AST SpaceMobile is developing satellites able to connect mobile phones directly, without ground antennas.
Analysis
Class actions accuse the company of overstating its equity strength ahead of three dilutive bond issues, and B. Riley downgrades to neutral. The latest Starship flight is a reminder of SpaceX’s lead. The central issue is financing a very capital hungry project.
Opportunity
The opportunity remains a vast potential market for universal connectivity. The risks are dilution, competition from a vertically integrated rival and technical execution.
Investor outlook
Negative short term outlook. The investment is a long term bet where financing discipline will make the difference.
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