The SpaceX IPO prospectus has cast a spotlight on the direct-to-smartphone satellite market, but public investors seeking a pure-play in this space are turning to AST SpaceMobile (NASDAQ: ASTS). The company is building a network to connect unmodified smartphones directly from space, targeting the elimination of mobile dead zones worldwide.
SpaceX IPO Highlights Satellite-to-Phone Ambitions
When Space Exploration Technologies Corp. (SpaceX) filed to go public on the Nasdaq under the proposed ticker SPCX, the prospectus detailed plans for Starlink Mobile, a direct-to-smartphone service designed to perform "on par with terrestrial mobile networks." Next-generation satellites aim to expand beyond messaging to full broadband and IoT connectivity. However, SpaceX's satellite-to-phone business is part of a larger company spanning launch, Starlink broadband, and artificial intelligence, making it less focused for investors targeting the direct-to-device market.
AST SpaceMobile: The Public Pure-Play
AST SpaceMobile, based in Midland, Texas, is building a space-based cellular broadband network for everyday smartphones. Unlike Starlink, which started with fixed broadband using terminals, AST's entire thesis is direct-to-device connectivity. The company reported full-year 2025 revenue of about US$70.9 million from mobile-network-operator partners and the U.S. government, and has secured over US$1.2 billion in aggregate contracted revenue commitments. AST also completed the in-orbit unfolding of BlueBird 6, described as the largest commercial communications array ever deployed in low Earth orbit, and aims to have 45 to 60 satellites in orbit by the end of 2026.
Other Listed Players in Satellite Connectivity
Other publicly traded satellite-connectivity names include Globalstar (NASDAQ: GSAT) and Viasat (NASDAQ: VSAT), each with distinct business models. Globalstar focuses on satellite messaging and IoT, while Viasat provides satellite broadband services. Neither is a direct proxy for AST SpaceMobile's direct-to-device approach.
