Shares of AST SpaceMobile have given up roughly two-thirds of their value since peaking in late May, and the decline accelerated this week after SpaceX locked in a nationwide low-band spectrum portfolio that could let Starlink operate as a full-fledged mobile carrier. The stock fell more than 20 percent over the past five sessions, touching a one-year low on Thursday at levels last seen in September 2025.
SpaceX completes the spectrum puzzle
SpaceX agreed on Oct. 8 to acquire up to 14 megahertz of paired 800 MHz licenses from investment firm Grain Management, a deal that still requires FCC approval. The low-frequency airwaves penetrate walls and roofs, addressing the main weakness of Starlink’s current LEO constellation. Elon Musk described the purchase as the last critical piece needed to provide complete phone coverage across the United States. The announcement coincided with a broad telecom selloff: Verizon dropped more than 10 percent on Oct. 9 and AT&T lost around 11 percent. AST SpaceMobile slid more than 10 percent on the same session, compounding its existing downtrend.
AST still holds carrier partnerships
The Midland, Texas-based company is not without catalysts. Its next batch of BlueBird satellites could still launch this month as it works toward a 45-satellite constellation by early 2027. AST has signed agreements with more than 60 mobile network operators that collectively cover roughly 3 billion subscribers, including AT&T, Verizon, Rakuten, American Tower and the U.S. federal government. Those partnerships remain the core of its go-to-market strategy.
Analysts reassess the risk-reward
Piper Sandler moved its rating to Neutral and lowered its price target on Oct. 13, citing the competitive threat from Starlink’s expanding terrestrial footprint. The consensus 12-month target sits at $80.19, implying roughly 90 percent upside from current levels, but the spread between the bull and bear cases has widened since the spectrum deal was disclosed.