New York, Feb 12, 2026, 16:04 (ET) — Trading after the bell.
Shares of AST SpaceMobile tumbled roughly 16% Thursday, trading around $81.14, after the company unveiled a new financing deal linked to its satellite expansion. Trading volume surged past 27 million shares.
This one’s all about the money. Rolling out a cellular network in orbit doesn’t come cheap, and when fresh funding hits, investors frequently punish the stock—extra cash usually signals dilution risk.
The timing hits as AST works to show it can grow. Now, investors are tracking how quickly launches pick up compared to how frequently the company returns to raise more cash.
AST set the price on $1.0 billion in 2.250% convertible senior notes maturing 2036, offering an initial conversion rate that works out to about $116.30 per share—around 20% above where the stock settled on Wednesday. These convertibles let holders exchange their notes for stock later at that fixed price, helping AST keep a lid on interest expenses, though it means potential dilution if conversion happens. (Business Wire)
The company took the opportunity in its regulatory filing to share early 2025 numbers and provide an update on its “at-the-market” share sale. AST reported it closed the year holding about $2.78 billion in cash, cash equivalents, and restricted cash. For 2025, the company is penciling in preliminary revenue between $63 million and $71 million. As of Feb. 10, AST said it had pulled in approximately $706.3 million in net proceeds from its $800 million ATM program.
AST is stepping up its financing efforts right after hitting a key technical mark. The company reported that BlueBird 6, its newest satellite, has been fully unfolded—spanning about 2,400 square feet and built for peak data speeds hitting 120 Mbps. The target for launches stays put: 45 to 60 satellites by the close of 2026. “BlueBird 6 is the result of specialized American manufacturing,” founder and CEO Abel Avellan said in the statement. (Business Wire)
AST is pushing ahead on plans for space-based cellular broadband aimed directly at regular smartphones—a market suddenly crowded as bigger names like SpaceX’s Starlink chase the same play. Competitive heat isn’t limited to newcomers. Investors keep one eye on established satellite firms and a cluster of broadband constellations ramping up. (MarketWatch)
Now comes the real question for traders: Is this fund-raise a true share price reset, or just a breather? Judging by Thursday’s action, dilution jitters remain the fastest way to slice through any long-term optimism.
The risk is clear enough: heavy hedging and unwinding tied to these trades can move the tape, while the deals themselves still need to wrap up. According to the company, noteholders taking part in the repurchase could buy or sell shares or unwind large derivative positions. They’ve marked Feb. 17 for settlement of the new notes; share placements and note repurchases are slated to hit around Feb. 20. (Nasdaq)
