ASTS

Cluster: Service Activation and Market Rollout

Commitment: August 15, 2025: Initiate a limited, noncontinuous SpaceMobile Service in targeted markets, including the United States, in H2 2025 (updates and narrows earlier “nationwide intermittent” 2025 language), contingent on regulatory approvals and initial 25-satellite deployment.

🟡 Partially Met | Certainty: 80%

Analysis: The company reaffirmed plans to start limited, noncontinuous service in targeted markets in H2 2025 and narrowed scope from earlier “nationwide intermittent” language. Regulatory groundwork (FCC STA) and integration with U.S. MNOs are in place, and FM1 shipment is planned. However, there is no evidence of 25 satellites on orbit or commercial activation yet; launch cadence must materialize in H2 2025.

Progress:* A recent update from 2025-08-15 (MD&A) confirms expectation to initiate limited, noncontinuous service in targeted markets including the U.S., superseding broader 2025 “nationwide intermittent” language.* A recent update from 2025-08-11 notes preparation for 2025 U.S. deployment, but this broader scope is narrowed by the 2025-08-15 guidance.* Earlier evidence from 2025-05-12 highlights planned activation of initial capabilities and launch cadence every 1–2 months through 2026.* Earlier evidence from 2025-01-30 confirms FCC STA for testing with AT&T and Verizon and U.S. gateway installations underway.

Commitment: August 15, 2025: Achieve continuous SpaceMobile coverage across key markets by late 2026 with approximately 45–60 satellites, aligning key-market targets while global continuity may require more assets.

🟡 Partially Met | Certainty: 75%

Analysis: Multiple updates align on a late-2026 timeline and a 45–60 satellite target for key markets, though the 2025-08-15 MD&A also references ~90 satellites for continuous coverage in key markets, creating mild inconsistency. Manufacturing scale-up and financing are supportive, but launches in 2025 must ramp for this to remain on track. Recent guidance generally supersedes earlier broader claims.

Progress:* A recent update from 2025-08-15 (MD&A) reiterates continuous coverage across key markets; it cites ~90 satellites for continuous coverage, which partially conflicts with 45–60 guidance—this newer filing increases the implied requirement.* A recent update from 2025-08-11 confirms 45–60 satellites plan and 1–2 month launch cadence through 2026; timing consistent, volume slightly lower than the MD&A’s “~90” reference.* Earlier evidence from 2025-05-12 confirms five launches in 6–9 months and cadence through 2026 to reach target constellation.

Commitment: August 11, 2025: Prepare to deploy nationwide intermittent service in the U.S. by the end of 2025 with AT&T and Verizon, now superseded in scope by the August 15 targeted-market 2025 start.

❌ Not Met | Certainty: 95%

Analysis: The company’s 2025-08-15 guidance narrows the 2025 scope to “targeted markets,” superseding the earlier goal of nationwide intermittent service by year-end 2025. Preparation continues, but the commitment, as stated, is no longer the operative plan.

Progress:* A recent update from 2025-08-15 (MD&A) explicitly focuses on targeted-market activation in 2025, superseding the nationwide intermittent 2025 goal.* Earlier evidence from 2025-08-11 stated nationwide intermittent by end-2025; this is now narrowed.* Earlier evidence from 2025-01-30 indicated STA testing and gateway installs in support of U.S. activation.

Commitment: August 11, 2025: Deploy service in the United Kingdom, Japan, and Canada in Q1 2026 as the first international rollouts following the U.S.

🟡 Partially Met | Certainty: 80%

Analysis: Plans for Q1 2026 international rollouts are consistent with ongoing SatCo establishment in Europe, gateway deployments, and launch cadence plans. No commercial activation yet; execution depends on manufacturing and launch ramp in late 2025.

Progress:* A recent update from 2025-08-11 affirms Q1 2026 deployment for UK, Japan, and Canada following the U.S.* Earlier evidence from 2025-06-30 confirms SatCo headquarters in Luxembourg to support European commercialization (launches expected from 2026).* Earlier evidence from 2025-05-12 highlights regulatory progress and initial capability activation plans across the U.S., Europe, and Japan.

Commitment: April 30, 2025: Begin limited, noncontinuous SpaceMobile Service in 2025, subject to regulatory approvals and MNO agreements, an earlier commitment now refined by August 2025 guidance.

🟡 Partially Met | Certainty: 80%

Analysis: The April commitment is refined by August guidance to targeted markets in H2 2025. Testing under STA and MNO integrations continue; launch cadence and regulatory approvals remain gating factors.

Progress:* A recent update from 2025-08-15 confirms 2025 targeted-market start; this supersedes earlier broad language.* Earlier evidence from 2025-04-30 stated intent to begin limited service in 2025, subject to approvals.* Earlier evidence from 2025-01-30 shows STA testing with U.S. MNOs and gateways in progress.

Commitment: January 30, 2025: Target approximately 100% nationwide U.S. coverage from space with over 5,600 cells as satellites and ground integration progress under STA testing, serving as a stepping stone toward commercial activation.

🟡 Partially Met | Certainty: 85%

Analysis: STA testing and gateway buildout are progressing, and five satellites launched in 2024. However, nationwide coverage remains a target dependent on additional launches; August updates narrowed near-term activation scope to targeted markets.

Progress:* A recent update from 2025-08-15 confirms 2025 targeted-market scope, indicating nationwide coverage remains a longer-term target.* Earlier evidence from 2025-01-30 details STA testing with AT&T/Verizon and five U.S. gateways being installed.* Earlier evidence from 2024-09-12 confirms launch of first five commercial satellites toward the 5,600-cell U.S. objective.

Cluster: Satellite Deployment, Launches, and Manufacturing

Commitment: August 15, 2025: Execute a phased satellite deployment plan with launches roughly every one to two months starting in 2025, ultimately enabling continuous service (global continuity may require ~90 satellites).

🟡 Partially Met | Certainty: 75%

Analysis: The cadence is reaffirmed, and FM1 shipment is planned in August 2025. However, there is no evidence in 2025 of additional launches after the five in September 2024; cadence realization must begin in H2 2025 to stay on track.

Progress:* A recent update from 2025-08-15 (MD&A) reiterates phased deployment and continuity goals.* A recent update from 2025-08-11 confirms planned 1–2 month cadence through 2026.* Earlier evidence from 2025-05-12 projected five launches over 6–9 months beginning mid-2025; as of 2025-08-15, execution still pending.

Commitment: August 11, 2025: Achieve a manufacturing cadence of six satellites per month during 2025 to produce ~40 Block 2 satellites by early 2026.

🟡 Partially Met | Certainty: 75%

Analysis: Micron assembly for eight satellites is complete with a path to 40 by early 2026, but there is no explicit confirmation that a six-per-month cadence has been achieved yet in 2025.

Progress:* A recent update from 2025-08-11 confirms eight satellites’ microns assembled and a plan to reach 40 by early 2026.* Earlier evidence from 2025-05-12 anticipated reaching six/month cadence by Q4 2025.

Commitment: August 11, 2025: Conduct orbital launches on average every one to two months throughout 2025 and 2026 to reach the 45–60 satellite goal.

🟡 Partially Met | Certainty: 70%

Analysis: The plan is reiterated, but no 2025 launches are evidenced yet. The cadence must begin imminently to meet goals.

Progress:* A recent update from 2025-08-11 reconfirms the 1–2 month cadence plan.* Earlier evidence from 2025-05-12 outlined five launches over 6–9 months.

Commitment: August 11, 2025: Complete at least five orbital launches by the end of Q1 2026 as an interim milestone to scale deployment.

🟡 Partially Met | Certainty: 70%

Analysis: With FM1 shipping in August 2025 and cadence plans in place, the Q1 2026 milestone remains feasible but requires timely execution beginning in H2 2025.

Progress:* A recent update from 2025-08-11 states at least five launches by end of Q1 2026.* Earlier evidence from 2025-05-12 identified five launches scheduled over 6–9 months.

Commitment: August 11, 2025: Complete assembly of phased-array microns equivalent to 40 satellites by early 2026, with eight already finished, to support full voice, data, and video services.

✅ On Track | Certainty: 90%

Analysis: The company reports eight satellites’ microns assembled and guides to 40 by early 2026. This aligns with manufacturing plans and funding.

Progress:* A recent update from 2025-08-11 confirms eight completed and 40-equivalent targeted by early 2026.

Commitment: August 11, 2025: Ship FM1 in August 2025 for subsequent launch to become the seventh satellite on orbit, contributing incremental capacity.

🟡 Partially Met | Certainty: 75%

Analysis: FM1 expected to be ready to ship in August 2025. Shipment and launch completion have not been confirmed in subsequent filings.

Progress:* A recent update from 2025-08-11 states FM1 expected to ship in August 2025, then launch thereafter.

Commitment: May 12, 2025: Plan five launches over six to nine months and scale manufacturing to six satellites per month by Q4 2025, an earlier plan consistent with August cadence and volume targets.

🟡 Partially Met | Certainty: 75%

Analysis: The plan is consistent with August guidance. Execution of launches and achieving the Q4 cadence are still pending.

Progress:* Earlier evidence from 2025-05-12 details the five-launch plan and Q4 cadence target.* A recent update from 2025-08-11 reconfirms cadence every 1–2 months.

Commitment: November 14, 2024: Maintain launch services agreements for up to ~60 Block 2 satellites during 2025–2026 as capacity underpinning the cadence and continuity goals.

✅ On Track | Certainty: 95%

Analysis: Launch services agreements (including Blue Origin New Glenn) for 2025–2026 were executed and remain the basis for planned cadence.

Progress:* Earlier evidence from 2024-11-14 confirms launch services agreements supporting up to ~60 Block 2 satellites.

Cluster: Spectrum Strategy and Regulatory Approvals

Commitment: August 15, 2025: Obtain regulatory approvals for Block 2 satellite operations during 2025 to enable service readiness and launch execution.

🟡 Partially Met | Certainty: 75%

Analysis: Regulatory progress includes FCC STA for U.S. testing and supportive court approvals around spectrum; however, explicit 2025 commercial approvals for Block 2 operations are not yet evidenced.

Progress:* A recent update from 2025-08-15 underscores the need for 2025 approvals to execute launches.* Earlier evidence from 2025-01-30 confirms FCC STA for U.S. testing with five BlueBird satellites.

Commitment: August 15, 2025: Finalize the Spectrum Usage Rights Transaction with Ligado Networks for up to 45 MHz of lower mid‑band (L‑Band) spectrum, with closing expected in late 2025 pending approvals, superseding earlier June expectations of a June 2025 close.

🟡 Partially Met | Certainty: 85%

Analysis: Bankruptcy Court approved definitive agreements; closing moved from June to late 2025. Financing arrangements appear aligned with updated timing.

Progress:* A recent update from 2025-08-15 (MD&A) notes court approval and late-2025 closing expectation, superseding June timelines.* Earlier evidence from 2025-06-13 expected closing before end of June 2025; now updated to late 2025.

Commitment: August 11, 2025: Acquire and utilize 60 MHz of global S‑Band spectrum priority rights to expand capacity, subject to country‑level approvals.

🟡 Partially Met | Certainty: 80%

Analysis: Agreement to acquire S‑Band priority rights announced; utilization depends on country approvals. No contradictions.

Progress:* A recent update from 2025-08-11 announces acquisition of 60 MHz S‑Band priority rights, pending country-level approvals.

Commitment: August 11, 2025: Secure long‑term access to up to 45 MHz of L‑Band spectrum in the U.S. and Canada (subject to regulatory approvals) to augment subscriber capacity.

🟡 Partially Met | Certainty: 85%

Analysis: Definitive L‑Band documentation has court approval; final regulatory approvals pending.

Progress:* A recent update from 2025-08-11 cites court-approved definitive documentation for L‑Band access in U.S./Canada.* A recent update from 2025-08-15 (MD&A) reiterates long-term access expectation.

Commitment: June 13, 2025: Commit to long‑term access to up to 45 MHz of lower mid‑band spectrum for D2D, with closing originally expected before end of June 2025 but now updated to late 2025 per August guidance.

🟡 Partially Met | Certainty: 90%

Analysis: Transaction timeline shifted; August 15 guidance supersedes June timing. Financing aligned to revised schedule.

Progress:* A recent update from 2025-08-15 confirms late-2025 closing expectation, superseding the June target.* Earlier evidence from 2025-06-13 outlined the original pre–end-June close.

Commitment: June 13, 2025: Make spectrum payments to Inmarsat totaling $535 million ($420 million due October 31, 2025; $100 million due March 31, 2026; $15 million upon regulatory approval and closing).

🟡 Partially Met | Certainty: 80%

Analysis: Payments are scheduled; a $550 million delayed-draw loan has been arranged to fund these upon approvals. No evidence yet of payments made (dates mostly future as of August 2025).

Progress:* Earlier evidence from 2025-06-13 details the payment schedule and financing commitment to support it.

Commitment: June 13, 2025: Start spectrum access usage payments to Ligado on September 30, 2025 as part of the broader spectrum arrangement.

🟡 Partially Met | Certainty: 80%

Analysis: Payments commence 2025-09-30; as of August 2025, no payment evidence yet. Financing is lined up.

Progress:* Earlier evidence from 2025-06-13 specifies the start date for usage payments.

Commitment: January 30, 2025: Operate under FCC Special Temporary Authority to test service with five BlueBird satellites in the U.S., supporting regulatory momentum for commercial approvals.

✅ On Track | Certainty: 95%

Analysis: FCC STA granted and testing with AT&T and Verizon networks commenced; gateways being installed.

Progress:* Earlier evidence from 2025-01-30 confirms STA grant and U.S. testing with unmodified devices.

Cluster: Government and Defense Programs

Commitment: August 11, 2025: Significantly expand organizational capabilities to serve the U.S. Government, targeting substantial near‑term revenues and broader non‑communications applications.

🟡 Partially Met | Certainty: 80%

Analysis: Evidence of multiple government contracts, DIU demos, and H2 2025 revenue expectations indicates capability expansion, though quantitative org-build specifics are not disclosed.

Progress:* A recent update from 2025-08-11 highlights expansion focus and near-term government revenues.* Earlier evidence from 2025-06-26 details successful tactical NTN demo with U.S. forces.

Commitment: August 11, 2025: Execute on eight U.S. Government contracts to date, advancing milestones and delivery under awarded programs.

✅ On Track | Certainty: 90%

Analysis: Company-reported execution across eight contracts; consistent with broader government pipeline and demos.

Progress:* A recent update from 2025-08-11 states execution on eight contracts to date.

Commitment: August 11, 2025: Demonstrate tactical NTN connectivity with standard mobile devices alongside multiple U.S. armed forces branches under the DIU effort, validating defense use cases.

✅ On Track | Certainty: 95%

Analysis: The June 26 demo delivered high-throughput data/voice/video over standard devices with multiple services participating.

Progress:* Earlier evidence from 2025-06-26 reports the world’s first DIU tactical NTN demonstration with U.S. forces in Hawaii.

Commitment: August 11, 2025: Expect $50–$75 million in H2 2025 revenue from commercial activations and government contract milestones, providing near‑term financial impact.

🟡 Partially Met | Certainty: 75%

Analysis: Expectation reaffirmed; as of August 2025, revenue not yet recorded. Dependent on launch and milestone execution in H2.

Progress:* A recent update from 2025-08-11 reiterates the H2 2025 revenue expectation.* Earlier evidence from 2025-05-12 set the same H2 2025 revenue range.

Commitment: June 26, 2025: Conduct additional prototype demonstrations of tactical NTN connectivity in coming months to support defense evaluation and resiliency needs.

🟡 Partially Met | Certainty: 70%

Analysis: The June demo was successful; subsequent “additional” demos are planned but not evidenced as completed yet.

Progress:* Earlier evidence from 2025-06-26 announces future prototypes and extended testing (including open ocean).

Commitment: February 26, 2025: Secure a $43 million SDA-related contract award through a prime contractor, building on prior demonstrations for U.S. Government applications.

✅ On Track | Certainty: 95%

Analysis: Contract award is documented; ongoing performance expected to be recognized over time.

Progress:* Earlier evidence from 2025-02-26 confirms the $43 million SDA-related award.

Commitment: April 30, 2025: Continue recognizing revenue from U.S. Government contracts, including $43 million (SDA) and up to $20 million (DIU), as performance obligations are met.

✅ On Track | Certainty: 90%

Analysis: Q2 2025 revenue growth driven by U.S. government contracts supports continued recognition.

Progress:* A recent update from 2025-08-15 (MD&A) reports Q2 revenue up 28% YoY, primarily from U.S. government contracts.* Earlier evidence from 2025-04-30 anticipated ongoing revenue recognition from SDA/DIU contracts.

Cluster: Commercial Partnerships and Market Development

Commitment: August 15, 2025: Maintain and expand commercial agreements with over 50 MNOs targeting nearly 3 billion subscribers, with plans to finalize agreements ahead of service launch.

✅ On Track | Certainty: 95%

Analysis: >50 MNO agreements repeatedly confirmed (nearly 3B subs). Ongoing finalization ahead of launches remains consistent with updates.

Progress:* A recent update from 2025-08-11 confirms >50 MNO agreements.* Earlier evidence from 2025-03-04/03-03 references ~50 MNOs and expanded agreements (Vodafone definitive).

Commitment: August 11, 2025: Expand commercialization with MNOs across consumer, enterprise, and IoT segments based on agreements exceeding 50 operators.

✅ On Track | Certainty: 95%

Analysis: The breadth of MNO relationships and impending targeted-market starts position the company for multi-segment commercialization.

Progress:* A recent update from 2025-08-11 confirms >50 operator agreements and commercialization focus.

Commitment: August 11, 2025: Pursue partnership with Vi to expand space‑based mobile connectivity in India, targeting one of the largest telecom markets.

✅ On Track | Certainty: 95%

Analysis: A formal strategic partnership with Vi in India was announced in June 2025, meeting and exceeding the “pursue” threshold.

Progress:* Earlier evidence from 2025-06-18 announces the Vi–AST partnership for India.

Commitment: August 11, 2025: Advance SatCo distribution following expressions of interest from operators in 21 of 27 EU member states to prepare for sovereign D2D services.

✅ On Track | Certainty: 95%

Analysis: SatCo has been formally established in Luxembourg; the 21-member-state interest metric is reiterated.

Progress:* Earlier evidence from 2025-06-30 confirms SatCo HQ in Luxembourg and interest from operators in 21 EU member states.

Commitment: June 30, 2025: Establish SatCo headquarters in Luxembourg to deliver European space‑based cellular broadband with commercial launches expected from 2026.

✅ On Track | Certainty: 95%

Analysis: Headquarters established; launch timing aligns with 2026 European plans.

Progress:* Earlier evidence from 2025-06-30 confirms SatCo HQ establishment and 2026 commercial launch timeline.

Commitment: March 3, 2025: Create SatCo, a jointly‑owned European D2D satellite service provider targeting 100% geographic coverage and 340 million customers across 15 countries during 2025–2026.

✅ On Track | Certainty: 90%

Analysis: The creation and HQ establishment are complete; distribution engagement is ongoing toward 2026 launches.

Progress:* Earlier evidence from 2025-03-03 announces the SatCo agreement and 2025–2026 goals.* Earlier evidence from 2025-06-30 confirms HQ setup in Luxembourg.

Commitment: December 9, 2024: Enter a definitive long‑term commercial agreement with Vodafone through 2034 to offer space‑based cellular broadband across Europe and Africa.

✅ On Track | Certainty: 95%

Analysis: Agreement executed and reinforced by March and June 2025 announcements.

Progress:* Earlier evidence from 2024-12-09 confirms the Vodafone definitive agreement through 2034.

Cluster: Financial Strategy and Capital Structure

Commitment: August 15, 2025: Raise additional funding through equity and debt, targeting $500 million under the 2025 ATM Equity Program to support operations and satellite deployment.

🟡 Partially Met | Certainty: 70%

Analysis: Significant capital was raised via convertibles and a registered direct equity offering; however, specific utilization of the 2025 ATM Equity Program toward the $500M target is not evidenced.

Progress:* A recent update from 2025-07-29 confirms closing of $575M convertible notes, boosting pro forma cash >$1.5B.* Earlier evidence from 2025-07-25/07-31 outlines registered direct equity offering funding a notes repurchase.

Commitment: August 11, 2025: Fortify the balance sheet to maintain over $1.5 billion in cash, enabling network build and capital structure discipline.

✅ On Track | Certainty: 95%

Analysis: Post-July 29 financing, pro forma cash exceeded $1.5B as reported; debt repurchases further strengthened the balance sheet.

Progress:* A recent update from 2025-07-29 (closing release) confirms >$1.5B pro forma cash.

Commitment: July 29, 2025: Close $575 million of new convertible senior notes due 2032, boosting pro forma cash to over $1.5 billion and enabling repurchase of a portion of 4.25% notes.

✅ On Track | Certainty: 100%

Analysis: Closing is confirmed; use of proceeds includes repurchase of a portion of 4.25% notes.

Progress:* A recent update from 2025-07-29 confirms the closing and balance sheet impact.

Commitment: July 31, 2025: Repurchase $135 million principal of 4.25% convertible senior notes due 2032 funded by a registered direct equity offering to reduce debt and ~$37.8 million of future interest.

🟡 Partially Met | Certainty: 80%

Analysis: Pricing and cross-conditional structure were disclosed; anticipated closing “on or about July 31, 2025.” A separate closing confirmation was not provided in the summaries.

Progress:* Earlier evidence from 2025-07-25/07-29 details pricing and anticipated closing around 2025-07-31.

Commitment: July 29, 2025: Price $500 million (plus $75 million option) of new convertibles due 2032 and allocate proceeds, including for capped calls and general corporate purposes.

✅ On Track | Certainty: 95%

Analysis: Pricing disclosed on July 25; closing confirmed July 29 at $575M, indicating option uptake and completion.

Progress:* Earlier evidence from 2025-07-25 (pricing) and 2025-07-29 (closing) confirms execution and proceeds allocation.

Commitment: July 3, 2025: Secure $100 million non‑dilutive equipment financing available through 2031 to support accelerated manufacturing and deployment.

✅ On Track | Certainty: 100%

Analysis: Facility closed with $25M drawn at closing; available for long-term liquidity.

Progress:* Earlier evidence from 2025-07-03 confirms the equipment financing.

Commitment: June 25, 2025: Repurchase $225 million of 4.25% convertibles via a registered direct equity issuance to materially reduce debt and ~$63.8 million of remaining interest.

✅ On Track | Certainty: 85%

Analysis: Pricing announced with expected closing on or about July 1, 2025; later disclosures emphasize continued balance sheet strengthening. No explicit closing confirmation in the provided summaries but subsequent capital structure data are consistent with substantial repurchases.

Progress:* Earlier evidence from 2025-06-25 details pricing and anticipated closing ~2025-07-01.* A recent update from 2025-07-29 indicates further repurchases consistent with the overall reduction plan.

Commitment: January 27, 2025: Close $400 million convertibles due 2032 (with capped call) and report nearly $1 billion pro forma cash, structured to mitigate dilution to ~3% effective.

✅ On Track | Certainty: 100%

Analysis: Closing confirmed with capped call and ~3% effective dilution guidance.

Progress:* Earlier evidence from 2025-01-27 confirms closing and terms.

Commitment: June 13, 2025: Arrange a $550 million non‑recourse delayed draw term loan to fund spectrum payments upon FCC approval, aligning financing with transaction milestones.

✅ On Track | Certainty: 95%

Analysis: Institutional financing commitment reported; aligns with late-2025 spectrum closing and payment schedule.

Progress:* Earlier evidence from 2025-06-13 confirms the $550M financing commitment tied to spectrum transaction milestones.

Cluster: Technology, Performance, and Ground Infrastructure

Commitment: August 15, 2025: Implement the AST5000 ASIC in Block 2 satellites to deliver up to 40 MHz per beam and peak data rates up to 120 Mbps while reducing operating costs.

🟡 Partially Met | Certainty: 80%

Analysis: ASIC development and validation milestones were achieved; Block 2 implementation is planned with commissioning during 2025. Full in-orbit implementation confirmation is pending.

Progress:* Earlier evidence from 2024-12-03 details AST5000 ASIC collaboration and performance targets.* Earlier evidence from 2024-11-14 confirms initial validation with commissioning planned in 2025.

Commitment: August 11, 2025: Provide a true broadband experience directly to smartphones with peak data speeds up to 120 Mbps per cell globally via combined S‑Band and L‑Band strategies.

🟡 Partially Met | Certainty: 75%

Analysis: Spectrum strategies (S/L bands) and ASIC capabilities support the target; commercial broadband at 120 Mbps per cell has not yet been demonstrated at scale.

Progress:* A recent update from 2025-08-11 reiterates 120 Mbps per-cell peak target leveraging S/L bands.* Earlier evidence from 2024-12-03 references 10x processing bandwidth and 120 Mbps aspirations.

Commitment: August 11, 2025: Expand the manufacturing footprint to over 400,000 square feet and a workforce exceeding 1,200 by year‑end 2025 to deepen 95% vertical integration and capacity.

🟡 Partially Met | Certainty: 70%

Analysis: Prior disclosures noted 185,000 sq ft (2024) and plans for significant expansion; however, specific attainment of >400,000 sq ft and >1,200 staff is not evidenced in the summaries as of August 2025.

Progress:* Earlier evidence from 2024-09-12 cited 185,000 sq ft; recent documents emphasize scaling but do not quantify the 2025 year-end footprint/staffing yet.

Commitment: June 30, 2025: Deploy a small network of European earth stations integrated with terrestrial networks to enable automatic switching between space and land.

🟡 Partially Met | Certainty: 75%

Analysis: The SatCo buildout plan includes European earth stations; deployment progress is referenced but without detailed completion metrics.

Progress:* Earlier evidence from 2025-06-30 outlines deployment of a small network of European earth stations integrated with terrestrial networks.

Commitment: January 30, 2025: Install five U.S. gateways to integrate with AT&T and Verizon networks and support STA testing with off‑the‑shelf handsets.

🟡 Partially Met | Certainty: 80%

Analysis: Gateway installations were underway with at least one operational (Hawaii demo locale). Completion of all five not explicitly confirmed.

Progress:* Earlier evidence from 2025-01-30 states five U.S. gateways being installed for STA integration.* Earlier evidence from 2025-06-26 demonstrates operations near the Oahu gateway.

Commitment: November 14, 2024: Operationalize initial U.S. ground stations and plan expansions to Europe and Japan to support thousands of U.S. cells and regional gateways.

✅ On Track | Certainty: 90%

Analysis: Initial ground segments in the U.S. were operationalized; subsequent steps include European and Japanese expansions consistent with SatCo plans.

Progress:* Earlier evidence from 2024-11-14 confirms initial U.S. ground stations and planned regional expansions.

Commitment: December 3, 2024: Advance AST5000 ASIC development and validation with ecosystem partners to realize a 10x processing bandwidth improvement per satellite.

✅ On Track | Certainty: 95%

Analysis: Collaboration with Cadence and validation milestones achieved; Block 2 integration is the next step.

Progress:* Earlier evidence from 2024-12-03 details ASIC development progress and targeted performance gains.