The Kook Report - The $ASTS DD

Kook reads the entire $ASTS DD live as AST SpaceMobile counts down to its Batch 2 launch on Falcon 9.

In this episode, Kook walks through the full AST SpaceMobile due diligence deck while waiting for the Batch 2 satellite launch, covering everything from the company's founding story to its current valuation regimes.

The discussion dives into ASTS stock's de-risking journey, including FCC approval, the Ligado spectrum deal, and partnerships with AT&T, Verizon, and Vodafone.

Kook breaks down the direct-to-cell technology, comparing AST SpaceMobile's beam forming and satellite architecture against Starlink's approach, and explores financing history, government opportunities like Golden Dome, and the potential for AI data centers in space.

00:00 Introduction and remembering Steve Harrison

04:01 Investment thesis and the de-risking story

07:19 Winner-take-most and barriers to entry

10:42 Founder background: Abel Avellan

13:07 Key de-risking milestones and remaining risks

15:49 Consensus view vs the variant perception

19:46 Lessons learned: SPACs and death spirals

23:53 Cap table: who owns AST SpaceMobile

27:47 How ASTS stock trades into launches

34:56 Sell side estimates and revenue forecasts

38:49 Corporate governance and Abel's control

41:33 Business model and monetization paths

47:31 Modeling the market opportunity

50:36 Can the company finance itself

55:06 JVs, sovereignty and the J-LEO deal

1:00:03 Inside the technology: beams and satellites

1:10:47 AST SpaceMobile vs Starlink beam comparison

1:16:57 Ligado spectrum deal vs SpaceX's spectrum buy

1:23:19 Government opportunity and Golden Dome

1:52:44 Launch webcast begins - sign off

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

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

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

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