SpaceX Throws Spotlight on AST SpaceMobile as Leveraged ETFs and Carrier Alliance Fuel Rally

AST SpaceMobile is experiencing a rare convergence of catalysts that has pushed its shares sharply higher — including an unsolicited endorsement from rival SpaceX and a wave of new leveraged exchange-traded funds targeting the stock exclusively. The satellite communications player closed Thursday in New York at $96.23, up 7.5% on volume 50% above average, and added another leg on Friday in European trading, where it reached €90.10 — a nine-percent jump.

The immediate spark came from three issuers — Defiance, REX and Tuttle — which launched 2x-leveraged ETFs on May 21 that track AST SpaceMobile. The Defiance 2X Long ASTS ETF and the T-REX 2X Long ASTS Daily Target ETF effectively double daily price swings, drawing momentum traders who are betting on the company’s satellite-to-smartphone ambitions. Over the past seven days, the stock has climbed roughly 16%, though it remains 18% below its annual high of €102.

A Rival’s IPO Papers Provide Validation

Adding to the bullish narrative, SpaceX — preparing for its own initial public offering — listed AST SpaceMobile as a leading competitor in the satellite-to-mobile segment in its IPO registration documents. The acknowledgment from Elon Musk’s venture, while unintentional, has been interpreted by the market as a stamp of approval for AST’s technology and market position.

The sentiment was further bolstered by the formation of a joint venture among three of the largest U.S. wireless carriers — AT&T, Verizon and T-Mobile — specifically aimed at eliminating cellular dead zones nationwide. The consortium will rely on AST SpaceMobile’s technology for direct satellite-to-smartphone connectivity. Chief executive Abel Avellan has positioned his company as the key enabler of this transformation, and the partnership is widely viewed as a powerful vote of confidence in the commercial viability of satellite broadband.

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Financial Picture: Strong Cash, Persistent Losses

AST SpaceMobile’s first-quarter 2026 results underscore how the company is still in its investment phase. Revenue came in at $14.7 million, while net loss widened to $191 million. However, the balance sheet offers a cushion: cash and equivalents stand at roughly $3.5 billion, fully funding the expansion of its satellite constellation beyond 100 units.

Roth Capital responded to the developments by raising its price target from $82.50 to $108 per share. The upgrade highlights the company’s solid financial base and the progress of its network, which has achieved download speeds of nearly 99 Mbps in orbit. The Federal Communications Commission has already authorized operation of up to 248 satellites.

Nevertheless, the broader analyst community remains wary. The average consensus rating is “Reduce,” with a median price target of just $79.45 — well below current levels. Short interest stands at nearly 18% of the float, indicating that many traders continue to bet on a decline. Insider sales have added to the caution: chief financial officer Andrew Martin Johnson sold 5,000 shares on May 20 at $90.25 for tax purposes, trimming his holding to 565,805 shares. Over the past three months, total insider disposals have reached $275.6 million.

BlueBird Fleet Faces a Critical Test

Operationally, all eyes are on the launchpad. The company recently delivered its next batch of BlueBird satellites to Cape Canaveral, with liftoff scheduled for mid-June aboard a SpaceX Falcon 9 rocket. The mission carries BlueBird 8, 9 and 10, coming after the failure of BlueBird 7 in April. Management has reiterated its target of having 45 satellites in orbit by the end of 2026.

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If the June launch succeeds, it could begin to shift the skeptical analyst consensus. A second failure, however, would meaningfully amplify the bearish pressure. Meanwhile, competition is intensifying: Starlink Mobile has received FCC approval to use EchoStar spectrum for direct-to-device service, and the three U.S. carriers’ joint venture is also targeting the same market. AST SpaceMobile is counting on wholesale roaming agreements with mobile operators worldwide to differentiate its approach.

The combination of a rival’s validation, new leveraged ETFs, and a decisive satellite launch window has made AST SpaceMobile one of the most watched names in the space sector — but the gap between bullish catalysts and analyst skepticism remains wide.

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