ASTS

Constellation Deployment and Launch Cadence

Cluster Description

Commitments to launch timing, cadence, and constellation size for service readiness; November 21, 2025 commitments update and supersede earlier November 10, 2025 guidance on launch cadence and 2026 satellite totals.

Commitments

• November 21, 2025: Achieve 45–60 satellites in orbit by the end of 2026 via a regular launch cadence averaging every one to two months, updating earlier guidance.
• November 21, 2025: Complete five orbital launches by the end of Q1 2026, superseding the November 10, 2025 target.
• November 21, 2025: Launch BlueBird 6 on December 15, 2025 as the next step in building the operational constellation.
• November 10, 2025: Execute a multi‑provider launch campaign with BlueBird 6 shipped for a first‑half December launch and BlueBird 7 shipping to Cape Canaveral in November with launch shortly thereafter.
• August 15, 2025: Maintain a phased deployment plan targeting one satellite launch roughly every one to two months starting in 2025.
• April 30, 2025: Conduct a 2025–2026 launch campaign with the first Block 2 satellite shipment expected in July 2025 to accelerate constellation buildout.
• March 1, 2025: Launch approximately 60 Block 2 satellites during 2025–2026 to enable Continuous SpaceMobile Service across key markets.

Manufacturing Scale-Up and U.S. Footprint

Cluster Description

Manufacturing capacity, facilities, workforce, and vertical integration to support rapid constellation growth; November 21, 2025 production target updates prior targets from November 10, 2025 and August 11, 2025.

Commitments

• November 25, 2025: Expand the U.S. manufacturing footprint by adding and operating new sites in Texas and Homestead, Florida to increase capacity and resilience.
• November 25, 2025: Accelerate production of next‑generation BlueBird satellites at increased scale to deliver substantially higher bandwidth.
• November 25, 2025: Grow U.S. employment (now over 1,800, up 100% in six months) to support expanded manufacturing and operations.
• November 25, 2025: Maintain roughly 95% vertical integration under U.S. control to secure production lines and specialized tooling at scale.
• November 25, 2025: Continue making significant investments to expand U.S. facilities and manufacturing capabilities.
• November 21, 2025: Complete the equivalent of 40 satellites in production by early 2026, updating earlier production milestones.
• November 10, 2025: Exit 2025 at a manufacturing cadence of six satellites per month to meet planned launch schedules.
• November 10, 2025: Continue production of BlueBird 8–19 and complete assembly of a 40‑satellite equivalent by early 2026 (now updated November 21, 2025).
• August 11, 2025: Expand manufacturing and operations space to over 400,000 square feet and support a global workforce exceeding 1,200 by year‑end (now exceeded by subsequent updates).
• March 4, 2025: Increase facilities in Midland, Texas and Barcelona, Spain with a new site planned in Homestead, Florida (≈194,000 sq ft plus 85,000 sq ft planned).

Technology Upgrades and Performance Targets

Cluster Description

Next‑generation satellite capabilities and chipset integration driving throughput and user experience; later statements refine and affirm earlier performance targets.

Commitments

• November 25, 2025: Specify next‑generation BlueBird performance goals including up to 10x bandwidth, peak data speeds up to 120 Mbps, and a ~2,400 sq ft phased array.
• November 10, 2025: Integrate the AST‑5000 ASIC into Block 2 satellites in Q1 2026 to enable higher peak data throughput up to 120 Mbps.
• November 10, 2025: Integrate a proprietary ASIC with up to 10 GHz of processing bandwidth during Q1 2026 to enhance in‑satellite processing.
• April 3, 2025: Commit to a 10 GHz satellite processing bandwidth architecture for Block 2 to support broadband service at scale.
• January 30, 2025: Advance Block 2 design to deliver up to 10x the bandwidth capacity and peak data transmission speeds up to 120 Mbps.
• December 3, 2024: Collaborate with Cadence on AST5000 ASIC development to achieve up to a tenfold improvement in per‑satellite processing bandwidth.

Commercial Partnerships and Market Activations

Cluster Description

Definitive agreements and activation timelines with MNOs across the U.S., MENA, Europe, Japan, Canada, and India; later commitments clarify 2026 market start and infrastructure details, with the stc agreement reinforced by subsequent disclosures.

Commitments

• November 10, 2025: Expand the Verizon partnership to target 100% geographic coverage across the continental U.S., building on the May 2024 framework.
• November 10, 2025: Begin initial market activations with intermittent nationwide U.S. service by early 2026, with activations targeted in Canada, Japan, Saudi Arabia, and the UK.
• November 10, 2025: Enter a 10‑year commercial agreement with stc group including a $175 million prepayment for future services across Saudi Arabia and key MENA markets.
• November 10, 2025: Announce intent with Vodafone to establish a European constellation with Germany as the satellite operations center to serve EU MNOs.
• November 7, 2025: Plan SatCo’s scalable EU service to commence in 2026 with the European Satellite Operations Centre in Germany.
• October 29, 2025: Detail stc agreement infrastructure (three ground gateways and a Riyadh NOC) and target Q4 2026 commercial launch subject to required approvals.
• August 11, 2025: Plan service launches in the United Kingdom, Japan, and Canada in Q1 2026 as part of the initial rollout.
• June 30, 2025: Establish SatCo headquarters in Luxembourg with commercial launches across Europe beginning in 2026.
• June 18, 2025: Partner with Vi to expand direct‑to‑device satellite connectivity across India’s unconnected regions and develop commercial offerings.
• December 9, 2024: Sign a definitive commercial agreement with Vodafone through 2034 to offer space‑based cellular broadband in over 20 countries across Europe and Africa.

Spectrum Strategy and Regulatory Path

Cluster Description

Long‑term spectrum access, European sovereign controls, and U.S. testing authorities enabling commercial service; later items consolidate multi‑band access and European regulatory posture.

Commitments

• November 10, 2025: Execute a comprehensive global spectrum strategy with access to 1,150 MHz tunable low/mid‑band MNO spectrum, 45 MHz MSS L‑band, 60 MHz S‑band priority rights, and >80 MHz paired/high‑quality U.S. spectrum.
• November 7, 2025: File ITU registration through Germany for the new mid‑band EU constellation to manage interference and ensure integration with terrestrial networks.
• November 7, 2025: Seek access to EU 2 GHz MSS spectrum to enable a pan‑European, sovereign, direct‑to‑device broadband service.
• November 7, 2025: Implement a ‘command switch’ for European oversight and security covering TTC encryption keys, service encryption, and beam activation/deactivation.
• August 15, 2025: Expect to close the Ligado Spectrum Usage Rights Transaction in late 2025, providing up to 45 MHz of lower mid‑band spectrum subject to approvals.
• June 13, 2025: Enter a long‑term spectrum access term sheet including $535 million in payments to Inmarsat, Ligado usage payments starting September 30, 2025, and $550 million in institutional financing support.
• January 30, 2025: Receive FCC Special Temporary Authority to test space‑based cellular broadband using five BlueBird satellites in the United States.
• January 6, 2025: Secure long‑term access (80+ years) to up to 45 MHz of lower mid‑band spectrum in the U.S. and Canada to support peak speeds up to 120 Mbps.

Capital Structure and Liquidity Actions

Cluster Description

Debt and equity transactions, liquidity positioning, and financial guidance to fund constellation deployment; later financings and repurchases supersede earlier proposals.

Commitments

• November 10, 2025: Maintain over $3.2 billion in cash and available liquidity (pro forma) to fund manufacturing and launches toward a 100+ satellite constellation.
• October 21, 2025: Price $1.0 billion 2.00% convertible senior notes due 2036 with approximately $981.9 million in net proceeds and a $150 million overallotment option.
• October 21, 2025: Price a registered direct offering of approximately 2.0 million shares at $78.61 per share to fund repurchase of $50 million of 2032 notes, scheduled to settle October 29, 2025.
• October 21, 2025: Enter privately negotiated transactions to repurchase $50 million principal amount of 4.25% convertible senior notes due 2032 for cash, reducing debt and interest.
• July 29, 2025: Close a private offering of convertible senior notes raising $575 million and repurchase $135 million of 2032 notes while projecting less than 1.5% effective dilution via capped calls.
• July 25, 2025: Price $500 million 2.375% convertible notes due 2032 (with a $75 million option) and a registered direct offering of ~5.8 million shares at $60.06 to fund note repurchases.
• June 25, 2025: Price the repurchase of $225 million of 2032 convertible notes funded by issuing 9.45 million Class A shares, removing approximately $63.8 million of remaining interest.
• July 3, 2025: Secure $100 million in non‑dilutive equipment financing available through 2031 to support accelerated manufacturing and network deployment.
• January 27, 2025: Close a $400 million convertible senior notes offering with a capped call hedge, increasing cash while targeting approximately 3% effective dilution.
• January 22, 2025: Announce a $400 million convertible notes offering due 2032 with capped call transactions to mitigate potential dilution.

Government and Dual‑Use Programs

Cluster Description

Defense demonstrations, contracts, and expanding dual‑use posture for U.S. Government customers; later disclosures confirm new awards and continued scaling plans.

Commitments

• November 10, 2025: Receive a new U.S. Government prime contractor award subject to final negotiations while continuing performance on existing contracts.
• November 10, 2025: Continue ramping dual‑use U.S. Government efforts with expected acceleration as the constellation grows.
• August 11, 2025: Execute eight U.S. Government contracts to date and demonstrate tactical NTN connectivity with multiple branches of the U.S. armed forces.
• June 26, 2025: Conduct prototype tactical NTN demonstrations with DIU and Fairwinds Technologies with additional testing planned in coming months.
• February 26, 2025: Secure a $43 million contract to support the U.S. Space Development Agency via a prime contractor, building on prior testing successes.

Ground Infrastructure and Gateways

Cluster Description

Gateways, earth stations, and NOCs enabling backhaul and integration with terrestrial networks; later items emphasize consistent quarterly gateway sales and European backhaul design.

Commitments

• November 10, 2025: Continue booking and selling gateway equipment with an expected cadence of over $10 million per quarter on average to support partner commercialization.
• November 7, 2025: House a SatCo ground gateway in the European Operations Centre to provide secure backhaul links between satellites and terrestrial 4G/5G networks.
• October 29, 2025: Build three ground gateways in Saudi Arabia and establish a Network Operations Center in Riyadh under the stc agreement.
• January 30, 2025: Install five gateways in the United States to integrate with AT&T and Verizon networks for testing and service readiness.
• June 30, 2025: Deploy a small network of European earth stations integrated with terrestrial networks to enable automatic switching and resilient connectivity.
• December 9, 2024: Deploy the first Block 1 BlueBird gateway for Vodafone to connect users outside traditional cellular coverage.

Public Engagement and Transparency

Cluster Description

Commitments to open launch experiences and public access; latest items expand opportunities for real‑time participation.

Commitments

• November 21, 2025: Provide a live public broadcast of the BlueBird 6 launch on the company’s YouTube channel.
• November 10, 2025: Invite retail shareholders to attend launches where feasible to enhance engagement during the upcoming campaign.