AST SpaceMobile Q2 - Anpanman Bullish

AST SpaceMobile's Q2 call revealed a $1.3B backlog, 100 MHz of US spectrum, and a shocking Wall Street hire.

In this episode, Anpanman breaks down AST SpaceMobile's Q2 earnings call and explains why the market's negative reaction misses the real story. He opens with the surprise hire of Ozzy Ramos, a longtime vice chair of investment banking at UBS and Barclays, calling it a huge vote of confidence in ASTS stock and a signal of major strategic moves ahead.

Anpanman digs into the spectrum disclosures, including C-band capability built into mid-band Bluebird satellites, the ASIC chip's ability to process low-band, mid-band, and C-band signals, and the plan to bring 100 MHz of usable spectrum to the US direct-to-cell network. He also covers the confirmed US joint venture with AT&T, Verizon, and T-Mobile, ongoing testing with Deutsche Telekom, and recent FCC commentary on global S-band spectrum rights tied to EchoStar's pending sale to SpaceX.

The episode closes with a look at AST SpaceMobile's $1.3 billion contracted backlog, new government awards tied to Golden Dome and Arsenal Freedom, the Japan J-LEO sovereign satellite opportunity with Rakuten, and reiterated 2026 revenue guidance of $150 to $200 million despite the Blue Origin launch delay. Anpanman also reacts to Cantor Fitzgerald's price target upgrade and Piper Sandler naming ASTS its favorite space stock.

00:00 Introduction

01:22 Wall Street veteran Ozzy Ramos joins AST SpaceMobile

09:55 C-band spectrum coming to mid-band Bluebirds

14:34 ASIC chip already supports low, mid and C-band

15:21 100 MHz of usable US spectrum explained

18:45 International S-band rights and FCC sovereignty questions

22:06 US joint venture: AT&T, Verizon, T-Mobile and a 4th player

25:44 AI compute and orbital data centers

29:01 Launch update: 10 launches booked, next Falcon 9

32:01 Midland expansion tied to US government demand

34:43 $1.3 billion contracted backlog and new government awards

36:59 Path to $1B revenue, $500M government opportunity in 2027

38:37 Radar, drones and military use cases

42:04 2026 guidance reiterated at $150-200 million

42:08 Japan J-LEO sovereign satellite deal with Rakuten

44:37 700 MHz spectrum for emergency services worldwide

48:12 Beta service coverage with 25 satellites

49:34 Live audience Q&A

57:37 Analyst reactions: Cantor Fitzgerald, Piper Sandler

59:35 Closing thoughts

🎙️ Catch all episodes on Spotify: https://open.spotify.com/show/5u6rTxenTvGw4STNbjswAk

👋 Connect with the host on X: https://x.com/spacanpanman

👕 Get the Gear: https://spacemob.printify.me/

📩 AST SpaceMobile Podcast Newsletter: https://ast-spacemobile-podcast.beehiiv.com/