AST SpaceMobile Has $3B Cash and Funding for 100 Satellites

AST SpaceMobile (ASTS) dipped under $40 on margin calls. Anpanman breaks down the macro, leverage, and why the thesis hasn't changed.

Anpanman walks through a brutal week for ASTS stock and the wider space sector, tying the selloff to a hot CPI print, rising rates, neocloud stress (CoreWeave CDS near 1180), and forced deleveraging. He explains why the space sector looks derated, how margin calls cascade, and why Rocket Lab's Neutron delay hit sentiment across space names.

Anpanman then re-underwrites the AST SpaceMobile thesis: Bluebird 11 unfolded successfully, the strategic backdrop for direct-to-cell has improved with Starlink entering the MNO fight, and Deutsche Telekom's CEO is warning other carriers off Starlink. He covers Ligado spectrum, FCC and Department of War timing, the MNO CapEx savings story, and SpaceX's AI compute and Falcon 9/Starship tradeoffs.

The episode closes with practical advice on avoiding margin and options in high-beta names, taking profits, and protecting your mental health. Anpanman also answers live questions on funding runway for 100 satellites, strategic investment, Blue Origin New Glenn, and Ligado valuation.

00:00 Introduction

01:01 CPI selloff and market recap

01:24 Neocloud stress and CoreWeave CDS

02:40 Space sector derated as rates rise

06:39 Deleveraging and AST under $40

07:12 Rocket Lab Neutron delay and tribalism

09:42 Why options are tough in this macro

12:15 Management at the mercy of the market

15:40 Ligado and SpaceX deal rumors

19:50 What has actually changed for AST

20:51 Starlink, Deutsche Telekom and MNOs

22:04 MNO CapEx savings and FCC hybrid rules

24:40 Leverage horror stories

29:22 SpaceX, Falcon 9 and Starship

35:44 Playing defensively and taking profits

41:20 Q&A: funding runway

43:49 Q&A: Ligado valuation and approval

45:24 Closing message

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