Shares of AST SpaceMobile (ASTS 1.14%) rallied 13.1% today, as of 2:20 p.m. ET. Shares rose today on speculation the company may be in some sort of discussion with Jeff Bezos' Blue Origin satellite launch company or even potentially Amazon (AMZN 2.77%), including a potential acquisition.

An Instagram picture sets deal speculation burning

Last night, AST board member and first-ever institutional investor Adriana Cisneros posted a picture on Instagram, featuring herself, AST CEO Abel Avellan, and Amazon founder and chairman Jeff Bezos.

On the one hand, it's not surprising the management teams are meeting with one another, as Bezos' Blue Origin has a contract to launch 45 AST satellites, with an option to launch 15 more in the future. These satellites will provide wholesale mobile service to areas unreachable by terrestrial infrastructure.

But the picture inspired Scotiabank analyst Andres Coello to write a note today, explaining how a tie-up between AST and Blue Origin, or even a tie-up between AST and Amazon, might make sense.

After all, Amazon is just beginning commercialization of its Project Kuiper initiative, a satellite-based project that will deliver retail wireless broadband to Earth. Of note, Kuiper launched its first 27 commercial satellites in late April.

In his note, Coello speculates that AST's RF wireless service could complement Kuiper's broadband technology, and therefore make sense for an acquisition. He also notes that AST's market cap is currently well below the amount of money Amazon projects to invest in Kuiper... so why not?

Investors should research AST by itself -- don't just follow deal speculation

Investors should never invest in a stock primarily for its potential to get acquired, since that may never happen, and many deals are also scuttled by regulators. However, the potential for a buyout could "sweeten" an existing upside case in a stock.

AST has very promising, patent-protected RF technology and agreements with major telecom carriers, but it's also a pre-revenue company that may need to raise more capital at some point.

Nevertheless, the Instagram post with a successful entrepreneur like Bezos is an encouraging sign.