AST SpaceMobile’s stock jumped after the company announced an ambitious plan to launch up to 60 satellites by 2026.
Texas startup AST SpaceMobile announced its plan to launch 45 to 60 satellites by 2026, establishing itself as a worthy competitor to SpaceX’s Starlink constellation in building space-based broadband networks.
The company announced its second-quarter earnings on Monday, revealing that it had $1.5 billion on its balance sheet to fund the deployment of dozens of its satellites, CNBC reported. The next day, AST SpaceMobile’s shares soared by more than 10% with the prospect of the company providing coverage to the United States, as well as Europe, Japan, and other key markets.
AST SpaceMobile launched its first satellite, BlueWalker 3, in September 2022 to test its long-term plan of establishing a space-based cellular broadband network directly accessible by cell phones.
