AST SpaceMobile Trades Near $74. Here's The Subscriber Math That Justifies It.

AST SpaceMobile, a LEO satellite developer, trades at $74 per share with a $21.5B market cap despite a 127x price-to-sales ratio. The company justifies its valuation through partnerships with major telecom carriers covering 3B+ subscribers, a $1.3B backlog, and projected revenue growth to $1.76B by 2028. Analysts expect positive EBITDA in 2027, making the stock potentially attractive for long-term investors despite near-term volatility.