AST SpaceMobile Launches 2,400 sq ft BlueBird 6 for 120 Mbps Service, Faces 1,424x P/S
AST SpaceMobile launched BlueBird 6 on Dec 23, 2025—a 2,400 sq ft satellite delivering up to 120 Mbps—and secured infrastructure deals with over 35 carriers including AT&T and Verizon. With $70.9M revenue and $3.9B cash in 2025, its $30B market cap trades at a 1,424x P/S multiple, underscoring execution risk.
1. BlueBird 6 Launch and Capabilities
AST SpaceMobile deployed its 2,400 sq ft BlueBird 6 satellite on December 23, 2025, tripling its previous satellite area and boosting capacity tenfold. The satellite is designed to deliver up to 120 Mbps directly to unmodified mobile devices and the company has secured infrastructure agreements with over 35 global carriers including AT&T, Verizon, Vodafone, and Rakuten.
2. Valuation and Financials
In full-year 2025 AST reported $70.9 million in revenue, with $54.3 million in Q4, against $274.2 million in operating losses and a $303.8 million net loss. The company held $3.9 billion in cash and short-term investments as of early 2026, yet its $30 billion market capitalization implies a 1,424x P/S ratio—far above telecom sector multiples.
3. Execution Plan and Milestones
AST plans to launch 45 to 60 satellites by the end of 2026, targeting an average 45-day cadence between launches, supported by production facilities in Texas and Florida capable of six satellites per month. Management projects second-half 2026 revenue of $50–75 million and over $1 billion in partner commitments, with AT&T beta service set for H1 2026 and commercial launch in H2 2026.
4. Competitive Landscape
AST faces competition from SpaceX’s Starlink, which operates over 9,000 satellites and serves more than nine million customers but relies on proprietary ground terminals. AST’s direct-to-device model removes hardware costs for end users and covers roughly 300,000 square miles per macro-satellite, though Starlink’s launch economics and subscriber base present major challenges.