A maker of space-based cellular broadband, AST SpaceMobile is building a network of satellites that connect ordinary, unmodified smartphones directly — no special equipment needed — with partners like AT&T, Verizon, and Vodafone. Founded in 2017 by veteran satellite entrepreneur Abel Avellan, the company grew out of the idea of putting a "cell tower in space" to reach places on Earth that terrestrial towers can't cover. Its prototype BlueWalker 3 satellite deployed one of the largest commercial antennas ever launched into low Earth orbit, becoming so bright and reflective that it briefly stood out in the night sky.
AST SpaceMobile completes $1.0B private offering of 1.625% convertible senior notes due 2034
The notes mature on February 1, 2034, with interest payable semiannually at 1.625% per year, and are convertible into Class A common stock at an initial conversion price of approximately $79.57 per share.
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On July 20, 2026, AST SpaceMobile completed a private offering of $1.0 billion aggregate principal amount of 1.625% Convertible Senior Notes due 2034.
The company granted initial purchasers an option to buy up to an additional $150 million principal amount of notes within a 13-day period starting July 20, 2026.
Net proceeds from the offering were approximately $983.6 million, of which $96.9 million was used to pay for capped call transactions; remaining proceeds are intended for growth initiatives and potential partnerships or acquisitions.
The notes were sold in reliance on exemptions from registration under Section 4(a)(2) and Rule 144A of the Securities Act.
The company entered into capped call transactions on July 15, 2026, with a cap price initially equal to $149.1975 per share, to reduce potential dilution upon conversion.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 3.02 Unregistered Sales of Equity Securities · 8.01 Other Events · 9.01 Financial Statements and Exhibits
The company intends to use net proceeds to pay for capped call transactions and to fund growth initiatives, including partnerships or acquisitions for vertical integration and securing orbit access.
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AST SpaceMobile announced a proposed private offering of $1.0 billion aggregate principal amount of convertible senior notes due 2034, with an option for initial purchasers to buy up to an additional $150 million.
As of June 30, 2026, total cash and cash equivalents and restricted cash was approximately $2,723 million, a preliminary estimate subject to revision.
The company targets launching approximately 45 BlueBird satellites in early 2027, contingent on various factors.
AST SpaceMobile is in advanced discussions with Rakuten regarding a potential subsidy for the J-LEO project, with a total expected value up to 148 billion Japanese yen (approximately $1 billion USD).
2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 8.01 Other Events · 9.01 Financial Statements and Exhibits
AST SpaceMobile reports Q1 2026 revenue of $14.7 million and reaffirms full-year guidance of $150-$200 million
First quarter 2026 revenue was $14.7 million, driven by gateway deliveries and U.S. Government milestones.
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Total operating expenses for Q1 2026 were $164.1 million, including $73.0 million of depreciation, amortization, and stock-based compensation.
Adjusted operating expenses for Q1 2026 were $91.2 million, down from $95.7 million in Q4 2025.
Cash, cash equivalents, and restricted cash were approximately $3.5 billion as of March 31, 2026.
Company targets approximately 45 BlueBird satellites in orbit during 2026 and expects next launch in mid-June with BlueBird 8, 9, and 10 on a Falcon 9.
2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
AST SpaceMobile's BlueBird 7 satellite placed in lower orbit, will be de-orbited
On April 19, 2026, during the New Glenn 3 mission, AST SpaceMobile's Block 2 BlueBird 7 satellite was placed into a lower than planned orbit by the upper stage of the launch vehicle.
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The satellite separated and powered on, but the altitude is too low to sustain operations with its on-board thruster technology, so it will be de-orbited.
The cost of the satellite is expected to be recovered under the company's insurance policy.
BlueBird 7 would have been the company's eighth satellite deployed into low Earth orbit; production continues through BlueBird 32, with BlueBird 8 to 10 expected to ship in about 30 days.
The company still expects an orbital launch every one to two months on average during 2026 and targets approximately 45 satellites in orbit by the end of 2026.
7.01 Regulation FD Disclosure · 8.01 Other Events · 9.01 Financial Statements and Exhibits
AST SpaceMobile reports full year 2025 revenue of $70.9 million, first year as revenue-generating business
Total operating expenses for Q4 2025 were $126.6 million, including $30.9 million of depreciation, amortization, and stock-based compensation.
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Fourth quarter 2025 revenue was $54.3 million and full year 2025 revenue was $70.9 million, driven by gateway deliveries and U.S. Government milestones.
Adjusted operating expenses for Q4 2025 were $95.7 million, up from $67.7 million in Q3 2025.
As of December 31, 2025, cash, cash equivalents, and restricted cash totaled $2.8 billion; pro forma liquidity was over $3.9 billion.
Company expects revenue to grow in 2026 ahead of commercial service activation, with 45 to 60 satellites in orbit by end of 2026.
2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
AST SpaceMobile repurchased $296.5M principal of convertible notes for ~$614.2M cash.
On February 20 and 23, 2026, AST SpaceMobile repurchased approximately $46.5 million principal of its 4.25% convertible senior notes due 2032 and $250.0 million principal of its 2.375% convertible senior notes due 2032.
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The aggregate cash repurchase price was approximately $180.5 million for the 4.25% notes and approximately $433.7 million for the 2.375% notes, including accrued interest.
The repurchases were funded with cash on hand and net proceeds from concurrent registered direct offerings of 6,337,964 shares of Class A common stock at $96.92 per share.
The equity offerings closed on February 20 and February 23, 2026, and were made under prospectus supplements filed with the SEC on February 11-13, 2026.
The repurchases were privately negotiated with a limited number of note holders, and the company entered into separate share purchase agreements with those holders.