• In April 2026, the Federal Communications Commission granted AST SpaceMobile’s request to modify its authorization to launch and operate up to 248 low Earth orbit satellites, enabling Supplemental Coverage from Space to unmodified mobile phones across the U.S. using 700 MHz and 800 MHz spectrum in coordination with Verizon, AT&T and FirstNet.
• This decision not only validates AST SpaceMobile’s ability to coexist with terrestrial networks while managing interference, it also supports its broader global regulatory path by covering multiple frequency bands for service links, feeder links and control operations.
• We’ll now examine how this FCC approval for a 248-satellite direct-to-device constellation may reshape AST SpaceMobile’s longer-term investment narrative.

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AST SpaceMobile Investment Narrative Recap

To own AST SpaceMobile, you need to believe that direct to device satellite connectivity can scale into a real operating business, not just a technology story. The new FCC approval is a clear positive for near term U.S. commercialization, but it does not remove the biggest current risks around capital intensive satellite deployment, execution on a 248 satellite roadmap and the need to translate contracted commitments into sustained usage based revenue.

Among recent developments, the BlueBird 7 launch setback in April 2026 stands out next to the FCC decision. While regulatory progress strengthens the long term case, the lower than planned orbit for BlueBird 7 highlights execution and launch risk at the same time the company is targeting roughly 45 satellites in orbit by the end of 2026, with significant quarterly capex and a history of continued net losses.

Yet behind the promise of nationwide coverage, investors should also be aware that...

AST SpaceMobile's narrative projects $2.1 billion revenue and $2.1 billion earnings by 2028. This requires 385.7% yearly revenue growth and about a $2.4 billion earnings increase from -$303.8 million today.

Uncover how AST SpaceMobile's forecasts yield a $71.51 fair value, a 12% upside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were talking about revenue reaching about US$2.2 billion and earnings of roughly US$2.1 billion by 2028, which is a very different narrative from the more cautious focus on launch and spectrum risks and may look very different again once the full impact of this FCC decision is reflected in updated views.

Explore 48 other fair value estimates on AST SpaceMobile - why the stock might be worth less than half the current price!

The Verdict Is Yours

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your AST SpaceMobile research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free AST SpaceMobile research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate AST SpaceMobile's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.