AST SpaceMobile (NASDAQ: ASTS), a developer of low Earth orbit satellites, has surged more than fivefold since going public through a SPAC merger in April 2021.
The company’s LEO satellites are notably larger than SpaceX’s (NASDAQ: SPCX) Starlink satellites, positioning AST as a distinct player in the commercial satellite connectivity space.
AST’s core business involves partnering with telecom carriers to extend wireless network coverage into remote and underserved areas across the globe.
The company has launched 13 of its BlueBird satellites to date, with 12 of them currently operational in orbit and generating commercial activity.
AST is targeting an expanded constellation of 45 satellites by early 2027, with longer-term plans calling for more than 248 satellites over the following years.
The company already works with more than 60 carriers worldwide, including major US operators AT&T (NYSE: T) and Verizon (NYSE: VZ), giving it access to over 3 billion wireless subscribers.
AST’s backlog reached $1.3 billion at the end of the second quarter of 2026, representing nearly eight times its projected full-year revenue of $169 million.
Analysts expect that revenue figure to climb sharply to $1.73 billion by 2028 as more carriers integrate satellite-based connectivity into their network offerings.
Despite the strong growth trajectory, AST currently carries a market cap of $18.7 billion, meaning the stock already trades at roughly 11 times its projected 2028 sales.
That elevated valuation makes the path to a 100-bagger return from a fresh investment extremely difficult, even over a full decade of growth.
The company is best understood as a volatile but promising bet on the early-stage market for LEO satellite connectivity rather than a guaranteed wealth-creation vehicle.
Investors who backed AST early have already seen substantial gains, and the expansion of its satellite constellation could continue driving the stock higher over time.
However, turning a $10,000 investment into $1 million would require a 100-fold increase in share price, a bar that the current valuation makes exceptionally hard to clear.
The LEO satellite market itself remains nascent, and AST will need to execute flawlessly on its constellation expansion while managing the costs and risks of repeated satellite launches.
For investors with a high risk tolerance and a long time horizon, ASTS represents a compelling, if speculative, position in a sector with genuine long-term demand.
