AST SpaceMobile (NASDAQ: ASTS), the space-based cellular broadband company, reported second-quarter revenue of $31.5 million, up sharply from just $1.2 million in the same period a year earlier.
The explosive growth underscores just how rapidly the company is scaling its commercial operations following years of development and satellite deployment work.
Management has issued full-year revenue guidance of $150 million to $200 million, representing roughly 2.5 times the $70.9 million in revenue the company posted in 2025.
That 2025 figure itself represented a sixteenfold increase from 2024’s $4.4 million in revenue, placing AST SpaceMobile among the fastest-growing companies in the satellite communications sector.
Analyst Daniel Sparks of The Motley Fool is predicting that AST SpaceMobile will triple its guided 2026 revenue again by 2028, pushing total annual revenue past $500 million.
Such an outcome would represent a meaningful deceleration from the pace of growth seen in recent years, but would still mark a dramatic expansion in commercial scale for the company.
Despite the bullish revenue outlook, shares of the stock were sitting near $67 at the time of writing, down approximately 50% from their 52-week high.
The steep decline from peak levels signals that the broader market carries significant doubt about whether AST SpaceMobile can execute on its ambitious growth trajectory.
With a market capitalization of approximately $26 billion, the stock trades at roughly 150 times this year’s expected revenue and about 50 times the 2028 revenue figure Sparks is forecasting.
Those elevated multiples reflect the speculative nature of the investment, with Sparks himself noting he would only hold the stock as a small, speculative position even under his bullish scenario.
The company’s business model centers on delivering broadband connectivity directly to standard mobile devices via a constellation of low Earth orbit satellites, a capability that could address vast underserved markets globally.
Investor sentiment will likely hinge on whether AST SpaceMobile can continue converting satellite capacity into paying commercial contracts at a pace that justifies its current valuation premium.
