AST SpaceMobile shares surge on market approval and scaled revenue guidance
Crossroads Capital highlights the company’s transition from an R&D-stage startup to an operational scaleup, citing a $1.2 billion contracted backlog and doubling of 2026 revenue expectations.
Shares in US satellite communications company AST SpaceMobile rose following market approval, closing at $105.86 per share on 22 May 2026. The gain followed the release of the company’s first-quarter 2026 financial results, which reported revenue of $14.7 million. The figure was driven by commercial gateway deliveries and milestones achieved with US government contracts.
Crossroads Capital LLC, an investment management firm, highlighted the company’s progress in its first-quarter 2026 investor letter. The firm noted that AST SpaceMobile’s transition from an R&D-stage startup to an operational scaleup had moved from “underway” to “unmistakable” over the previous three months. The letter provided context on a recent setback where the BB7 satellite was placed in the wrong orbit by the New Glenn 3 rocket. Crossroads Capital attributed the error to a vehicle misplacement by Blue Origin rather than a failure of AST SpaceMobile’s technology.
Full-year 2025 revenue was reported at $70.9 million, landing at the top end of the guided range. This performance was supported by 15 commercial gateway deliveries across nine mobile network operator customers on five continents, alongside milestones against ten active government contracts. Management provided 2026 revenue guidance of $150 million to $200 million, representing at least a doubling of the previous year’s figure.
The company currently holds a $1.2 billion contracted backlog, with government-related scaling expected to continue into the following year. While first-quarter revenue of $14.7 million was light relative to consensus estimates, management indicated that revenue would be heavily weighted toward the second half of the year as launches begin and commercial service activates.
Institutional interest in the stock has increased, with 33 hedge fund portfolios holding AST SpaceMobile at the end of the fourth quarter, up from 25 in the previous quarter. Despite this rise, the company was not included in Crossroads Capital’s list of the 40 most popular stocks among hedge funds heading into 2026. The firm noted that while it acknowledges the potential of AST SpaceMobile, it believes certain AI stocks offer greater upside potential with less downside risk.
AST SpaceMobile’s shares gained 339.34% over the past 52 weeks, with a one-month return of 37.12% leading up to the May close. The company’s market capitalisation stood at $41.08 billion. The firm develops a space-based cellular broadband network designed to connect directly to smartphones through its BlueBird satellites.
