Crossroads Capital on AST SpaceMobile
Thesis
AST SpaceMobile is successfully transitioning from an R&D startup to an operational scale-up, with manufacturing progress, growing revenues, and a strong balance sheet. Key risks around dilution and manufacturing bottlenecks appear resolved, shifting the focus to execution on its constellation buildout. The company has a clear path to commercial service, and its unique direct-to-device capability remains a key competitive advantage.
“The revenue engine is on, manufacturing is running to cadence, the partner base keeps widening, government dollars should arrive in size soon, the balance sheet is in superb condition to weather any near term issues, and the structural question that was live during Q1—namely, can AST make the new bus work in a stacked configuration—appears resolved. As we wrote in our “Connecting Dots” full thesis, this treasure won’t remain hidden forever.”