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Key Points
SpaceX's high valuation centers around expectations of significant future growth in the years ahead.
AST SpaceMobile isn't nearly as big, but analysts expect its sales to grow at a more impressive rate in the next few years.
Both stocks, however, trade at rich valuations.
Space Exploration Technologies Corp (NASDAQ: SPCX), more commonly referred to as just SpaceX, is easily the most valuable space stock in the world, with a market cap of $1.6 trillion. Many investors are willing to look past its high valuation due to expectations of significant growth in the years ahead.
But what might surprise you is that in the next couple of years, there's a space stock that analysts expect will actually grow at a faster rate than SpaceX, and that's AST SpaceMobile (NASDAQ: ASTS).
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AST SpaceMobile is much smaller but growing at an extremely fast rate
Last year, SpaceX reported nearly $19 billion in revenue, while AST SpaceMobile generated just under $71 million. Unlike SpaceX, which has a broad business focused on rockets, artificial intelligence (AI), and telecom, AST SpaceMobile is focused on creating a global space-based broadband network.
Its scope is much smaller, but its growth is expected to pick up significantly. According to LSEG data, analysts expect AST SpaceMobile's revenue to reach nearly $2 billion by 2028, up from $166 million this year, which translates into a compounded annual growth rate (CAGR) of around 246%. SpaceX, by comparison, is expected to average a CAGR of nearly 69% over the next couple of years, with its revenue projected to total more than $103 billion in 2028.
Both stocks are expensive, risky buys
AST SpaceMobile may be expected to rise at a far faster rate than SpaceX, but that doesn't necessarily make it a better buy. At a market cap of around $23 billion, investors are still paying a big premium for the business, as that valuation translates into a price-to-sales (P/S) multiple of nearly 190. SpaceX, by comparison, trades at about 80 times revenue. While neither stock is cheap, SpaceX is more attractively valued based on its revenue.
The danger of investing in either one of these stocks is that they can be highly volatile and speculative, as their valuations depend more on future expectations than on what they have achieved thus far.
SpaceX has been struggling recently despite a strong rally out of the gate, and has now dipped below its IPO price. Shares of AST SpaceMobile are down about 20% thus far in 2026, as investors may be having second thoughts about its valuation. Both stocks, while they do have some promising upside, also have plenty of room to fall further. Investors should tread carefully with them.
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David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile. The Motley Fool has a disclosure policy.
