AST SpaceMobile Has $3.7 Billion in Liquidity and No Commercial Revenue. Here's How to Value That.

AST SpaceMobile, a LEO satellite developer with a $15.3 billion market cap, currently generates no commercial revenue despite holding $3.7 billion in liquidity. The company relies on government contracts and prepayments from telecom partners. However, analysts project significant growth potential as AST plans to expand its satellite constellation to 45 satellites next year, with revenue expected to surge from $169 million in 2026 to $1.73 billion by 2028.