Max @mxwll1

guess $ASTS

BlueBird 11. Fully deployed. All 13 satellites - 20,000 sq ft of phased arrays in orbit - performing as planned. American innovation built for space based cellular broadband, resilience, and security. 🇺🇸🌎📶📱

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Another convoy is on the move. BlueBirds 14, 15, and 16 have left our Texas facility and are on the road to Cape Canaveral. Next stop: orbit. 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀 The largest commercial communications arrays ever deployed in low Earth orbit. A scalable platform to deliver space-based cellular broadband connectivity directly to standard phones, support secure government applications, and deliver a new third layer of connectivity. In Midland, Texas, production continues to advance through BlueBird 50, with more than 20 spacecraft structures now being integrated as part of our assembly process. One constellation. Connectivity. Resilience. Security. Built in Texas. 🇺🇸🌎📶📱 #ASTSpaceMobile #Broadband #ConnectingtheUnconnected #BlueBirds

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$ASTS: AST SpaceMobile Catalyst Monitor A review of what has been and what is to come. Let me know if I've missed anything. Upcoming Catalysts: ☑️BB14 - BB16 Delivery to Florida and Launch on Falcon 9 ☑️BB11 - BB13 Deployment and Confirmation of Operations ☑️BB17 - BB19 Delivery to Florida and Launch on Falcon 9 ☑️$1B J-LEO Definitive Formation of JV w/ Rakuten ☑️Achievement of ~200Mbps Performance for Block-2 Sats ☑️FCC Testing 900MHz Military Applications with US Space Development Agency, Space Force and Department of War ☑️Block-2 BlueBird batch launches every month ☑️Executing MLAs w/ United Launch Alliance, Ariane, Mitsubishi, Relativity and others ☑️Golden Dome (SHIELD Awarded, NOBLE Up Next) ☑️Execution of other DoW, SDA, DIU, and other Military Awards ☑️Deutsche Telekom Joining Satellite Connect Europe JV ☑️Grain Management 800MHz Satellite Provider Selection ☑️AT&T Verizon T-Mobile Joint Venture Definitive Agreement ☑️T-Mobile Definitive Commercial Agreement ☑️Deutsche Telekom Definitive Commercial Agreement ☑️FirstNet Investment and Definitive Commercial Agreement ☑️FCC Approval of Ligado Modification Application ☑️Execution of more Definitive Commercial Agmts w/ Prepaid Revenue and/or Investment w/ More ~60 global MNOs ☑️Beta Testing w/ AT&T and FirstNet in 2H 2026 ☑️Restart of Blue Origin New Glenn Operations ☑️Updates on Google Services Agmt Partnership ☑️Partnership with Meta ☑️Initiation of Research Coverage by JP Morgan, Morgan Stanley, Goldman Sachs, others ☑️Expansion of 16x contracts w/ Department of Defense, Space Development Agency, Defense Innovation Unit, Missile Defense Agency and more ☑️Progress on 14 to 48x Block-2 BlueBirds in currently in Production ☑️Proposal for PNT Service Accepted by FCC as Alternative to GPS ☑️Initial Commercial Service w/ AT&T, Rakuten, Verizon, Vodafone in 1H 2027 ☑️Securing +$500M of EXIM and IFC non-dilutive Funding ☑️Securing JBIC non-dilutive Funding for Rakuten Joint Venture ☑️Pursuit of L- and S-Band Spectrum Licenses Globally ☑️Pursuit of Additional Lowband Spectrum in US ☑️FCC 5G Fund grant ☑️EU Allocation of 2GHz MSS Spectrum to SatCo JV ☑️Strategic Partnerships and Investments to Focus on AI Data Center Opportunity ☑️Catalysts the SpaceMob have yet to Contemplate Recently Completed Milestones: ✅US Space Development Agency Confirms Testing of BlueBird Satellites for Radar/Sensing Applications for US Space Force and Department of War ✅Initiation of Research Coverage by Berenberg, Piper Sandler, New Street, Bank of America, Clear Street, Roth Capital, Cantor Fitzgerald, Oppenheimer and William Blair ✅AST SpaceMobile Testing Service with Deutsche Telekom ✅FCC STA to Test 800MHz Spectrum for D2D Service w/ Grain Mgmt ✅BB11 - BB13 Launch on Falcon 9 ✅Raised $1.15B 1.625% Convertible Note resulting in $3.8B of Pro Forma Cash ✅BB8 - BB10 Deployment and Confirmation of Operations ✅Midland Development Corp Approval of Economic Development Agmt for 400,000 sqft Expansion w/ $66M in Incentives ✅Raised $1.15B 1.625% Convertible Note resulting in $3.7B Pro Forma Cash 🚨$1B J-LEO Japan Project Awarded to Rakuten + AST SpaceMobile ✅BB8 - BB10 Launch on Falcon 9 🚨Brazilian Regulator Anatel Approved AST SpaceMoble for Commercial Service and Allocated 10MHz x 10MHz of S-Band Spectrum ✅Reached +3,900 Patent & Patent pending Claims ✅AT&T, Verizon and T-Mobile Joint Venture Formation ✅Achieved 99Mbps performance with Block-1 BlueBird 🚨 FCC Approval for Full US SCS Commercial Service🚨 ✅$45M Verizon Commercial Prepayment Unlocked ✅BB7 💐 Launch on Blue Origin New Glenn-3 ✅Demonstrated +150mbps Peak Speed w/ Block-2 BlueBird ✅7x New Design Composite Rings Delivered to Midland ✅Acquisition of New Manufacturing Space in Midland, TX focused exclusively on Micron production ✅Telus Definitive Commercial Agreement w Strategic Investment and $200M Committed Revenue (speculated) ✅Partnership with Orange ✅Partnership with Taiwan Mobile ✅Partnership with AXIAN Telecom ✅Satellite Connect Europe Partnership (“SCE”) with Telefonica ✅SCE Partnership with Orange ✅SCE Partnership with CK Hutchinson ✅SCE Partnership with Sunrise Switzerland ✅SCE Partnership with Vodafone Romania ✅SCE Partnership with VodafoneThree UK ✅SCE Partnership with Vodafone Ireland ✅AST Awarded $30M Prime Contract by US SDA for Halo Europa Program ✅Development of AI Engine to Dynamically Manage Satellite Capacity and Spectrum Efficiency = Seeking 3-10x Capacity Improvement ✅Disclosed over $1.2 billion in Aggregate Contracted Revenue Commitments from Commercial Partners ✅Raised $1.08B 2.25% Convertible Note resulting in $4B of Pro Forma Cash ✅BB6 Unfolding Phased Array ✅AST Awarded Prime Contract Position on US Missile Defense Agency SHIELD Program ✅Filed w/ FCC to modify Existing License to use S-Band spectrum outside of the US ✅$175M Saudi Telecom prepayment to be made by 2025YE ✅BB6 Launched from India on ISRO LVM3 ✅Micron Production to Support 6x a Month by End of Q3 2025 ✅Expanded Manufacturing Floor Space to 500,000 Square Feet ✅2,000 Global Workforce ✅Established Germany as SatCo JV operations center, filed constellation with ITU ✅Closed $420M bridge financing to support Ligado spectrum transaction ✅Saudi Telecom 10-Year Definitive Commercial Agreement w/ $175M prepayment and over $1.8B value ✅Confirmed L- and S- band Spectrum to be Incorporated into Next 3GPP release ✅Verizon Definitive Commercial Agreement ✅Raised $1.15B 2.0% Convertible Note resulting in $3.2B of Pro Forma Cash and Liquidity ✅Successful Video and Voice Testing with Bell Canada ✅US Bankruptcy Court confirms AST and Ligado L-band spectrum transaction transaction, deal now only subject to FCC appoval ✅Acquired Global S-Band Spectrum Priority Rights held Under International Telecommunication Union ✅Successfully Completed the First-ever Native Voice Call (VoLTE) and Rext (SMS) with a Standard Cell Phone using AT&T Spectrum and Core Network ✅Hired JR Wilson as Chief of Networks and Spectrum, formerly AT&T VP of Tower Strategy, Roaming & In-Building Solutions ✅Raised $575M 2.375% Convertible Note w/ Capped Call struck at $120, resulting in $1.5B of Pro Forma Cash on Balance Sheet ✅Repurchased $360M of $460M 4.25% Convertible Note ✅Entered into $550M of Non-Recourse Senior Secured Term Loan to fund Ligado Transaction ✅Secured $100M Equipment Loan Facility ✅Moved to Russell 1000 from Russell 2000 Index ✅Demonstrated World's First Tactical NTN Connectivity over Standard Mobile Devices with Defense Prime Fairwinds Technologies ✅Announced Latest MNO Partnership with Vodafone Idea of India ✅Hired Jennifer Manner as SVP of Regulatory Affairs and International Strategy, Former NTIA Senior Advisor of Space and Policy and EchoStar SVP of Regulatory Affairs ✅FCC Accepts AST’s Application for US Commercial Service ✅FCC Chair Brendan Carr and Senator Ted Cruz visit HQ in support of AST ✅Verizon and AT&T Spectrum Lease Agreements filed w/ FCC ✅FCC grants STA for beta testing w/ AT&T, Verizon, Vodafone, Bell Canada, and Rakuten ✅FCC grants STA for Firstnet Evaluation on Public Safety Band 14 ✅AST SpaceMobile Forms SatCo Joint Venture w/ Vodafone to Better Serve European market, Selects Luxembourg as HQ and Germany for NOC ✅Secured $43M and $20M Contracts w/ US Space Development Agency and Defense Innovation Unit ✅AST5000 ASIC Development Finished and Integration into Block-2 Sats in Q2 2026 ✅Successful Video Calls Completed w/ AT&T, Verizon, Vodafone and Rakuten ✅Exercised Multi-launch Agmts w/ SpaceX, Blue Origin and ISRO ✅Established Coordination Agmt w/ US National Science Foundation Covering Satellite and Ground-based Astronomy Operations ✅Closed $460M 4.25% Convertible Debt Funding ✅Opened European Research Center w/ Vodafone and University of Malaga in Spain ✅Signed Deal w/ Singapore’s Defense Science and Technology Agency ✅Joined 5G Automotive Association, which Develops and Promotes 5G-based Solutions for Connected Autonomous Vehicles

The $ASTS X feed has been bullish all year, celebrating every LinkedIn post, partnership hint, FCC filings, and bit of speculation. Almost all of it is true. But as I keep saying, none of it moves the needle. The bottom line is satellites in orbit. Everything else follows from that. The business model and the tech are built for it, and you don't need to be a genius finance guru to see that. I watched AST's latest video this week and want to share my read, both as an investor and as an engineer who's worked on complex hardware systems. As an investor: the company needs to be more transparent about how it plans to hit the targets it states on earnings calls. They're early stage, and nobody should expect them to hit every target on time. That's normal. But transparency goes a long way toward building trust, and AST has real work to do on the IR side. Say what's slipping and why. That builds more confidence than a polished video does. As an engineer: I'm not surprised or worried about timing on the next batch, and I genuinely appreciate the focus on scaling manufacturing. Building complex hardware at scale is hard, whether it's space, biotech, or automotive. Things go wrong on the line. They're usually addressable, sometimes high-impact, but having lived through this at multiple companies, it's rarely catastrophic unless the problem is in the design. Nothing suggests that here. Remember what Elon said at Tesla: the factory is the product. AST is proving that out. So I'm bullish on the company. Would I have preferred no delays? Of course. But delays are expected at this stage, and I'm fine staying patient as long as they keep scaling manufacturing and have a clear path to launching. That path is the thing to watch, and we should see it soon. One last thing. If someone attacks you for asking the company for more transparency, just because you don't have a finance or hedge fund background, ignore them and move on. It's your money. Not everyone has an engineering background to appreciate why manufacturing hiccups on a fleet of massive satellites are normal. Asking questions isn't weakness. Demanding transparency from a company you own is exactly what a good investor does. Don't let anyone make you feel otherwise. 🛰️ $ASTS

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$NQ Bank Holiday paper trade.

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