AST SpaceMobile vs. Intuitive Machines: Which Space Infrastructure Stock Is a Better Buy in 2026?
As the modern space race shifts from exploration to commercial infrastructure, investors are looking to the stars for growth. Choosing between AST SpaceMobile Inc (ASTS +0.92%) and Intuitive Machines Inc (LUNR +0.73%) requires weighing satellite cellular networks against lunar logistics.
ASTS & LUNR: Performance Comparison
Key Financial Metrics
ASTS – AST SpaceMobile
$58.98
+0.92% (+$0.54)
LUNR – Intuitive Machines
$12.34
+0.73% (+$0.09)
Market Cap
$17B
52wk Range
$36.08 – $133.86
Gross Margin
-22429.27%
P/E Ratio
-32.86
EPS (TTM)
$-1.78
Market Cap
$2.0B
52wk Range
$7.78 – $46.75
Gross Margin
4.91%
P/E Ratio
-14.05
EPS (TTM)
$-0.87
ASTS – AST SpaceMobile
$58.98
+0.92% (+$0.54)
Market Cap
$17B
52wk Range
$36.08 – $133.86
Gross Margin
-22429.27%
P/E Ratio
-32.86
EPS (TTM)
$-1.78
LUNR – Intuitive Machines
$12.34
+0.73% (+$0.09)
Market Cap
$2.0B
52wk Range
$7.78 – $46.75
Gross Margin
4.91%
P/E Ratio
-14.05
EPS (TTM)
$-0.87
AST SpaceMobile focuses on providing global broadband directly to everyday smartphones through a massive satellite constellation. Intuitive Machines provides the critical infrastructure and services needed for lunar exploration and national security missions. While both companies operate in the high-growth aerospace industry, they serve vastly different end markets and carry distinct financial profiles.
The case for AST SpaceMobile
AST SpaceMobile builds a space-based cellular network that connects directly to standard smartphones without specialized hardware. It partners with roughly 60 mobile network operators, including AT&T Inc (T +0.17%) and Verizon Communications (VZ +1.52%), to provide global coverage to nearly 3 billion subscribers. Customer concentration like this adds a layer of risk to the business, though these partnerships are central to its long-term scaling strategy.
In FY 2025, revenue reached approximately $70.9 million, a substantial jump from the $4.4 million reported in the prior fiscal year. The company reported a net loss of nearly $342 million for the period. While revenue growth is accelerating as the company begins its commercial rollout, profitability remains a distant goal during this build-out phase.
The current debt-to-equity ratio is roughly 1.2x, showing the company relies more on debt than equity to fund its operations. Free cash flow, which is cash flow from operations minus capital expenditures, was more than negative $1.1 billion for FY 2025, as the firm invested heavily in its proprietary manufacturing and launch capabilities.
The case for Intuitive Machines
Intuitive Machines provides spacecraft, network connectivity, and mission operations for a diverse mix of commercial and government clients. It plays a vital role among defense stocks and civil agencies by managing lunar landers and cislunar data relays. The company faces notable customer concentration, as a significant portion of its revenue is derived from government contracts, such as those with NASA. The company also serves defense customers and recently expanded its satellite manufacturing capabilities through the acquisition of Lanteris.
In FY 2025, revenue reached approximately $210.1 million, down from previous years (sales were $228 million in 2024). The company reported a net loss of nearly $83.3 million during this time, much narrower than 2024’s net loss of $284 million.
As of the December 2025 balance sheet, the debt-to-equity ratio is approximately -0.5x, indicating that total liabilities exceed shareholders’ equity. Free cash flow for FY 2025 was approximately $56 million negative, representing the cash remaining after paying for operations and capital assets.
Risk profile comparison
AST SpaceMobile faces significant risks related to its capital-intensive business model and the constant need for substantial liquidity. The company has a history of net losses and recently pursued a $1 billion convertible note offering in July 2026 to fund its operations. Success depends on the engineering performance of its satellites and its ability to compete against well-funded rivals like Space Exploration Technologies (SPCX -3.41%).
Intuitive Machines deals with high customer concentration, as a significant portion of its revenue comes from government agencies. Any shifts in federal budget priorities or program delays could materially harm its financial standing and project timelines. The company also faces integration risks from its aggressive acquisition strategy and the technical complexity inherent in landing spacecraft on the lunar surface.
Valuation comparison
Intuitive Machines appears to be the more conservatively valued stock based on its P/S ratio, which compares market value to total revenue. Intuitive Machines currently trades at a high multiple of future earnings estimates, a figure often expressed as the Forward P/E. AST Spacemobile does not have a forward P/E because it is not expected to turn a profit in fiscal 2027.
| Metric | AST SpaceMobile | Intuitive Machines |
|---|---|---|
| Forward P/E | n/a | 3,333x |
| P/S ratio | 188x | 4.7x |
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
AST SpaceMobile expects its space-based network to give it a significant business in a few years. Essentially, AST SpaceMobile is a direct-to-device play to provide full mobile phone compatibility for major carriers without the need for specialized equipment. Many of its potential clients are also equity holders in the company, including AT&T, Verizon, Vodafone (VOD -2.23%) , Alphabet Inc (GOOG +6.88%), American Tower (AMT -0.63%) , Bell Canada, Telus (TU -11.23%) , and Rakuten in Japan.
By the end of the year, the company should have 45 satellites, which will allow it to fully service the U.S., and that should start to supercharge revenue growth. For fiscal 2026, Wall Street sees $149 million in sales, jumping to $725 million the following year, when the company is projected to turn its first modest profit. Free cash flow looks to be much more manageable, with analysts expecting positive free cash flow in 2029.
Intuitive Machines, meanwhile, started fiscal 2026 with its strongest quarter in history, delivering record revenue of $187 million. Management says they have an order backlog of $1.1 billion, including $400 million in recent bookings in early 2026. NASA is moving toward a steady access to space flights and deliveries, too, which bodes well for the company’s longer-term sales. Revenue for fiscal 2026 is expected to more than quadruple to $952 million, with a narrower net loss of $66 million. Analysts expect the business to turn a profit for the first time in 2028.
Both AST Spacemobile and Intuitive Machines are exciting young businesses in a thrilling new market sector: space infrastructure. With both a year or two away from profitability, price-to-sales is the best metric to get a promising stock at a good price. That means Intuitive Machines, with its quite reasonable forward P/S ratio of 4.7x, gets the nod for 2026.