Greenhaven Road Capital’s Investment Thesis for AST SpaceMobile (ASTS)

Greenhaven Road Capital, an investment management company, released its second-quarter 2025 investor letter. A copy of the letter can be downloaded here. A copy of the letter can be downloaded here. In the second quarter, the fund returned approximately +14% net of fees and expenses, bringing the YTD returns to under +1%. YTD, the Russell 2000 has returned -1.8%. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

In its second-quarter 2025 investor letter, Greenhaven Road 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 -15.64%, and its shares gained 40.33% of their value over the last 52 weeks. On August 18, 2025, AST SpaceMobile, Inc. (NASDAQ:ASTS) stock closed at $48.16 per share, with a market capitalization of $17.266 billion.

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

“Among the companies in our portfolio, AST SpaceMobile, Inc. (NASDAQ:ASTS) presents the widest range of potential outcomes. AST is developing a space-based cellular broadband network using a constellation of satellites that will communicate directly with unmodified smartphones using the same cellular bands as terrestrial towers. If successful, users will never be out of cellular range. Their network will provide coverage in areas where traditional cell towers cannot reach, enabling users to stream Netflix in the middle of the ocean using their unmodified iPhone.

Market Opportunity The market AST is addressing is enormous, encompassing military applications, first responder services, primary mobile internet access, and wireless coverage for areas not currently served by land based cell towers. The company plans to launch 248 satellites into low Earth orbit. Each satellite unfolds like an origami creation to reach 700 square feet in size (half a basketball court). The combination of low Earth orbit proximity, satellite size, and hundreds of patents enables high-speed voice and data connectivity from unmodified smartphones.

Strategic Partnerships AST will work with existing telecom companies, leveraging their broad reach, spectrum, billing systems, and customer support infrastructure. Current partnerships include AT&T, Verizon, Google, Samsung, Vodafone, Rakuten, and dozens of cellular network operators that collectively reach more than 3 billion people…” (Click here to read the full text)

In another article, we covered AST SpaceMobile, Inc. (NASDAQ:ASTS) and shared the list of stocks on euphoria. In addition, please check out our hedge fund investor letters Q2 2025 page for more investor letters from hedge funds and other leading investors.

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