AST SpaceMobile stock (NASDAQ: ASTS) is trading around $51.37 as of the latest quote on Saturday, November 22, 2025 (01:15 UTC), up about 1.3% on the day, with an intraday range between $48.04 and $54.60 and heavy volume of roughly 13.4 million shares.
That puts the direct‑to‑smartphone satellite company roughly 50% below its mid‑October all‑time high near $103, but still up well over 100% in the past year, highlighting just how volatile ASTS has become after a blockbuster 2025 rally. [1]
At the same time, AST SpaceMobile has:
- Reported Q3 2025 revenue of about $14.7 million but a wider‑than‑expected loss. [2]
- Announced more than $1 billion of contracted revenue commitments and over $3.2 billion in total liquidity after a major convertible notes deal. [3]
- Set a December 15 launch date for its first next‑generation BlueBird 6 satellite, described as the largest commercial communications array planned for low Earth orbit. [4]
- Raised additional equity of roughly $24 million in a follow‑on stock offering, adding a small dose of dilution but more cash to the balance sheet. [5]
Below is a detailed look at AST SpaceMobile stock today, the latest news, and what investors are watching into 2026.
AST SpaceMobile stock price today: volatile after a huge 2025 run
- Last price: ~$51.37
- Daily change: +$0.66 (+1.3%)
- Intraday high / low: $54.60 / $48.04
- Latest trade time: 01:15 UTC, November 22, 2025
Recent price history shows just how choppy the stock has become. On November 20, ASTS fell about 12.6% in one session, dropping from an open above $61 to close near $50.70, after trading as high as $61.60 intraday. [6]
Even after the pullback, AST SpaceMobile is still up roughly 140% year‑to‑date and around 113% over the last 12 months, vastly outpacing the S&P 500’s low‑double‑digit gain. [7] The stock also hit an all‑time high around $102.79 on October 16, 2025, after rallying from an all‑time low near $1.97 in April 2024. [8]
For traders, that backdrop means:
- High volatility – ASTS has one of the more extreme recent total‑return profiles in the market. [9]
- Big swings around news – earnings, launch updates and analyst moves have repeatedly triggered double‑digit daily moves in 2025. [10]
Q3 2025 results: revenue takes off, losses and spending still heavy
AST SpaceMobile reported third‑quarter 2025 results on November 10: [11]
- Revenue: about $14.7 million, up more than 12x from roughly $1.1 million in Q3 2024, driven mainly by gateway sales and U.S. government contract milestones. [12]
- EPS:–$0.45, missing Wall Street’s consensus estimate of around –$0.18 per share. [13]
- Operating expenses: about $94.4 million in the quarter, as engineering services, gateway costs and general and administrative spending all increased. [14]
In other words, top‑line growth is accelerating sharply, but AST SpaceMobile is still spending heavily to build out its satellite constellation, ground infrastructure and commercial partnerships.
The company reiterated its second‑half 2025 revenue guidance of $50–75 million, suggesting a steep ramp in Q4 compared with Q3, largely tied to government and gateway‑related milestones. [15]
Several outlets framed Q3 as a “mixed” quarter:
- Barron’s highlighted that revenue and EPS both fell short of expectations, but noted a big improvement versus Q3 2024’s much larger loss and tiny revenue base. [16]
- MarketBeat and other trackers emphasize the gap between rapidly rising revenue and still‑negative earnings, with forecasts calling for losses to continue into 2026. [17]
Cash, debt and the latest equity raise
Behind the big build‑out, AST SpaceMobile’s balance sheet has changed dramatically in 2025:
- As of September 30, 2025, the company reported roughly $1.2 billion in cash, cash equivalents and restricted cash, and total assets of about $2.55 billion, up sharply from year‑end 2024. [18]
- Management says total liquidity exceeds $3.2 billion, including cash and availability under its at‑the‑market (ATM) equity program and related financings. [19]
- AST issued $1.15 billion of new 10‑year convertible senior notes with a 2% coupon and an effective conversion price around $96.30 per share, while trimming its older 4.25% convertible notes to about $50 million outstanding and monetizing a capped call for extra cash. [20]
That funding is intended to support production and launch of dozens of BlueBird satellites through 2026.
On top of this, Simply Wall St reports that AST SpaceMobile completed a follow‑on equity offering of nearly $24 million, a relatively small capital raise in the context of its broader funding stack but still incremental dilution for common shareholders. [21]
The takeaway:
- AST currently appears well‑funded for its near‑term launch plan, but
- It also carries substantial debt and ongoing operating losses, meaning long‑term shareholder outcomes still depend heavily on successful execution and future cash generation. [22]
Launch timeline: BlueBird 6 on the calendar, but execution risk remains
From an operational standpoint, the biggest near‑term driver for ASTS stock is its satellite launch schedule.
According to the company’s November business update and a separate launch announcement: [23]
- BlueBird 6 has been shipped to India and is scheduled to launch on December 15, 2025 from the Satish Dhawan Space Centre.
- BlueBird 6 is described as AST’s first next‑generation satellite, with a nearly 2,400‑square‑foot phased array, about 3.5x larger than earlier BlueBirds and designed to deliver around 10x the data capacity.
- BlueBird 7 is expected to ship to Cape Canaveral, with an orbital launch targeted shortly after BlueBird 6. [24]
- AST plans five orbital launches by the end of Q1 2026 and a fleet of 45–60 satellites by year‑end 2026, enabling more continuous coverage over the U.S. and select international markets. [25]
This launch cadence sits against a backdrop of prior schedule slippage. Satellite industry outlet SatNews recently reported that AST SpaceMobile’s commercial launches have been delayed by at least six months from the original timetable, underscoring how sensitive the project is to launch readiness and regulatory approvals. [26]
For ASTS stock, the December launch and the follow‑on missions serve as binary‑style catalysts:
- Successful deployments and early service demos could strengthen investor confidence in the technology and the business model.
- Further delays or in‑orbit issues could weigh heavily on sentiment, especially after the stock’s steep 2025 rally.
Carrier partnerships and contracted revenue pipeline
AST SpaceMobile is trying to position itself as the network‑of‑networks for direct‑to‑device satellite connectivity, working directly with mobile network operators (MNOs) rather than competing with them.
In its Q3 business update, the company highlighted: [27]
- Definitive commercial agreements with Verizon and stc Group (Saudi Arabia), including a 10‑year stc deal with a sizeable prepayment for future services in the Middle East and North Africa.
- An intention with Vodafone to build a new EU‑focused constellation, with Germany selected as the main satellite operations center.
- Over 50 mobile network operator partners worldwide, representing nearly 3 billion mobile subscribers.
- More than $1 billion in aggregate contracted revenue commitments from partners.
Separate reporting by the Associated Press notes that Verizon’s partnership with AST is aimed at using AST’s satellites together with Verizon’s 850 MHz spectrum to extend coverage into underserved U.S. regions, with services expected to begin launching next year. [28]
Local coverage from Midland, Texas, has also documented the shipment of BlueBird 6 and 7 on an Antonov An‑124 cargo aircraft, and describes the new satellites as able to support thousands of simultaneous calls and high‑speed data using a wide swath of spectrum. [29]
These partner commitments help explain why AST can still raise large sums of capital and why some analysts remain bullish despite the company’s early‑stage revenue profile.
How expensive is ASTS now? Valuation and Wall Street views
After such a big run‑up, valuation has become one of the central debates around AST SpaceMobile stock.
Fundamental metrics
Simply Wall St estimates AST SpaceMobile’s price‑to‑book ratio at about 11.5x, versus roughly 1.1x for the broader U.S. telecom industry and around 5.9x for a peer group of comparable companies. At a recent close around $51.37, ASTS therefore trades at a meaningful premium to traditional telecom and satellite operators on asset‑based measures. [30]
However, the same analysis argues that a discounted cash flow (DCF) model could justify a much higher fair value—over $190 per share—illustrating how sensitive valuation is to long‑term growth assumptions in a business like AST’s. [31]
Earnings and revenue expectations
- Barron’s notes that analysts are modelling around $56 million in revenue for 2025 and about $267 million for 2026, implying a steep ramp over the next 18 months. [32]
- Nasdaq / MarketBeat data show Wall Street still expects negative EPS in 2025 and 2026, even as revenue grows. [33]
In short, ASTS is being valued more like a high‑growth tech stock than a mature telecom operator, with investors paying up for potential future cash flows rather than current earnings.
Analyst sentiment
Analyst and media coverage is mixed:
- A Barron’s piece in September reported that UBS downgraded ASTS from “Buy” to “Hold” and cut its price target from $62 to $42, citing increased competitive pressure from SpaceX’s Starlink after a major spectrum deal and highlighting execution risk as AST scales from only a handful of satellites to full‑fledged service. [34]
- On the other hand, commentary syndicated via Nasdaq suggested ASTS “could soar 50% by 2026”, pointing to billion‑dollar carrier contracts, aggressive revenue guidance and a cash buffer in excess of $1 billion as reasons some investors see it as a high‑risk, high‑reward opportunity. [35]
That divergence captures the core tension around the stock today: extraordinary upside if AST executes, versus significant downside if timelines slip or adoption disappoints.
Competitive landscape: Starlink, other direct‑to‑device players and the wireless ecosystem
AST SpaceMobile is trying to become the first and only global cellular broadband network in space that connects to unmodified smartphones, building on its BlueWalker 3 prototype and its coming fleet of BlueBird satellites. [36]
But it does not operate in a vacuum:
- Starlink / SpaceX, which is also pursuing direct‑to‑cell capabilities, recently strengthened its position by acquiring valuable wireless spectrum, leading some on Wall Street to question how much room smaller players like AST will have. [37]
- Other satellite‑to‑phone initiatives, including partnerships involving traditional carriers and rival constellations, add competitive pressure.
- Some analysts argue that AST and Starlink could ultimately prove complementary to terrestrial carriers, acting as wholesale back‑end networks rather than direct competitors, which might ease industry tensions and support adoption. [38]
For ASTS shareholders, the key question is whether AST can maintain differentiation with its technology, spectrum relationships and partner network as the broader direct‑to‑device satellite market heats up.
Key risks ASTS investors should keep in mind
While every investor’s risk tolerance is different, several themes stand out around AST SpaceMobile today:
- Execution and technical risk
- The business model depends on successfully deploying a complex constellation of very large satellites and integrating them seamlessly with partner cellular networks.
- Any serious in‑orbit failure or service underperformance could have an outsized impact on sentiment. [39]
- Schedule and launch risk
- Past delays and the SatNews report of commercial launches slipping by at least six months show that the roadmap is vulnerable to launch provider readiness, weather and regulatory approvals. [40]
- Capital intensity and dilution
- Even with more than $1.2 billion in cash and over $3.2 billion in total liquidity, AST is spending heavily and still posting large quarterly losses, which may require further financing over time—possibly including more equity raises like the recent ~$24 million offering. [41]
- Competitive pressure
- Starlink, other satellite providers and existing wireless infrastructure all compete for operator and consumer budgets, and Starlink’s spectrum moves have already influenced at least one major analyst downgrade. [42]
- Valuation and volatility
- After a triple‑digit percentage gain this year and a brief trip above $100, ASTS remains richly valued on many traditional metrics and has shown a tendency toward sharp, news‑driven price swings. [43]
Anyone considering the stock should be comfortable with large day‑to‑day and month‑to‑month price moves and the possibility that expectations may need to reset if milestones slip.
What to watch next for AST SpaceMobile stock
For today and the weeks ahead, the main ASTS catalysts to monitor include:
- BlueBird 6 launch (target: December 15, 2025)
- Confirmation that the launch proceeds as scheduled.
- Early telemetry and any public demonstrations of direct‑to‑device capabilities from the new satellite. [44]
- Follow‑on launches and fleet build‑out into early 2026
- Progress toward the goal of five orbital launches by the end of Q1 2026 and 45–60 satellites by year‑end 2026. [45]
- Commercial service roll‑outs with Verizon, stc and Vodafone
- Specific launch dates, target regions and initial service tiers will provide more visibility into how quickly contracted revenue converts into actual usage‑based revenue. [46]
- Updated guidance and next earnings report
- Investors will be watching whether management reaffirms, raises or cuts revenue guidance for 2025–2026 and how operating expenses trend as launches ramp. [47]
- Further capital markets activity
- Additional debt or equity offerings, or large new prepayments from partners, could alter the risk‑reward balance by changing both dilution and funding runway. [48]
Bottom line
AST SpaceMobile stock today sits at a crossroads:
- On one side is a huge addressable market—billions of mobile users without reliable coverage, a growing list of major carrier partners and over a billion dollars of contracted revenue already on the books. [49]
- On the other is a capital‑hungry, technically ambitious project that is only now moving from prototypes to full commercial deployment, with fierce competition and a valuation that already bakes in substantial success. [50]
For investors watching ASTS on November 22, 2025, the story is less about today’s $51 share price and more about whether December’s BlueBird 6 launch and the 2026 deployment schedule can turn AST SpaceMobile from a high‑concept growth narrative into a durable, cash‑generating business.
This article is for informational purposes only and does not constitute financial or investment advice. Always do your own research or consult a licensed financial advisor before making investment decisions.
References
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