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B. Riley upgraded AST SpaceMobile stock today. As a SpaceX competitor, AST SpaceMobile is a compelling investment option for space stock enthusiasts.

Archer Aviation is moving toward the commercialization of its electric vertical takeoff and landing aircraft with significant support from major aerospace and automotive partners. AST SpaceMobile is building a space-based cellular broadband network designed to eliminate global dead zones by connecting directly to existing smartphones.

SpaceX dominates the global launch market while rapidly scaling its Starlink satellite internet subscriber base. AST SpaceMobile is developing a unique space-based cellular network that connects standard smartphones directly to satellites.

Space stocks are being battered this week, and AST SpaceMobile NASDAQ: ASTS is no exception. Shares of the Midland, Texas-based company have plummeted more than 18% since the market closed on Wednesday, July 15, and the principal culprit seems to be souring investor sentiment in that corner of the market.

AST SpaceMobile has dropped nearly 60%, but dilution was only the catalyst after weakening sentiment, execution concerns, and an unsustainably rich valuation. Nearly 60 global carriers have committed over $1.2 billion, providing access to more than 3 billion subscribers worldwide. Consensus expects revenue to grow from $170 million in 2026 to $2.84 billion by 2029, rapidly compressing valuation multiples.