Starlink Competitor AST Soars After Confirming Satellite Launch

AST SpaceMobile Inc. jumped more than 50% to close at a record high after the satellite communication company confirmed an early September window for its inaugural commercial launch of a network in low-Earth orbit.

The Midland, Texas-based company is working with partners including AT&T Inc. and Verizon Communications Inc. on a plan to provide wireless service from space to regular consumer smartphones, a market also being targeted by SpaceX’s Starlink. The stock surge places AST SpaceMobile’s market value at more than $8 billion.