Why AST SpaceMobile Stock Popped Today
Key Points
NASA has announced a $20 billion plan to put a base on the moon.
Also this week, SpaceX may file its IPO prospectus.
Just like every other space stock (it seems), AST SpaceMobile (NASDAQ: ASTS) stock is off to the races on Wednesday, soaring 12% through 12:25 p.m. ET on twin tidal waves of positive space news.
Yesterday, as you may have heard, rumors began floating that SpaceX will file for its IPO this week (or maybe next week -- no one's 100% certain). No sooner had this news broken than we received the big "Ignition" announcement from NASA Administrator Jared Isaacman, who says NASA will spend $20 billion to build an American moon base by 2032.
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Space investors are cheering, and space stocks are soaring.
Image source: Getty Images.
What's up in space this week
Starting with the SpaceX news, word has it SpaceX may raise $75 billion in the biggest IPO ever, valuing SpaceX at $1.75 trillion or more. Space investors are seeing dollar signs and (rightly or wrongly) assuming that what's good news for SpaceX will be great news for all space stocks.
Next to a $75 billion IPO, NASA's Ignition plan to put astronauts on the moon "semi-permanently" almost sounds like small potatoes -- but it's NASA's biggest project since the Apollo landings. What does it have to do with AST SpaceMobile, though, which builds direct-to-cell satellites that help cellphone users talk to each other on Earth?
What it means for AST SpaceMobile stock
Not much at this point, but the theory may be that, if AST can orbit communications satellites around Earth, it can just as easily send satellites to facilitate communication on the moon -- or eventually, even Mars.
Problem is, NASA has already awarded a contract for communication between Earth and moon, the $4.8 billion Near Space Network contract, and Intuitive Machines (NASDAQ: LUNR) won it.
AST's moon prospects may be smaller than its investors realize.
Should you buy stock in AST SpaceMobile right now?
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Rich Smith has positions in Intuitive Machines. The Motley Fool has positions in and recommends AST SpaceMobile and Intuitive Machines. The Motley Fool has a disclosure policy.
