saudi-based stc Group, alongside agreements or memoranda of understanding with more than 50 mobile-network operators worldwide representing nearly three billion subscribers.

These partnerships not only provide access to essential spectrum but also position ASTS to generate substantial demand once commercial service is active. The company continues to advance its constellation, delivering BlueBird-6 to a launch site in India and preparing BlueBird-7 for a Cape Canaveral launch in late 2025, with the goal of operating 45–60 satellites by the end of 2026. Management emphasized that Q3 2025 marked a pivotal period, highlighted by strategic milestones that materially de-risk the business.

Key among these were two landmark 10-year commercial agreements with Verizon and stc Group, including a US$175 million prepayment from stc expected by year-end. These deals build on earlier partnerships with AT&T and Vodafone and bring ASTS’s total contracted revenue commitments to more than US$1 billion. Collectively, this commercial momentum, expanding satellite deployment, and growing financial visibility strengthen the investment case, positioning ASTS as a potential transformative player in global connectivity once the network enters full operation.

Previously we covered a bullish thesis on AST SpaceMobile, Inc. (ASTS) by Steve Wagner in May 2025, which highlighted the company’s early-stage progress, strengthened balance sheet, and historic milestones in satellite-to-phone connectivity. The company’s stock price has appreciated approximately by 114.17% since our coverage. This is because the thesis played out as commercial readiness improved. The thesis still stands as ASTS continues advancing toward service activation. LongYield shares a similar view but emphasizes expanding commercial agreements and growing contracted revenue.

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Disclosure: None.