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Satellite designer AST SpaceMobile
said it’s preparing to deploy nearly five dozen satellites to power cellular-based broadband networks, a move that establishes the company as a rival to Elon Musk’s dominant SpaceX.
The company, based in Texas, released its second-quarter earnings after the bell on Monday, reporting that its satellites are fully funded and preparing for deployment with more than $1.5 billion on its balance sheet.
Shares of the space company surged more than 10% on the news on Tuesday. The stock is up more than 140% year-to-date in what’s been a boom for space broadband technology.
