First Read AST Spacemobile Inc: Raising capital to support growth and orbital access

Research evidence excerpt

First Read AST Spacemobile Inc: Raising capital to support growth and orbital access

Global Research

16 July 2026ab

First Read

EquitiesAST Spacemobile Inc

Raising capital to support growth and orbital United States

access Wireless Communications

12-month rating Neutral *

12m price target US$80.00

ASTS announces $1B convertible notes raise

ASTS announced a new $1B convertible notes raise and expects to use the proceeds to

pursue expanding growth opportunities, secure additional access to orbit and explore Price (16 Jul 2026) US$56.37

partnerships and/or acquisitions to mitigate the risks associated with third-party launch RIC: ASTS.O BBG: ASTS US

providers. The language suggests a more vertically integrated business going forward,

Trading data and key metrics

but visibility is limited and the company noted there are no agreements for strategic

transactions in place. We believe AST will likely secure additional capacity with new 52-wk range US$133.09-36.91

launch providers following the Blue Origin test explosion in May, potentially driving up Market cap. US$16.4b

the $21-23M capital cost per satellite in the short term. AST also provided several Shares o/s 291m (COM)

updates alongside the capital raise: Free float 88%

Avg. daily volume ('000) 22,266

Launch schedule. The company is now targeting 45 satellites in orbit by early

Avg. daily value (m) US$1,937.3

2027 (vs. 45 by YE26 as of 1Q earnings - which was prior to the Blue Origin

Common s/h equity (12/26E) US$1.83b

setback). The commercial/carrier business is more sensitive to launch cadence and

we believe this could delay full service launch (carrier beta testing can likely be P/BV (12/26E) 10.8x

done with fewer satellites in '26). We believe the company's 2026 revenue Net debt to EBITDA (12/26E) NM