AST SpaceMobile stock was falling sharply early Thursday. A poor couple of months for the satellite-broadband company was being compounded by the announcement of a convertible debt offering.

AST SpaceMobile said late Wednesday it would offer $1 billion of convertible senior notes due 2034 in a private offering to qualified institutional buyers. The interest rate, initial conversion rate, and other terms will be set at pricing.

The stock was down 11% at $58.83 in the premarket. Shares have fallen 27% in the past three months coming into Thursday's session, with space stocks having been particularly volatile in the run-up to and following the blockbuster listing of Elon Musk's SpaceX.

AST SpaceMobile is aiming to provide broadband-quality connections to mobile phones from space, with the intention of getting at least 45 satellites into orbit by the end of the year, the minimum required for a commercial service in northern latitudes. SpaceX's Starlink Mobile is promising a similar service to AST SpaceMobile by the end of next year.

Write to Adam Clark at adam.clark@barrons.com

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July 16, 2026 04:45 ET (08:45 GMT)

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