Investors searching for exposure to the next generation of communications and transportation are weighing two high-profile but risky growth stocks heading into the second half of 2026.
AST SpaceMobile (NASDAQ: ASTS) is building a space-based cellular broadband network engineered to connect directly with standard, unmodified smartphones, without any special hardware.
The company has secured partnerships with over 50 mobile network operators, giving it access to a combined subscriber base of nearly 3 billion users across the United States, Europe, and Japan.
That existing commercial infrastructure represents a significant head start over rivals still in earlier stages of building out their satellite connectivity ecosystems.
AST SpaceMobile operates its network through low-Earth-orbit satellites, targeting regions that standard terrestrial networks have historically failed to serve adequately.
Despite those advantages, the company faces meaningful regulatory risk, including federal approval requirements and ongoing uncertainties tied to satellite licensing and radio frequency usage rights.
Competition is fierce, with Amazon developing its own rival satellite internet constellation, putting pressure on AST SpaceMobile to scale quickly before the market becomes more crowded.
Joby Aviation (NYSE: JOBY) is pursuing an entirely different frontier, developing an all-electric vertical takeoff and landing aircraft intended to reshape short-distance urban travel.
The company must clear strict certification requirements with aviation regulators, and any delays in that process could push back its commercial air-taxi launch by a significant margin.
Joby also relies heavily on third-party global suppliers for critical components, leaving its high-volume manufacturing timeline exposed to potential supply chain disruptions.
Safety concerns add another layer of uncertainty, as any incident involving a prototype aircraft could set back public confidence in the broader emerging air mobility sector.
On a valuation basis, Joby Aviation trades at a lower sales multiple, while AST SpaceMobile carries a considerably higher premium relative to its current revenue figures.
Both companies are operating in nascent industries where the gap between technological promise and commercial reality remains wide, requiring investors to tolerate extended periods of uncertainty.
AST SpaceMobile’s existing operator partnerships and its relatively shorter runway to generating meaningful revenue give it a practical edge over Joby in the near term.
Joby Aviation could ultimately deliver substantial returns if its air mobility service successfully reaches commercial scale, but investors may face a considerably longer wait for that outcome.
