AST SpaceMobile Inc., the company building the first space-based cellular broadband network, announced in its second quarter business update that it achieved space-based 4G LTE cellular broadband capabilities to everyday smartphones. This achievement allows for cellular speeds above 10 Mbps, which was confirmed during BlueWalker 3 testing alongside AT&T, Vodafone and Nokia, according to an Aug. 14 news release.
“AST SpaceMobile continues to make history. This quarter we achieved space-based 4G LTE cellular broadband capabilities to everyday smartphones, reaching speeds above 10 Mbps during BlueWalker 3 testing alongside AT&T, Vodafone and Nokia,” Abel Avellan, chairman and CEO of AST SpaceMobile, said in the release. “We are now laser-focused on the manufacturing of our BlueBird satellites. The first five satellites are fully-funded with a planned launch in Q1 2024 as we target to offer initial commercial service in 2024.”
AST SpaceMobile also received multiple indications of interest for strategic investments and continued commercial and regulatory progress during the second quarter of 2023, with more than 40 agreements with mobile network companies around the world, the release reported.
Additionally, they announced the full funding of its Block 1 BlueBird program, which is in full swing and ahead of its original launch date in the first quarter of 2024 at five commercial satellites, according to the release.
"On the back of the progress of our company technically, commercially and industrially, we have received multiple indications of interest for strategic investments with both equity-linked and non-dilutive commercial payments,” Scott Wisniewski, chief strategy officer of AST SpaceMobile, said in the release.
"This financing package is comprised of an up to $100 million Senior Secured Credit Facility and a $15 million Equipment-Backed Loan completed today, in addition to a $57 million previously announced common stock offering in June 2023 and $7 million raised under the ATM program during the second quarter of 2023,” Sean Wallace, chief financial officer of AST SpaceMobile, said in the release.
Founded in May 2017 in Midland, AST SpaceMobile is creating the world's sole global cellular broadband network in space. It functions directly with regular mobile devices, utilizing a comprehensive IP and patent collection, the release reported.
The company’s team of engineers and space scientists aim to remove connectivity gaps for the five billion current mobile subscribers and provide broadband to the billions who lack connection, according to the release.