AST SpaceMobile, Inc. (ASTS): A Bull Case Theory

 We came across a bullish thesis on AST SpaceMobile, Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on ASTS. AST SpaceMobile, Inc.'s share was trading at $94.50 as of October 14th.

AST SpaceMobile (ASTS) is emerging as a transformative player in AI-at-the-edge telecommunications rather than a conventional satellite or mobile operator. By enabling mobile network operators (MNOs) to re-use spectrum and allowing end users to select between different types of spectrum, ASTS maximizes value per dollar for any connected device globally. The platform’s scale, vertical integration, and phased-array technology create a structural moat that is increasingly difficult to replicate, particularly as ASTS satellites grow larger and more spectrum is deployed. Once the Ligado acquisition is completed, ASTS will enable L-band spectrum, complementing S-band offerings and further entrenching its competitive advantage.

Near-term growth is driven by commercial telecom and government applications, with gateway bookings—a key performance indicator reflecting MNO integration spend—rising 9.55% sequentially to $14.9 million, signaling progress in adoption. ASTS’s larger Block 2 BlueBird satellites, approximately 3.5 times bigger with 10x capacity over Block 1, allow for fewer satellites to achieve global coverage, reduce interference, and form precise digital cells, highlighting the platform’s scalability. Management targets a manufacturing cadence of six satellites per month in 2025, though higher launch costs have modestly increased CapEx.

Despite low current revenues and negative cash flow, ASTS maintains a healthy balance sheet, with cash exceeding debt, positioning it to fund growth while deepening its technological moat. If ASTS executes as planned, the company could deliver massive long-term rewards by connecting the unconnected, unlocking scalable revenue streams, and creating a nearly impenetrable spectrum platform, making it a compelling long-term investment with asymmetric upside potential.

Previously we covered a bullish thesis on AST SpaceMobile, Inc. (ASTS) by Steve Wagner in May 2025, which highlighted early-stage gateway orders, government contracts, and a strengthened balance sheet supporting satellite production and commercial deployment. The company's stock price has appreciated approximately by 260% since our coverage. The thesis still stands as ASTS scales its constellation. Antonio Linares shares a similar view but emphasizes ASTS’s AI-at-the-edge platform and phased-array technology.

AST SpaceMobile, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held ASTS at the end of the second quarter which was 22 in the previous quarter. While we acknowledge the potential of ASTS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy NOW 

Disclosure: None.