AST SpaceMobile: Launch Crunch Time

研报英文原文证据摘录

AST SpaceMobile: Launch Crunch Time

Deutsche Bank

Research

Rating Company Date

Buy AST SpaceMobile 12 May 2026

North America Reuters Bloomberg Rating Buy

United States ASTS.OQ ASTS US Price target (USD) 117.00 Price at 11 May 26 82.55

52-week range 122.09 – 23.07

TMT

Telecom Services Valuation & Risks

Launch Crunch Time

Bryan Kraft

The most important takeaway from ASTS’ 1Q Business Update this evening was Research Analyst

+1-212-250-0117 that management reiterated the target of ~45 satellites in orbit by year-end, with

7 launches planned from June through December in order to achieve this level. Benjamin Soff

We expect ASTS, in success, to end the year closer to 40 than 45 satellites in orbit. Research Analyst

However, we would still view this as success, since it would mean that the +1-212-250-3716

company has successfully accelerated its launch cadence and will be in a position

Spencer Amer to launch commercial services with MNO partners during 1H27. Research Associate

+1-212-250-4386 Meeting the launch target of ~45 satellites requires Blue Origin to complete its

investigation of New Glenn’s upper stage failure in April and to begin flying Shiv-A Singh

missions on a more regular cadence. We estimate ASTS needs to utilize 4 New Research Associate

Glenn payloads this year for a total of 26 satellites in order to deliver a cumulative +1-212-250-0118

41 Bluebird satellites to orbit. Management sounded optimistic on the earnings

call regarding the investigation being completed and New Glenn resuming

launches relatively soon. They also emphasized the importance of Blue Origin’s

successful Booster recovery after the April launch, as reusability is key to

accelerating New Glenn’s launch cadence. Interestingly, management mentioned