Shares of AST SpaceMobile (ASTS +12.91%) rocketed higher on Tuesday as excitement surrounding SpaceX's upcoming initial public offering (IPO) reached a fevered pitch.
Image source: Getty Images.
IPO mania
SpaceX's IPO is projected to be the biggest of all time when it makes its stock market debut in mid-June. The Elon Musk-led rocket and satellite technology titan is reportedly looking to raise about $75 billion at a stunning $2 trillion valuation.
SpaceX plans to use these funds to accelerate the expansion of its satellite-based internet service, Starlink, as well as its aggressive rocket development timelines.
Those efforts received a boost after SpaceX conducted a partially successful test of its Starship spacecraft and new Super Heavy V3 vehicles on Friday.
NASDAQ: ASTS
Key Data Points
AST SpaceMobile is getting its due
SpaceX's rocket development progress and forthcoming IPO are bringing more attention to the entire space industry. In turn, a wave of investor capital is flowing into the top space stocks. AST SpaceMobile, as a leading provider of satellite-delivered cellular broadband technology, is now getting its fair share of attention from traders and investors alike.
AST SpaceMobile is targeting 45 of its relatively low-cost satellites in orbit by the end of 2026. The company's vertically integrated manufacturing network and agreements with SpaceX, Blue Origin, and other top launch partners give it a solid shot at achieving that goal.
AST SpaceMobile also stands to benefit from a recently announced joint venture between AT&T, Verizon, and T-Mobile. The three telecom giants are seeking to bolster mobile connectivity for their customers by using satellite-based technologies to eliminate dead zones across the U.S.
