Explore every episode of the podcast AST SpaceMobile Podcast

In this episode, Kook shares a harrowing personal update regarding a recent medical emergency. What began as a high-performance health routine involving peptides and custom smoothies turned into a 'perfect storm' metabolic crash. Kook details the terrifying experience of a suspected stroke and explains why he chose to stay in bed rather than call for help, offering a cautionary tale to the SpaceMob about the dangers of DIY biohacking without proper medical oversight.

Turning to the markets, Kook dives into the latest technical fundamentals for AST SpaceMobile. New data suggests the company is achieving a spectral efficiency of six bits per hertz, far exceeding previous estimates. This breakthrough reinforces the core belief that spectrum will always flow to the most efficient user, positioning AST SpaceMobile as the inevitable leader in satellite-to-phone connectivity.

The discussion also covers the massive scaling happening behind the scenes at AST SpaceMobile. With parabolic headcount growth, the company is signaling its readiness to capture a massive global market. Kook looks at the expanding partnerships with Vodafone and Hyundai, as well as the groundwork being laid for FirstNet spectrum, which points to a future where connected cars and emergency services are powered by the SpaceMobile constellation.

Kook provides a candid analysis of the competitive landscape, specifically addressing Elon Musk's recent moves with SpaceX. While Musk targets ambitious AI data centers in space, Kook suggests this might be a strategic off-ramp from the direct-to-device market where AST SpaceMobile holds a clear technological advantage. The episode also explores the potential for future iPhones to integrate seamlessly with the constellation, fulfilling Apple's vision of natural satellite connectivity without the need for manual pointing.

Finally, the episode offers critical advice for investors navigating the recent introduction of leveraged ETFs. Kook explains the dangers of theta decay and why these vehicles are often traps for long-term holders. By focusing on core positions and community-driven research, Kook encourages the SpaceMob to stay disciplined and grateful as the company moves toward a projected hundred-dollar stock price.

Anpanman examines the current state of the markets, specifically focusing on the recent wave of after-hours liquidations and the mechanics of margin calls. The episode breaks down why these periods of de-risking are a natural, albeit painful, part of market cycles and how investors can navigate the volatility without compromising their long-term positions.

Anpanman shares personal experiences from past crypto cycles, reflecting on the psychological burden of holding through a 'crypto winter.' The discussion touches on Bitcoin's recent price action and the tendency for new investors to believe 'this time is different' before experiencing a standard market correction. The episode emphasizes the importance of having a plan and setting goals to avoid being caught in the emotional trap of paper losses.

The conversation shifts to the current panic surrounding AI and its impact on the software sector. Anpanman discusses the paradox of software companies being punished by AI fears while also exploring why physical industries like energy and space remain shielded from this disruption. The episode also critiques the use of AI-generated research, arguing that the manual process of financial modeling is still essential for deep comprehension.

A significant portion of the episode is dedicated to macro indicators, specifically the VIX and inflation. Anpanman shares a personal rule of thumb for using the VIX as a gauge for extreme fear and provides a strategy for capital allocation during market dislocations. The discussion also highlights the discrepancy between lagging Fed data and real-time inflation metrics from Trueflation, suggesting that the economy may be cooler than official reports indicate.

Finally, Anpanman provides a bullish update on AST SpaceMobile, discussing the strategic importance of the SpaceX IPO and its potential impact on the sector. The episode covers Apple's testing of iPhone hardware with AST SpaceMobile frequencies and the game-changing potential of AT&T's spectrum acquisition. Despite recent stock price volatility, the long-term thesis for the SpaceMob remains intact as the company nears commercial service launch.

Anpanman breaks down a volatile morning in the markets, explaining how crypto liquidations are causing a cascading effect on risk assets. This episode provides essential context for the SpaceMob on why current stock movements are detached from the fundamental progress being made in the satellite connectivity sector.

A deep dive into recent FCC filings reveals that Apple is testing iPhone hardware on specific 700 and 800 MHz bands. Anpanman explains that AST SpaceMobile is the only satellite operator capable of servicing these bands, providing a strong signal that Apple is moving toward a seamless satellite-to-phone experience that bypasses the limitations of existing emergency services.

The discussion shifts to the competitive landscape as reports emerge of a SpaceX phone and service. Anpanman analyzes why Elon Musk's pursuit of a vertically integrated stack—comprising hardware, OS, and satellite connectivity—poses an existential threat to Apple, Google, and traditional carriers, making AST SpaceMobile the most critical strategic partner for the rest of the industry.

Technical differentiators are a key focus, particularly the physics of low-band spectrum and the use of fixed cells. Anpanman describes why the AST SpaceMobile architecture is uniquely designed to provide indoor coverage and avoid terrestrial interference, unlike the high-power moving beams utilized by Starlink.

Finally, the episode looks toward the future of orbital infrastructure with a discussion on data centers in space. With multi-ton satellites capable of generating massive power and hosting onboard processing, AST SpaceMobile is positioned at the nexus of a new battle for space-based computing and communication.

Anpanman analyzes the significant market volatility impacting high-growth sectors like space, nuclear, and battery technology. This episode breaks down why these pullbacks are often healthy consolidation phases for sectors that have seen massive runs, providing a roadmap for how to manage a portfolio when growth names are under pressure.

A deep dive into institutional finance reveals how 'pod shops' and multi-strategy hedge funds operate under strict risk limits. Anpanman explains the mechanics of 'de-grossing' and leverage, showing how forced liquidations by institutions create the outsized moves retail investors see on their screens. This section highlights why staying cash-focused provides a strategic edge over leveraged funds.

The discussion provides a focused update on AST SpaceMobile and the broader space industry. Anpanman addresses the recent news regarding Amazon LEO and AT&T, explaining why sector-wide beta is a more likely driver of stock price movement than individual partnership announcements. The episode also explores the logistics of satellite shipping and the launch pad constraints at Cape Canaveral.

Anpanman emphasizes the psychological side of investing, particularly the 'know what you own' philosophy. By distinguishing between speculative trades and high-conviction holdings, Anpanman illustrates how to use volatility to upgrade a portfolio by consolidating low-conviction positions into core winners. The SpaceMob community's sentiment is also discussed as a valuable indicator for identifying market bottoms.

Finally, the episode touches on macro themes including the potential outlook for the Federal Reserve and the future of space-based data centers. Anpanman pushes back on bearish narratives regarding terrestrial data center terminal value, arguing that the AI revolution provides enough demand for both Earth-based and orbital infrastructure to grow simultaneously.

Anpanman analyzes the market's reaction to the SpaceX and xAI merger news, explaining why the recent sell-off misses the broader strategic picture. The discussion clarifies that the private nature of the deal allows for a much faster closing timeline than the market expects, potentially keeping the June or July IPO on track. This speed is a critical advantage in the rapidly evolving space economy.

The episode explores the concept of data centers in space as the next frontier for AI. Anpanman explains how Elon Musk's vertical integration provides a massive advantage, forcing tech giants like Google, Microsoft, and OpenAI to accelerate their own space strategies. This shift moves space from a secondary interest to a primary battlefield for the future of compute power.

Detailed attention is given to AST SpaceMobile and its role as a strategic partner for big tech. As companies look for alternatives to the Musk empire, AST SpaceMobile offers the necessary building blocks for space connectivity and infrastructure, making it a critical player in the SpaceMob ecosystem. The potential for joint ventures or strategic investments is higher than ever as the race intensifies.

The conversation expands to other key players like Rocket Lab, Voyager, and Redwire. Anpanman highlights how these companies possess the specialized expertise in space systems and launch that will be in high demand as the race to space for compute power accelerates. These companies are described as precious gems in an industry where flight-proven technology is rare.

Finally, Anpanman discusses the massive demand this shift will create for hardware suppliers. From solar arrays to memory chips and processors, the build-out of orbital data centers represents an unlimited TAM for companies that can supply the necessary components for the harsh environment of space. Terrestrial data center providers and hardware manufacturers must now develop a comprehensive space strategy to stay relevant.

Kook breaks down the current market environment, explaining why macro headwinds often blind investors to the long-term fundamentals of secular winners. The episode uses historical examples like Netflix during the great financial crisis to illustrate how significant volatility becomes irrelevant over a multi-year horizon for companies with transformative technology.

A major focus of this discussion is the recent influx of high-level talent into AST SpaceMobile. Kook highlights the hiring of Mike Williams, a 28-year Raytheon veteran and former missile defense chief, as a massive validation signal. This movement of talent from established defense primes suggests that industry experts see a unique opportunity for equity-driven wealth creation and technological impact that doesn't exist at legacy firms.

The episode explores AST SpaceMobile's deepening ties with the Department of Defense and the Missile Defense Agency through programs like Golden Dome and the Shield program. Kook details how the company's technology serves as the tracking, transport, and custody layers for high-speed data dissemination in space, making it a strategic national security asset capable of tracking hypersonic threats and bypassing terrestrial delays.

Kook also examines the company's strategic approach to spectrum aggregation and global partnerships. By securing spectrum leases and cooperating with local governments and entities like ISRO in India, AST SpaceMobile creates a collaborative business model that contrasts sharply with the more disruptive and often rejected approach of competitors like Starlink. This partnership model is described as a key driver for international regulatory success and long-term market penetration.

Finally, the conversation touches on the massive Total Addressable Market (TAM) for Direct-to-Cell services, with Deutsche Bank estimating a realistic reach of 1.75 billion users. Kook posits that AST SpaceMobile has the potential to reach the scale of a Magnificent Seven company by acting as a 'killer' in the spectrum and space connectivity markets, leveraging its vertically integrated production capacity to dominate the next frontier of telecommunications.

Song at the end: "We love the risk" by @Craig89Spacemob

https://www.youtube.com/watch?v=twRJyf5HBXA

Anpanman breaks down the revolutionary implications of SpaceX's recent FCC filing for a constellation of one million satellites dedicated to AI data center applications. This move represents a massive validation of the space-based compute market, a concept previously championed by early-stage startups but now formally adopted by the world's leading space company. The discussion explores why Elon Musk’s entry into this market is a watershed moment that will draw unprecedented institutional interest to the entire sector.

The conversation dives deep into the technical and environmental necessities of moving AI processing to space. Terrestrial data centers face critical limits in land use, fresh water access for cooling, and power grid stability. Anpanman explains how the infinite cooling sink of space and the ability to generate massive solar power in orbit allow for more efficient compute functions without the environmental trade-offs required on Earth. This transition is framed as an essential step to avoid 'boiling the oceans' with terrestrial heat waste.

Special attention is given to AST SpaceMobile and how their current technology provides a blueprint for this future. With Block 2 satellites already capable of generating 100 to 120 kilowatts of power and featuring advanced thermal dissipation, the SpaceMob is uniquely positioned. Anpanman suggests that AST SpaceMobile's existing IP and production capacity make them the most logical partner for tech giants like Google, Amazon, or Microsoft who may not want to be entirely dependent on the vertically integrated SpaceX stack.

Beyond space hardware, Anpanman examines the critical role of solar energy in powering the AI boom. With companies like T1 Energy and Power Bank focusing on domestic production and 'behind-the-meter' power generation, the link between renewable energy and high-performance computing is tightening. The episode highlights how the demand from AI data centers—both on the ground and in space—will likely consume the majority of global solar production, fundamentally changing the economics of the energy sector.

Finally, Anpanman looks toward the 2026 horizon, predicting that the SpaceX IPO will be a massive educational event for the global investment community. By forcing institutions to understand the multi-billion dollar potential of space communications, navigation, and now data centers, the IPO will likely re-rate the valuations of the entire space sector. This is a must-listen for the SpaceMob and anyone looking to understand the next decade of orbital infrastructure and AI expansion.

Anpanman breaks down the historic rally of AST SpaceMobile as the stock shatters previous records, hitting an intraday high of $124.32. This episode explores the psychological shift occurring within the SpaceMob as they witness the transition from a speculative startup to a mature, de-risked market leader. The discussion highlights why these new highs are just the beginning of a broader institutional repricing.

A deep dive into the recent FCC meeting reveals why regulatory approval for US market access is likely in the home stretch. Anpanman discusses the rare sight of AT&T and Verizon presenting a unified front with AST SpaceMobile, signaling that the end game for commercial service is near. The episode explains how this approval will serve as a global catalyst, encouraging regulators worldwide to follow the US lead.

The conversation shifts to the upcoming technical milestones, including the Bluebird 6 unfolding process and the Bluebird 7 launch via Blue Origin's New Glenn rocket. Anpanman provides insights into the due diligence methods used by the SpaceMob to track satellite health and orbit stability. These launches represent the physical manifestation of the company's manufacturing ramp-up to six or more satellites per month.

Anpanman introduces the concept of S-Rank status, comparing AST Spacemobile's trajectory to that of Tesla and Palantir. The episode explores how the company is moving beyond simple connectivity to become a multi-purpose platform capable of hosting AI data centers and military applications like the Golden Dome initiative. By integrating Nvidia GPUs and specialized ASICs, the constellation could redefine the global data landscape.

Finally, the episode examines the institutional landscape and the impact of the upcoming SpaceX IPO. Anpanman explains how tech and growth managers are increasingly viewing AST SpaceMobile as a must-own pure play in the space sector. With short sellers retreating and long-only funds looking for exposure, the stage is set for a significant valuation rerating as the company begins to generate substantial free cash flow.

In this episode of The KOOK Report, we navigate the recent market volatility and discuss why "knowing what you own" is the ultimate defense against short-term price whipsaws. We dive deep into the latest developments surrounding AST Spacemobile (ASTS), government contracts, and the shifting landscape of the space industry.

Episode Highlights:

• FM2 & Risk Profile: A look at the upcoming Flight Model 2 launch on Blue Origin’s New Glenn. We discuss why a launch anomaly is no longer a catastrophic risk for the company but merely a minor nuisance, signaling a massive de-risking of operations.

• Regulatory Momentum: FCC Chairman Brendan Carr is "geeking out" over Direct-to-Device (DTC) technology. We analyze why FCC approval is imminent, why it serves as a global green light for other nations, and how it solidifies the path to commercialization.

• The Terrawave Connection: Blue Origin announced its "Terrawave" orbital transport backbone. We debunk the fear that this is a competitor to ASTS. Instead, we connect the dots between Terrawave, the cancellation of government programs like Milnet, and how these systems are likely complementary pieces of a future space-based data infrastructure.

• Busting the Bear Thesis: We dissect Peter Adderton’s criticism that ASTS’s "white label" B2B strategy is flawed compared to Starlink’s brand. The episode argues the opposite: Direct-to-Consumer (DTC) models suffer from massive customer acquisition costs, while ASTS’s partnership model with MNOs (like AT&T) provides an unbeatable distribution monopoly akin to owning the App Store.

• Starlink Struggles: Key executives are departing Starlink’s DTC division, and Starship faces continued testing hurdles. We discuss what this means for the competitive landscape.

• Analyst Wars: A comparison of Scotiabank’s confusing bearish persistence against Deutsche Bank’s recent upgrade and $137 price target, highlighting the growing institutional recognition of government revenue potential.

• The Space Mob: Reflections on Crossroads Capital’s report and the unique nature of the "Space Mob" as a market-driven expert network with skin in the game.

Tune in for a deep dive into the "Jungle" of space investing, where we separate the signal from the macro noise.

Wake & Bake: Bluebird 7 Confirmed on New Glenn, Tera Wave FUD

In this episode of "Wake and Bake," Anpnman (@spacanpanman) breaks down the biggest news hitting the SpaceMob this morning, ranging from confirmed launch vehicles to battling short-seller reports.

AST SpaceMobile (ASTS) Updates:

• Launch Confirmation: Bluebird 7 is officially confirmed to launch aboard Blue Origin’s New Glenn flight 3. The timeline looks set for the end of February, potentially coinciding within days of the Artemis moon mission.

• The Mission: This launch is critical for Blue Origin’s DoD certification. The satellite (Bluebird 7/FM2) is an SDA halo satellite, making the New Glenn partnership highly strategic.

• Tera Wave "Threat" Debunked: Anpnman addresses the market panic regarding Blue Origin’s "Tera Wave" announcement. He explains why this high-throughput enterprise constellation is not a competitor to ASTS but rather a potential backbone data layer for Golden Dome defense applications.

• Market Outlook: With the "impulse" chart patterns broken to the upside and the SpaceX IPO looming in July, the setup for ASTS leading into summer is incredibly bullish. Anpnman also details his recent "buy the dip" trades during the recent pullback.

Tune in for a deep dive on due diligence, market mechanics, and why the SpaceMob remains confident in the face of volatility.

In this episode of The KOOK Report, we break down the monumental news that the "Space Mob" has been anticipating: AST SpaceMobile (ASTS) has officially been confirmed as a government contractor. After months of diligence and speculation, the "Golden Dome" theory has become reality with ASTS officially appearing on the MDA Shield contract list.

Join us as we analyze what this pivotal moment means for the company, the stock, and the future of space-based telecommunications.

Key Topics Covered:

• The Golden Dome Confirmation: We dissect the revelation of AST SpaceMobile USA, LLC in the third tranche of the MDA Shield project. We discuss why being in the third tranche signifies deep vetting of unique capabilities versus commodity providers, and why this likely represents a billion-dollar-plus opportunity.

• The Blue Origin Connection: We connect the dots on the FM2 launch aboard New Glenn. From photographic evidence to strategic synergies, we explain why the partnership between ASTS and Blue Origin is scaling and how it relates to government contract requirements.

• Dual-Use Validation: The "official" validation of the dual-use revenue model. We explore how this de-risks the investment for those on the sidelines and opens up the massive Total Addressable Market (TAM) of government defense spending, including the "Noble" contract vehicle.

• Production & Expansion: Updates on the satellite production cadence (hitting 6 per month) and the discovery of new facilities in Homestead, Florida, aimed at increasing capacity for government applications.

• Market Dynamics & Short Sellers: A look at the recent price action, the "blow-off top" moves, and a critique of the current short theses (including the "Iridium 2.0" argument). We also address the deafening silence from certain investment banks and the theory regarding Elon Musk’s influence on ASTS coverage.

• Corporate Governance: Analysis of Rakuten leaving the board, why this is standard procedure for a maturing public company, and the significance of Abel Avellan’s "all-in" owner-operator status.

• The Macro View: Why Space 2.0 is a secular trend comparable to the rise of SaaS or Social Media, and why early market share leaders like ASTS are positioned to become generational companies.

Note from The Kook:

Volatility is the price of admission. Whether you are new to the trade or a long-time holder, this episode is about "knowing what you own." We discuss why fundamental value has increased despite market fluctuations and why the "Space Mob" culture remains undefeated.

In this impromptu session, Anpanman breaks down the game-changing news that AST SpaceMobile has been selected as a recipient of the Missile Defense Agency’s (MDA) "Shield" program. This episode serves as a victory lap for the "Space Mob" community, whose deep-dive due diligence into the company’s dual-use capabilities has finally been validated by the U.S. government.

Anpanman discusses the massive implications of this Indefinite Delivery, Indefinite Quantity (IDIQ) contract, which shares a program ceiling of $151 billion over ten years. The discussion moves beyond the headline numbers to explore how AST SpaceMobile is transitioning from a speculative commercial broadband provider to a critical defense partner involved in the "Golden Dome" initiative—a multi-domain system designed to detect and track advanced threats like hypersonic missiles.

Key Topics Covered:

• The "Shield" Award: Analysis of the MDA contract, what it means to be a "program of record," and how this opens the door for billions in potential task orders.

• Dual-Use Validation: Acknowledging the work of community researchers like CatSE and Kook, who correctly predicted that AST’s large phased array satellites would be used for non-communication defense applications, including radar sensing, PNT (Position, Navigation, and Timing), and electronic warfare.

• Market & Analyst Disconnect: A look at the stock’s surge (trading around $136) and the pressure this puts on short sellers and institutional analysts (specifically Scotiabank and B. Riley) who have historically ignored or downplayed the defense side of the business.

• Upcoming Catalysts: Speculation on a second potential award (MDA "Noble"), the timeline for the FM1 and FM2 satellite launches aboard Blue Origin’s New Glenn, and the expansion of manufacturing facilities in Midland to support a dedicated government constellation.

• The Big Picture: Why 2026 is shaping up to be the year of defense revenue for AST SpaceMobile and why the "Space Mob" remains ahead of Wall Street in understanding the company's true value.

Join us for a deep dive into the technology, the contracts, and the market mechanics driving the future of space-based connectivity and defense.

Episode Summary: The Battle of the Banks, Production Clues, and the "Platform" Thesis

In this week's update, we navigate the recent volatility surrounding AST SpaceMobile, starting with the clash between Scotiabank’s "firefighting" downgrade and Bank of America’s supportive "zoom out" perspective. Despite the noise, the market absorbed the dip, signaling strong investor conviction ahead of 2026.

We break down the key takeaways from Scott’s appearance at CES and the company's narrative focus. A major highlight is the forensic analysis of the recent facility tour by Mirko Bibic, CEO of Bell Canada. We discuss the implications of the "signed" hardware—why it likely isn't Batch 1 due to clean room protocols, and what that signals about the production funnel and the progress of Batch 2 and beyond.

Key Topics Covered:

• Market Action: Analyzing the Scotiabank "hit piece" versus the Bank of America rebuttal. Why the short thesis regarding "timing" and "lack of customers" is losing steam against the backdrop of imminent execution.

• Production & Testing: Deciphering the clues from the Bell Canada visit, updated production cadence language (testing vs. construction), and the potential timeline for satellite deliveries.

• Regulatory & Orbit: A celebration of FM2’s regulatory clearance and gateway signings. Plus, a return to "birdwatching" with updates on FM1’s orbital stability and flight plan adjustments.

• Global Mandates & TAM: How government initiatives are expanding the Total Addressable Market (TAM). We look at the UK Space Agency’s emergency network plans and a massive development in India regarding vehicle-to-vehicle mesh connectivity (30MHz spectrum allocation).

• Nokia & Tactical Use: Nokia’s recruitment for "tactical" non-terrestrial network solutions, reinforcing the shift from casual consumer use to critical defense and infrastructure applications.

• The "Platform" Valuation: Why ASTS should be valued as a scalable platform rather than a niche point solution, and how SatCo’s first commercial hire supports this monetization strategy.

• Physics & PNT: A deep dive into Position, Navigation, and Timing (PNT). We contrast the fragility of low-power GPS against the high-power, jam-resistant nature of ASTS signals, particularly relevant in modern electronic warfare contexts (the "Growler" discussion).

• The Bear Cave: engaging with recent short theses (including "Valuations" and Anthony Bozza). We explore why their "upside risks"—like successful launches or a SpaceX IPO—are actually the Space Mob's base case.

• Investment Warning: A specific look at the mechanics of leveraged ETFs (like the double-long AST). We explain why "gamma burn" and volatility decay make these dangerous vehicles for long-term holders, even when the underlying stock price rises.

Join us as we connect the dots between regulatory filings, executive facility tours, and global telecom trends to understand where AST SpaceMobile stands today.

Recorded live at the final Space Track session of CES 2026, this panel explores how the satellite industry is making "no signal" a thing of the past. Hosted by Samantha, a manager at Novaspace, this discussion features executives from five major satellite operators—Globalstar, Lynk, Viasat, Iridium, and AST SpaceMobile—breaking down the rapid shift from pilot programs to full commercialization of Direct-to-Device (D2D) services.

In this episode, we cover:

• The Shift to Commercialization: How 2025 marked a turning point where the industry moved from beta testing to early commercial services and mass adoption strategies.

• Strategic Partnerships & M&A: The panelists discuss the massive partnerships shaping the landscape, including Globalstar’s work with Apple, Viasat’s "Equitas" joint venture with SpaceX, Lynk’s merger with Omnispace, and AST SpaceMobile’s deep integration with mobile network operators like Verizon and Vodafone.

• Service Capabilities: The evolution from basic SOS and messaging to true broadband. AST SpaceMobile highlights their "broadband first" approach using massive satellites, while Iridium and Viasat discuss the expansion of safety services, IoT, and automotive connectivity through standards-based solutions (3GPP).

• Spectrum & Regulation: Why spectrum is considered the "lifeblood" of the industry and the challenges of navigating global regulatory frameworks to ensure seamless roaming.

• The Competitive Landscape: Despite Starlink’s head start, the panel agrees this will not be a "winner-take-all" market. They discuss why regulator demand for competition and the sheer variety of use cases—from agriculture to aviation—will support a multi-operator ecosystem.

Meet the Panelists:

• Barbie (Globalstar): Leveraging 25+ years of mobile satellite service to support over half a billion consumer devices.

• Amy Mehlman (Lynk): Pioneering the "cell tower in space" concept for unmodified phones and leveraging multi-orbit infrastructure with SES.

• Kevin Cohen (Viasat): Utilizing the largest portfolio of spectrum to bring satellite connectivity to smartphones and automobiles.

• Susie McBride (Iridium): Focusing on global reliability, safety services, and the "End-to-End Direct" solution using standard chipsets.

• Scott Wisniewski (AST SpaceMobile): Executing a strategy to partner directly with mobile operators to provide cellular broadband to standard phones.

Tune in to understand how the convergence of satellite and cellular networks is redefining global connectivity in 2026 and beyond.

In this impromptu session recorded from his car, Anpnman (@spacanpanman) provides a deep-dive rebuttal to the recent Scotiabank report downgrading AST Spacemobile (ASTS) from a valuation perspective. The discussion explores the complex dynamics of Wall Street sell-side research, the potential influence of short sellers, and the technical flaws within the analyst’s bearish thesis.

Key Topics Discussed:

• The Dynamics of Sell-Side Research: Anpnman explains how investment banks operate, noting that research is often a tool used to generate trading commissions from institutional clients like hedge funds. He suggests that the analyst, Andres Coello, may have been "spoon-fed" narrative points by short sellers who have suffered significant losses on ASTS positions.

• The "Spoon-Fed" Pivot: The host highlights the analyst’s drastic shift in tone—from being an early bull with the highest price target on the street to echoing standard short-seller talking points regarding Starlink’s dominance.

• Starlink vs. AST Spacemobile: The episode challenges the report’s comparison of Starlink’s fixed wireless success to the direct-to-cell market, calling it an "apples and oranges" comparison. Anpnman argues that Starlink’s current direct-to-cell offering is a "minimum viable product" limited to texting, whereas AST is building true broadband capabilities.

• Business Model Misunderstandings: The host refutes the report’s focus on brand recognition, clarifying that AST operates as a wholesaler/infrastructure partner to MNOs (like AT&T and Verizon) and does not need consumer brand awareness to succeed.

• Valuation Contradictions: Anpnman points out a major discrepancy in the Scotiabank model: while downgrading the stock based on current valuation, the analyst’s own long-term model projects massive growth, estimating $17.8 billion in free cash flow by 2032.

• Strategic Wins Ignored: The discussion notes the report's failure to acknowledge key validations, such as the definitive agreement with Verizon and the significant investment from Saudi Telecom.

Conclusion:

Despite the temporary reprieve this report offers to short sellers, Anpnman argues that the "meat grinder" is approaching. With imminent satellite launches and potential military contracts on the horizon, the fundamental thesis for AST Spacemobile remains intact.

In this week’s episode, we break down the latest FCC confirmations regarding BlueBird FM1. The "Launch and Early Orbit Phase" is complete—the satellite is talking, generating power, and tumbling as expected. With FM2 now safely at the payload processing facility in Cape Canaveral (likely awaiting New Glenn), we look at the specific orbital mechanics that hint at the company’s military utility.

Key Topics Covered:

• ​FM1 & FM2 Status: Confirmation that FM1 has transformed from a "brick" to a functioning spacecraft. We discuss the commissioning phase and the wait for the solar array unfurl.
• ​The "Spy" Stuff: We analyze the Space Development Authority (SDA) test formation. FM1 is at an inclination of 53 degrees at 520 km, while FM2 is targeted for 50 degrees at 460 km. This staggered altitude and angle create relative motion perfect for radar signal geolocation and emitter analysis.
• ​AT&T & FirstNet: Jeff McElfresh (COO of AT&T) visited the Midland clean room to sign FM2. We discuss the implication of FirstNet’s strategic investment and the "Beware" distribution channel offering 11,000 IoT devices to FirstNet clients.
• ​Starlink Numbers: A look at the competition. Starlink has hit 9 million customers, served 21 million airline passengers, and 20 million cruise passengers. We also debate their request to lower orbits to 480 km and the impact on satellite lifespan due to orbital decay.
• ​Addressing the Bears: We take a deep dive into the "Bear Case" presented by users on X (formerly Twitter).

◦The Wholesale Model: Why a $0 Customer Acquisition Cost (CAC) makes the wholesale model the only viable path, despite bear arguments about leverage.

◦Execution Risk: Acknowledging the past while looking at the new production capacity of 6 satellites per month.

◦Valuation: Is the stock priced for perfection, or is it a platform play with an expanding TAM?

The KOOK Report: FM1 Launch Analysis, Production Ramps, and Market Mechanics

In this episode, The KOOK Report returns following a brief suspension from X to provide a comprehensive breakdown of the recent AST SpaceMobile (ASTS) launch and the company's trajectory. From the technical nuances of satellite deployment to the behavior of short sellers, this session covers the transition of ASTS from an R&D experiment to an operational juggernaut.

Key Topics Covered:

• FM1 Launch & Operations: A review of the successful launch of the FM1 satellite, its current state of tumbling in orbit to generate solar energy, and the anticipation of the "unfurling" phase (rejecting the "unfolding" nomenclature).

• Strategic & Military Utility: Insight into FM1 and FM2 as likely SDA satellites for government technology trials feeding into the "Golden Dome" defense initiative. The host discusses the strategic value of ship-to-ship data transfer capabilities demonstrated in company videos, which avoids ground station sovereignty issues for the Navy.

• Launch Diversification: Speculation that FM2 will utilize a non-SpaceX launcher as part of a diversification strategy, with a launch date announcement potentially imminent.

• Production Ramp-Up: Analysis of the company's shift in language from "production" to "assembly, integration, and testing," signaling that Batch 1 and Batch 2 satellites are nearing shipment. The host predicts ASTS will soon become one of the largest satellite producers by tonnage globally.

• Market Mechanics & Valuation: A critique of the "sell the news" reaction by short sellers following the launch. The host outlines a long-term valuation model based on data capacity and EBITDA multiples, suggesting the stock will transition from an event-driven trade to a "secular growth stock" for long-term institutional holders.

• Competitive Landscape: A comparison with Starlink, arguing that SpaceX’s direct-to-device ambitions are hampered by physics and architecture compared to ASTS, as highlighted by recent DoD recognition of ASTS as a top startup over competitors like Rocket Lab.

Join the Space Mob for an exclusive launch party celebration and deep-dive into the historic successful launch of the first Bluebird Block 2 satellite. In this episode, we capture the live reactions and expert analysis following the deployment of the largest commercial communication satellite in low Earth orbit, launched via the ISRO LVM3 rocket from India.

Our panel of community contributors, including Anpanman, CatSE, Kook, and Tut, reflects on the five-year journey from a speculative concept to a validated technology backed by industry giants such as AT&T, Verizon, and Google.

Key Topics Covered in This Episode:

• The LVM3 Success: Insights into the historic branding event for ISRO and the technical milestones of the Bluebird’s separation and upcoming unfurling process.
• The 2026 Roadmap: Details on the upcoming launch campaign aiming for 45 to 60 satellites within the next year, utilizing a combination of Falcon 9 and Blue Origin's New Glenn rockets to achieve seamless nationwide coverage.
• Defense and "Golden Dome": An in-depth look at the 10 identified military use cases, exploring how massive phased arrays act as "space-based radars" and "force multipliers" for situational awareness and missile defense.
• Technical Superiority: Comparing the Block 2 and upcoming Block 3 shells, including the 3.3x throughput increase provided by the ASIC technology and the 10-year longevity of satellites in higher orbits.
• The Power of the Space Mob: Personal stories from long-term investors on maintaining conviction through the "valley of death" and the importance of a distributed community in sharing due diligence.

AST SpaceMobile is currently the only company with the full technology to deliver cellular broadband directly from space to unmodified everyday smartphones . Our mission is to make connectivity seamless, regardless of where you are, so that the user doesn't even know they are connected by a satellite.

Subscribe to catch all the latest news as we move toward the BB7 launch and the official start of commercial service.

Analogy for Understanding:The company has successfully crossed the "valley of death" and is now shifting from a single-launch "event" mindset to a continuous "production machine". Just as a locomotive requires an immense amount of energy to start moving, AST SpaceMobile has overcome the initial friction and is now building the momentum of a financial snowball as it approaches global commercial service .

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In this episode, Anpanman discusses the convergence of multiple critical milestones that are poised to drive significant value for AST SpaceMobile in late 2025 and 2026. The discussion focuses on the transition of the company from a speculative pre-revenue entity to a commercially operational provider of direct-to-device satellite connectivity.

Key themes and topics include:

• The "Golden Dome" & Government Contracts: A major focal point is the company’s involvement with government defense and safety networks, specifically FirstNet (the U.S. nationwide public safety broadband network). Anpanman analyzes the implications of government funding and contracts, often describing this support as a "Golden Dome" that provides financial security and validation for the technology.

• Commercial Launch & Revenue: The episode covers the operational status of the BlueBird satellites and the timeline for initiating commercial service. The discussion highlights the shift toward generating high-margin revenue from Mobile Network Operator (MNO) partners like AT&T, Verizon, and Vodafone, marking the end of the "pre-revenue" era.

• Institutional Adoption & Market Mechanics: Anpanman addresses the changing shareholder base, noting increased institutional buying and analyst coverage (referencing upgrades from firms like KeyBanc, UBS, or Deutsche Bank). He likely discusses the mechanics of the stock's price action, including potential "short squeeze" dynamics and the impact of inclusion in major indices.

• Sector Comparison: The host places AST SpaceMobile's progress in context with the broader space sector, comparing its "catalyst-rich" path to other space companies (such as Rocket Lab or Intuitive Machines) and arguing for ASTS's unique position due to its massive addressable market in telecommunications.

https://northwiseproject.com/ast-spacemobile-stock-analysis/

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https://x.com/spacanpanman/status/1998799661918990354?s=46&t=XP8JLcUq-FY3Gj-ju7jQ5w

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https://investors.ast-science.com/

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This episode cuts abruptly at the end. It's because X has some issues at the moment. You don't miss much, just a few seconds.

A classic from June 2025, before this podcast existed.

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BeWhere  is a Mobile Internet of Things (“M-IOT”) solutions company that designs and sells hardware with sensors and software applications to track real-time information on non-powered fixed and movable assets, as well as monitor environmental conditions. The company develops mobile applications, middle-ware and cloud-based solutions that stand-alone or that can be readily integrated with existing software.  

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Video: https://x.com/redrum_2001/status/1989375101603610676?s=20

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Listen to the whole Space here: https://x.com/i/spaces/1jMJgRZPzpyGL?s=20

Anpanman

https://investors.ast-science.com/events

https://x.com/thekookreport/status/1986925678248567145?s=20

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