SpaceX vs AST SpaceMobile: Which Space Stock Is the Better Investment?

TLDR

SpaceX reported third-quarter revenue of $14.6 billion, up 161% from a year earlier.
AST SpaceMobile’s revenue rose about 187% to $42.3 million, but it is still unprofitable.
SpaceX has a market value near $1.9 trillion, while AST is valued at about $13.5 billion.
AST plans to launch intermittent mobile service in the US before the end of 2026.
AST aims to have more than 100 BlueBird satellites in orbit across 2027 and 2028.

SpaceX and AST SpaceMobile are two of the space stocks investors are watching most closely. Both want to deliver internet and mobile service from orbit. Their sizes and finances are very different.
SpaceX began trading in June 2026. Its initial public offering raised about $85.7 billion. Shares have recently traded near $140.
How SpaceX Is Performing
For the third quarter, SpaceX reported revenue of $14.6 billion. That is up 161% from the same period last year. Net income was $4.4 billion.

Space Exploration Technologies Corp., SPCX

Adjusted EBITDA reached $8.8 billion. The company says growth came mainly from Starlink and its artificial intelligence work.
Starlink is adding consumer subscribers. Enterprise and government customers are also asking for more service.
SpaceX is spending heavily on computing, satellites and launch systems. Free cash flow remains deeply negative as a result.
With a market value close to $1.9 trillion, the stock already reflects high expectations. Investors are watching whether earnings can grow fast enough to match that price.
What AST SpaceMobile Is Building
AST SpaceMobile has a market value of about $13.5 billion. That makes SpaceX roughly 140 times larger.

AST SpaceMobile, Inc., ASTS

The company is building a satellite cellular network. It is designed to connect to regular smartphones without special equipment. Mobile carriers could use it to reach remote areas.
Third-quarter revenue came in at $42.3 million. A year earlier, the figure was $14.7 million. That works out to growth of about 187%.
AST still loses money. It continues to spend on building and launching satellites and on the ground systems that support them.
The company has partnerships with mobile network operators. These give it a path to reach customers without building a traditional phone network.
AST also faces competition. SpaceX offers its own satellite service that connects directly to phones. AST must show that its network performs well at scale. It may also need more funding, which could dilute existing shareholders.
Because AST starts from a much smaller base, a given gain in value would be a larger percentage move than for SpaceX. A miss on timing or revenue could lead to sharp losses. Both stocks trade at high revenue multiples.
AST’s latest business update set out its near-term goals. It plans to switch on intermittent mobile service in the US and other key markets before the end of 2026. It also aims to have more than 100 BlueBird satellites deployed in total during 2027 and 2028.
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