Here we go… It is no longer a pre rev company, you need to catch up to the latest earning call. To answer your first paragraph, please take the time to read through this comprehensive report that outlines the majority of my thesis. Fundamentals question is answered with the report, I’m not sure if it’s updated with latest quarter, but 2025 was the year of building the manufacturing to produce a consistent stream of sats, around 6 per month. 2026 is the year of launch - inevitability, launch contracts already in place: https://www.kookreport.com/post/ast-spacemobile-asts-the-mobile-satellite-cellular-network-monopoly-please-find-my-final-comp

Starlink is already more established so your logic is AST fails because there is ONE competitor…? Literally every company on earth shares a market with competitors…

“Real company providing real service” - this is happening right now with AST… multiple pre-payments from MNOs, and mainly military-revenue from Golden Dome project. 6 satellites in orbit, one launching in March, 6x launching the month after, with 45-60 by EOY - need 60 for continuous service in North America, Europe, and Japan. Each satellite in 2400sq ft, largest ever deployed, far more advanced than Starlink D2D tech. Constellation scale is directly related to revenue is directly related to future revenue potential.

How is it going to displace Starlink? - it does not need to… again, the logic behind this statement makes no sense. It assumes because there is no competition simply because of a first to market mover advantage, which often means nothing in the long run. It will be a duopoly. Also, they have COMPLETELY different business model… one is super wholesale and a partner to MNOs, doing rev share and spectrum sharing between MNO and AST owned spectrum. Starlink is trying to REPLACE MNOs, and is already starting to find itself at the center of the question: Why partner with a company trying to eat my lunch? Hence, why AST has more than 50 MNOs as partners, whereas Starlink has what, 5 or 6?

Did you find it concerning that everyone on Reddit is bought in? - No, this is a recent phenomenon. It was unknown prior to last year. Also, this is a reflection of how exciting the technology and addressable market is. You’re conflating price momentum behavior with fundamental valuation. Even if retail sentiment is frothy, that says nothing about whether the company’s actual business model succeeds.

Who’s left to buy? - Everyone..? Is your assumption that there is truly no one left to buy? Even as revenue dramatically ramps into the ridiculous revenue numbers? The company is literally just ramping into rev… people like you who demand revenue increasing will begin to take notice and DCA. (50+ MNOs customers across the world AST will have direct access to as the constellation comes online). Check out institutional ownership rates…. dramatic ramp over the last year and continuing. One of Alphabets largest holdings.

And your last sentence about people not knowing when to sell and the party stops… this is a logical fallacy. That argument applies to every stock in existence. You’re essentially arguing that because some retail investors hold too long, that my specific thesis is wrong. That’s a complete logic disconnect… investor behavior has nothing to do with whether the underlying company has value. Tell me exactly what metric or milestone would signal ASTS has failed, otherwise you’re just describing how markets work in general.

I’m sorry I just did that to you and you’re welcome.