AST SpaceMobile operates at the frontier of the space-based cellular broadband industry, attempting to construct the first and only global low Earth orbit (LEO) satellite network capable of connecting directly to unmodified, everyday smartphones5. The fundamental premise of the business is to eliminate cellular dead zones globally by operating as a seamless extension of terrestrial cellular networks.

The Total Addressable Market (TAM) for direct-to-device (D2D) satellite connectivity is vast, theoretically encompassing the entirety of the global mobile subscriber base that routinely travels outside of terrestrial cell coverage. Rather than attempting to acquire customers directly and build a consumer-facing brand, AST SpaceMobile utilizes a B2B2C revenue-sharing model. By partnering directly with Mobile Network Operators (MNOs)—including AT ...