Crossroads Capital Investment Partners’ Updates on AST SpaceMobile (ASTS)

Crossroads Capital LLC, an investment management company, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Crossroads Capital Investment Partners, LP, appreciated 6.4% net of all fees and expenses in the third quarter of 2025, making the YTD return 34.1% net through Q3 2025. The fund has compounded at 21.4% gross and 17.3% net basis since inception. In addition, please check the fund’s top five holdings to know its best picks in 2025.

In its third-quarter 2025 investor letter, Crossroads Capital highlighted stocks such as AST SpaceMobile, Inc. (NASDAQ:ASTS). Headquartered in Midland, Texas, AST SpaceMobile, Inc. (NASDAQ:ASTS) designs and develops a constellation of BlueBird satellites. The one-month return of AST SpaceMobile, Inc. (NASDAQ:ASTS) was 55.79%, and its shares gained 268.16% of their value over the last 52 weeks. On December 22, 2025, AST SpaceMobile, Inc. (NASDAQ:ASTS) stock closed at $86.48 per share, with a market capitalization of $31.773 billion.

Crossroads Capital stated the following regarding AST SpaceMobile, Inc. (NASDAQ:ASTS) in its third quarter 2025 investor letter:

“We suspect you’ve heard enough from us about AST SpaceMobile, Inc. (NASDAQ:ASTS) of late, but we wanted to take a quick moment to note the company made significant strides in the quarter toward commercializing its space-based cellular broadband network. For those watching closely, Q3 marked a clear transition from an R&D oriented business to one with a clear focus towards scaled deployment and commercialization. These advancements – focused on manufacturing acceleration, spectrum acquisitions, partnerships, and regulatory progress – continue to position the company for initial service rollout in 2026.

As a reminder, we continue to view AST as a generational investment opportunity. The company is building the world’s first satellite network that talks directly to normal smartphones, aiming to erase coverage gaps while bringing affordable broadband to billions. Based on any reasonable estimate of normalized EBITDA (once its constellation turns on), AST’s equity remains grotesquely mispriced should it succeed in its mission to bring about the shift from a partially connected world to a universally connected one. In any case, even conservative scenarios on U.S. mobile only users or a slice of global subscribers support cash flows that make today’s multiple on steady-state earnings look cartoonishly low for a business with this moat and growth profile.”

In another article, we covered AST SpaceMobile, Inc. (NASDAQ:ASTS) and shared the list of firms in the limelight. In its Q2 2025 investor letter, Crossroads Capital shared its confidence in the long-term growth potential of AST SpaceMobile, Inc. (NASDAQ:ASTS). In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.

READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money.

Disclosure: None. This article is originally published at Insider Monkey.