In short: Directly contradicts Singh's own short. Crossroads Capital: "the transition we laid out last quarter — from R&D-stage startup to operational scaleup — went from 'underway' to 'unmistakable'." The regulatory gate is cleared: "the FCC granted commercial authorization for SpaceMobile service in the United States, covering a network of up to 248 satellites," with pro-forma liquidity "near $3.7B as of June 30, 2026… more than enough to fund the constellation buildout… without going back to the capital markets." Manufacturing: "more than 500,000 square feet," a 400,000 sq ft Midland site announced, Micron phased arrays for 40 satellites complete, and "launch math has officially shifted from additive to multiplicative" now that BlueBirds 8-10 flew stacked on one Falcon 9 (12 operational, ~45 targeted in early 2027). Commercial: "over 60 MNOs covering over 3 billion subscribers," ground integration in 17 countries. Government: a $30M SDA prime contract on top of SHIELD, where "AST remains the only bidder on Earth with demonstrated capability." On the Blue Origin failure: "cleanly attributable to Blue Origin, not to AST… a ~$125 million write-off" partly insured. And the AT&T/T-Mobile/Verizon spectrum JV has "economics that we think run directly through AST."
This pitch argues the opposite of Jay Singh's own position. Singh is short AST SpaceMobile on valuation and execution risk; Crossroads Capital owns it and thinks the company has crossed from research project to operating business.
AST is building satellites that let an ordinary, unmodified mobile phone connect directly to space, so a normal handset works where there is no mast. The evidence Crossroads cites is procedural rather than promotional: American regulators have authorised commercial service for a network of up to 248 satellites, the company holds about $3.7 billion of cash — enough, they argue, to finish the constellation without asking investors for more — and manufacturing has passed 500,000 square feet with parts for forty satellites already built.
The change they consider decisive is how satellites get to orbit. Until recently AST launched one at a time; in June it flew three together on a single rocket, which they describe as launch maths shifting "from additive to multiplicative". Twelve are now in service, with about forty-five targeted by early 2027.
Commercially it has partnerships with more than sixty mobile operators covering over three billion subscribers, and a growing defence business where they claim AST is the only bidder on earth able to demonstrate the capability. On the failed launch that destroyed a satellite, their view is that the fault was the rocket provider's, the loss was about $125 million and partly insured, and nothing about it changed the plan.
Full passage: premium transcript (PDF).
In short: Still owns it; the explicit template for Merlin — he was long the warrants from day one of the SPAC deal; market cap went from ~$1bn at the deal to ~$40–50bn. Same dual-use pattern: military bankrolls first, the bigger commercial market comes later.
AST SpaceMobile is building satellites that act like cell towers in space, beaming signal straight to ordinary phones. Uzo still owns it and uses it as the blueprint for how he thinks about Merlin: he bought the warrants the day the SPAC deal was announced and rode it from a ~$1bn valuation to ~$40–50bn.
The lesson he draws is the "dual-use" pattern — the military and governments fund and de-risk the technology first, and the far bigger commercial market arrives later. It's the same shape he sees in Merlin, which is why he's willing to sit through the volatility for a potential many-times return.
In short: A component of the equal-weighted space-stock index (-32% avg from the 28-May peak, -12% Friday) — caught in the post-IPO buy-the-rumor-sell-the-fact / SpaceX-proxy rotation. Observational.
In short: New short candidate (a Discord-sourced thesis he'd reload on a bounce): ~$32B EV on $84M trailing sales = ~400× sales (~162× even on believed-2027 EBITDA). Takes full rocket risk via Blue Origin, whose New Glenn just exploded → 3–6 month launch delay; 90% of its $1B revenue target is uncontracted, and it wrote off a satellite at ~7× its marketed unit cost.
AST SpaceMobile wants to beam phone signal from satellites direct to ordinary handsets. The stock is valued at ~$32 billion against just $84 million of sales — about 400× revenue, even pricier than SpaceX and without the AI angle.
The bigger problem is execution: AST doesn't launch its own rockets — it relies on Blue Origin, whose New Glenn rocket just exploded and destroyed its only launch pad, forcing a 3–6 month delay. Worse, 90% of its advertised $1 billion revenue target isn't under contract, so customers can walk if launches slip, and it just wrote off a single satellite at about 7× the cost it had told investors. Singh sees it as a strong short, ideally added on any bounce, and a useful hedge against other space exposure.
Full passage: premium transcript (PDF).
In short: #3, +235.6% — a satellite network letting standard smartphones connect directly to space with no extra hardware. "In 2025, the company proved this idea works by making real two-way calls from space," with AT&T, Verizon, Vodafone and Rakuten as partners. The stated driver is belief rather than earnings: "As AST moved from testing to the early phase of commercial launches, confidence in future revenues grew quickly."
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