Verizon and AT&T are both investing heavily with AST SpaceMobile in a bid to challenge Elon Musk’s SpaceX.
Verizon Communications Inc. said it will invest $100 million in a partnership with the satellite communications company AST SpaceMobile to provide wireless connectivity from space. AST SpaceMobile shares surged as much as 46% after Verizon Communications Inc. said it will invest $100 million in a partnership with the satellite communications company to provide wireless connectivity from space.
The partnership marks a rare move for Verizon and AT&T, as the two join forces with the same aerospace company in a bid to challenge Elon Musk’s SpaceX. Musk’s company announced a similar agreement with T-Mobile US Inc. in 2022. “This partnership will enhance cellular connectivity in the United States, essentially eliminating dead zones and empowering remote areas of the country with space-based connectivity,” Abel Avellan, founder and chief executive officer of AST, said in a statement.
AST is one of a handful of companies trying to use low-orbiting satellites to provide connectivity to regular consumers via smartphones, a market often referred to as “direct-to-cell.”
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