ASTS

Satellite Deployment and Manufacturing Scale

Cluster Description

Build and scale the constellation and production capacity to enable direct-to-device cellular broadband; most recent commitments reaffirm a 45–60 satellite target by 2026 and clarify near-term launch cadence milestones.

Commitments

• October 03, 2025: Continue deploying satellites—five in orbit, satellites 6 and 7 to the launch pad, and plan 45–60 satellites by end of 2026, reaffirming and updating interim counts toward the same 2026 target.
• August 11, 2025: Conduct orbital launches on average every one to two months during 2025 and 2026 to reach the 45–60 satellite goal.
• August 11, 2025: Execute at least five orbital launches by the end of Q1 2026 as a milestone toward broader fleet build-out.
• August 11, 2025: Complete assembly of microns for phased arrays equivalent to 40 satellites by early 2026, with eight Block 2 units already completed.
• August 11, 2025: Achieve a manufacturing cadence of six satellites per month during 2025, targeting production of approximately 40 Block II BlueBird satellites by early 2026.
• August 11, 2025: Maintain and operate six satellites currently in orbit (five fully operational, one test), supporting both commercial and government applications.
• May 12, 2025: Announce five contracted satellite launches over the next six to nine months to accelerate constellation build-out.
• November 14, 2024: Secure launch capacity for up to ~60 Block 2 BlueBird satellites across 2025 and 2026 to enable continuous coverage.

Service Launch and Market Activation

Cluster Description

Phase the rollout from testing to limited/intermittent service and into broader commercial activation; the October 2025 update frames 2026 for broad commercial service while preserving late-2025 interim activations.

Commitments

• October 03, 2025: Organize operations to get service out to customers next year, indicating broad commercial activation in 2026 and updating earlier H2 2025 limited-service expectations.
• August 11, 2025: Prepare to deploy nationwide intermittent service in the United States by the end of 2025 with MNO partners.
• August 11, 2025: Deploy service in the United Kingdom, Japan, and Canada in Q1 2026 as follow-on markets after U.S. deployment.
• August 15, 2025: Initiate limited, noncontinuous SpaceMobile Service in targeted markets (including the U.S.) in the second half of 2025, subject to regulatory approvals and 25-satellite deployment.
• May 12, 2025: Target beta service by the end of 2025 and full commercial service in early 2026 across the U.S., Europe, and Japan, aligning with expected H2 2025 revenue.
• January 30, 2025: Begin testing under FCC Special Temporary Authority using the first five BlueBird satellites and install five U.S. gateways to integrate with AT&T and Verizon for off-the-shelf handset connectivity.
• October 16, 2024: Begin beta service for 30-plus minutes per day as soon as commissioning of the first five satellites is completed.

Spectrum Strategy and Regulatory Approvals

Cluster Description

Secure long-term spectrum assets and necessary regulatory approvals to enable capacity and service; newer items refine timelines, rights, and financing for spectrum acquisitions.

Commitments

• August 15, 2025: Close the Spectrum Usage Rights Transaction with Ligado Networks in late 2025, unlocking access to up to 45 MHz of lower mid-band spectrum, pending regulatory approvals.
• 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 the global spectrum strategy.
• August 11, 2025: Acquire 60 MHz of global S-Band spectrum priority rights to increase subscriber capacity and strengthen the wireless ecosystem position.
• August 15, 2025: Obtain regulatory approvals necessary for the launch and operation of Block 2 satellites in 2025 to support service readiness.
• June 13, 2025: Execute a settlement term sheet to secure up to 45 MHz with payments of $535 million to Inmarsat (due Oct 31, 2025 and Mar 31, 2026) and usage payments to Ligado starting September 30, 2025, supported by a $550 million financing commitment.
• January 06, 2025: Secure long-term access to up to 45 MHz lower mid-band spectrum and 80+ years of L-Band spectrum usage rights (plus 5 MHz at 1670–1675 MHz), backed by a $550 million institutional financing commitment.
• April 30, 2025: Continue obtaining necessary regulatory approvals in each jurisdiction prior to service launch, with processes ongoing in 2025.
• November 14, 2024: Pursue required FCC and international regulatory approvals ahead of commercial service initiation.

Government and Defense Services

Cluster Description

Build a durable government business through contracts, demos, and near-term delivery; recent items confirm active orbital services and an expanding contract base.

Commitments

• October 03, 2025: Provide space-based services to the U.S. government, noting the business was added in the last two years and services are already being provided from orbit.
• August 11, 2025: Execute U.S. government contracts, with eight contracts signed to date, expanding government revenue and strategic validation.
• August 11, 2025: Significantly expand organizational capabilities to serve the U.S. Government, aiming for substantial revenue streams in the coming quarters.
• August 11, 2025: Demonstrate tactical non-terrestrial network connectivity over standard mobile devices with multiple branches of the U.S. armed forces under a DIU contract.
• August 15, 2025: Enter agreements with U.S. government contractors with expected revenues of $43 million from SDA and $20 million from DIU, with recognition beginning in Q1 2024.
• June 26, 2025: Conduct prototype demonstrations of tactical NTN connectivity with further testing planned in the coming months to enhance resilient, secure communications for defense.
• February 26, 2025: Support the U.S. Space Development Agency through a $43 million contract via a prime contractor, leveraging next-generation Block 2 satellites.
• October 23, 2024: Develop national security space solutions as an SDA prime contractor under the HALO program, enabling competition for prototype demonstrations.

Commercial Partnerships and Go-to-Market with MNOs

Cluster Description

Execute a partner-led distribution model with global MNOs for reach and integration; the most recent guidance emphasizes scale (50+ partners, ~3B subs) and sustained expansion.

Commitments

• October 03, 2025: Go to market through partnerships with mobile network operators rather than direct-to-consumer, maintaining and expanding relationships with over 50 partners representing nearly 3 billion subscribers.
• August 15, 2025: Establish commercial agreements with MNOs to offer SpaceMobile Service, with initiatives ongoing and finalization planned before service launch.
• August 11, 2025: Expand partnerships and commercialization with more than 50 MNOs across consumer, enterprise, and IoT sectors to drive market reach.
• June 18, 2025: Pursue a partnership with Vi to expand direct-to-device satellite connectivity and solutions across India’s unconnected regions.
• December 09, 2024: Maintain a definitive long-term commercial agreement with Vodafone to offer SpaceMobile service through 2034 across more than 20 countries.
• December 24, 2024: Continue strategic partnerships with Google, Verizon, AT&T, and Vodafone, contributing to agreements with over 45 operators serving 2.8 billion subscribers.

Europe Strategy and SatCo

Cluster Description

Stand up a dedicated European direct-to-device vehicle (SatCo) with partners and infrastructure to achieve continent-wide service; later updates add distribution traction across EU members.

Commitments

• August 11, 2025: Advance SatCo distribution efforts following expressions of interest from network operators in 21 of 27 EU member states.
• June 30, 2025: Establish SatCo joint venture headquarters in Luxembourg to deliver space-based cellular broadband with commercial launches expected from 2026 and coverage plans for 21 EU member states.
• June 30, 2025: Deploy a small network of earth stations integrated with terrestrial networks to enable automatic switching and secure backhaul across Europe.
• March 03, 2025: Create a jointly-owned European satellite service business (SatCo) targeting 100% geographic coverage across Europe during 2025–2026.
• March 03, 2025: Open a space and land mobile broadband research and validation hub with the University of Málaga by Summer 2025 to develop integrated services.
• March 03, 2025: Form a joint European distribution entity with Vodafone to accelerate commercialization in Europe.

Technology Platform and Performance

Cluster Description

Deliver a phone-native broadband experience via Block 2 satellites and custom silicon; recent items codify 120 Mbps peak per cell and ASIC-enabled throughput.

Commitments

• August 15, 2025: Develop and implement the AST5000 ASIC chip in Block 2 satellites to enable up to 40 MHz per beam and 120 Mbps peak data rates, reducing costs and enhancing performance.
• August 11, 2025: Deliver a true broadband experience directly from space to smartphones with up to 120 Mbps peak data speeds per cell, leveraging combined S-Band and L-Band spectrum.
• April 03, 2025: Advance Block 2 satellite design with 100x capacity over earlier models and 10 GHz processing bandwidth to support flexible broadband services.
• April 03, 2025: Conduct extensive testing demonstrating 10 Mbps on 4G and 14 Mbps on 5G to validate readiness for commercial use.
• December 03, 2024: Collaborate with Cadence to develop the AST5000 ASIC and validate design using the Palladium platform, targeting a tenfold processing bandwidth improvement per satellite.
• November 14, 2024: Complete qualification and assembly of the AST5000 ASIC to transition from FPGA-based to ASIC-based satellites by 2025, improving throughput and efficiency.

Capital Structure, Liquidity, and Funding

Cluster Description

Strengthen liquidity to fund satellites, spectrum, and rollout while managing dilution and debt; later updates consolidate multiple financings and refine repurchase plans.

Commitments

• August 11, 2025: Secure multiple financings including $575 million convertible notes, $100 million equipment financing, and a non-recourse delayed draw term loan to fund $550 million spectrum payments upon FCC approval.
• August 11, 2025: Fortify the balance sheet to support network building with a goal to maintain over $1.5 billion in cash.
• July 29, 2025: Close a $575 million private offering of convertible senior notes, resulting in over $1.5 billion in pro forma cash to accelerate deployment.
• July 29, 2025: Repurchase $135 million principal amount of 4.25% convertible senior notes due 2032, eliminating approximately $37.8 million of remaining interest (updating the June 25 plan to repurchase $225 million).
• June 25, 2025: Announce intention to repurchase $225 million of 2032 convertible notes and issue Class A shares to fund it, which was superseded by the July 25–29 transactions reducing the repurchase to $135 million.
• July 03, 2025: Secure $100 million of long-term non-dilutive equipment financing available through 2031 to support manufacturing and deployment.
• July 29, 2025: Mitigate shareholder dilution through capped call transactions associated with the new convertible notes, targeting less than 1.5% effective dilution.
• January 27, 2025: Close a private offering of convertible senior notes providing nearly $1 billion in pro forma cash to accelerate production and launches.
• January 22, 2025: Price $400 million convertible senior notes due 2032, allocating approximately $38.7 million for capped calls to reduce potential dilution.

Market Positioning and Target Customers

Cluster Description

Define the addressable market and coverage ambition beyond niche use cases, focusing on mass-market smartphone users globally.

Commitments

• October 03, 2025: Target mass-market cellular broadband customers globally, not just niche use cases, addressing coverage gaps and areas lacking 3G+.
• October 03, 2025: Deliver wireless access from space directly to unmodified mobile phones via a LEO constellation as a core capability.
• August 15, 2025: Explore and enter new geographic markets following initial service launches to drive long-term growth.
• December 24, 2024: Target nearly 100% U.S. coverage and up to 70% of subscribers without device changes to eliminate coverage gaps.
• October 25, 2024: Achieve 100% nationwide U.S. coverage through over 5,600 low-band spectrum cells as part of commercial service development.