AST SpaceMobile's $35B Valuation: Cosmic Hype Crashes into $14.7M Revenue Black Hole

AST SpaceMobile trades near $95 with a $35 billion market cap, factoring in full deployment and monetization. The company has $1 billion in contract commitments, but investors await launch cadence and $250 million 2026 revenue execution. American Tower sold 2.28 million shares for $159 million, retaining a 0.84% stake, signaling valuation-driven risk management. With $14.7 million Q3 2025 revenue and ongoing losses, ASTS must demonstrate commercialization progress to justify its valuation, as investors closely watch the company's progress towards successful monetization of its breakthrough cellular broadband from space technology.