AST SpaceMobile, a company focused on satellite-to-mobile connectivity, saw its stock plummet more than 10% in pre-market trading on Friday, May 29, 2026. This sharp decline followed an impressive run of 11 consecutive days of gains, during which the company's stock had soared by 82% and added approximately $17 billion to its market capitalization.

The downturn brought AST SpaceMobile's total market capitalization to around $39 billion. Just two days prior, on May 27, 2026, shares had traded near $129, hitting a 52-week high of $131.20. By the close of trading on May 28, the stock stood at $133, only to drop to $119 in early trading on May 29, signaling a significant reversal for investors who had benefited from the recent surge.

Several factors converged to trigger this sudden slide, rather than a single isolated event. A major contributor was the cooling enthusiasm surrounding the highly anticipated initial public offering (IPO) of SpaceX. Reports indicated that SpaceX's projected valuation for its IPO, expected to launch as early as June 12, 2026, came in at approximately $1.8 trillion. This figure was reportedly