Crossroads backs AST SpaceMobile
December 12, 2025
Crossroads Capital Investment Partners, an investor in AST SpaceMobile, has provided a quarterly update and valuable comments on the continued rationale behind its investment. The letter reminded clients that its stake in AST is up 34 per cent this year.
“We wanted to take a quick moment to note the company made significant strides in the quarter toward commercialising its space-based cellular broadband network. For those watching closely, Q3 marked a clear transition from an R&D oriented business to one with a clear focus towards scaled deployment and commercialisation. These advancements – focused on manufacturing acceleration, spectrum acquisitions, partnerships, and regulatory progress – continue to position the company for initial service rollout in 2026,” said Crossroads.
“As a reminder,” the report continued, “we continue to view AST as a generational investment opportunity. The company is building the world’s first satellite network that talks directly to normal smartphones, aiming to erase coverage gaps while bringing affordable broadband to billions. Based on any reasonable estimate of normalised EBITDA (once its constellation turns on), AST’s equity remains grotesquely mispriced should it succeed in its mission to bring about the shift from a partially connected world to a universally connected one. In any case, even conservative scenarios on US mobile only users or a slice of global subscribers support cash flows that make today’s multiple on steady-state earnings look cartoonishly low for a business with this moat and growth profile.”
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