Just noticed something interesting about who's backing the space economy these days. Alphabet quietly became one of the largest investors in AST SpaceMobile with 8.9 million shares worth over $900 million. The investment happened through convertible notes back in early 2024, alongside AT&T and Vodafone. Pretty solid co-investors if you ask me.

So what's AST SpaceMobile actually doing? They're building a satellite network in low Earth orbit to beam cellular coverage to regular phones anywhere on the planet. Not some sci-fi dream anymore—they've already deployed six BlueBird satellites, including a massive next-generation model with a 2,400 square-foot communications array. They're targeting 45 to 60 satellites by year-end to cover major markets in the US, Europe, and Japan.

The company's been pulling in serious contracts too. They've locked down deals with 50 mobile operators serving 3 billion subscribers globally, plus government contracts with the US Space Development Agency and Defense Innovation Unit. These aren't small-time partnerships.

Here's what caught my attention: AST SpaceMobile is fully funded now. They've got $2.8 billion in cash from last year, raised another $1 billion in February through convertible notes, and still have $80 million available under an equity facility. Management confirmed they can now manufacture and deploy up to 100 satellites without additional fundraising. Each satellite runs $21-23 million, so that's real capital backing real infrastructure.

Analysts are projecting $178 million in revenue this year, jumping to $805 million in 2027 and $2 billion by 2028, with profitability expected by 2028. The company's balance sheet is solid for a space venture.

Now, the reality check: the stock trades at 155 times this year's sales and 81 times projected 2028 earnings. That's not cheap. This isn't a pick for conservative investors—it's for people who believe in the space connectivity thesis and can handle the volatility that comes with it. Alphabet's massive position suggests institutional confidence, but execution risk is still real. Worth watching how the satellite deployment plays out over the next 12 months.