AST SpaceMobile (NASDAQ: ASTS) recently announced it was issuing $1 billion worth of convertible notes. But within the 8K announcing that deal, it also revealed that its "launch campaign is targeting approximately 45 of its BlueBird satellites ('BB satellites') in early 2027." That pushed out a key date, but should investors really worry about the company's long-term business prospects? Probably not, and here's why.

SpaceX is the big target

Space Exploration Technologies (NASDAQ: SPCX), which is also known as SpaceX, is the leading provider of satellite-based telecom services. So that's really the competitive target for AST SpaceMobile. At this point, AST SpaceMobile has proven its system works, but it hasn't launched enough satellites into orbit to get it fully up and running. The announced delay in launching satellites is a big deal.

In fact, the convertible bond capital raise actually highlights the problem. AST SpaceMobile is a money-losing start-up that will have to spend a lot more before it has any hope of profitability. There's a race against the clock here, and the longer it takes to launch the satellites, the more cash the company bleeds. SpaceX's Starlink service is already profitable, helping fund the company's investment in artificial intelligence (AI).

Everyone is gunning for SpaceX

However, there's an interesting difference between SpaceX and AST SpaceMobile. SpaceX is basically going it alone, building a closed-loop system that it controls. AST SpaceMobile's satellite network is specifically built to work with cellphones sold and supported by other telecom companies. It has partnerships with telecom providers worldwide, including U.S. industry giants such as Verizon (NYSE: VZ) and AT&T (NYSE: T), among others.

Every one of AST SpaceMobile's partners likely views SpaceX as a key competitor. In fact, SpaceX has increasingly been looking at wireless spectrum, which almost certainly means it is planning to compete head-to-head with AST SpaceMobile's partners. The best way to fight back is to start competing with SpaceX more directly, which partnering with AST SpaceMobile allows.

That helps support AST SpaceMobile's long-term investment thesis. Given the competition that the company's partners are seeing from SpaceX, they aren't likely to cut and run. It is far more likely that they will become increasingly inclined to support AST SpaceMobile's business growth. That may come as financial support, or simply as patience, given the uncertainty of launching satellites.

That uncertainty, in fact, is a notable issue. First, AST SpaceMobile has to build the satellites, a process that is expensive and difficult. Then it has to rely on another company to put them into orbit, which means it isn't in control of the launch process or its success. Sometimes things get delayed, and sometimes rocket launches fail. But AST SpaceMobile's partners are aware of these things and, given the likely competition they face from SpaceX, they are likely to be reasonable about delays AST SpaceMobile faces. And, when you look at the actual timing, the current plan is to have 45 satellites in orbit by February of 2027, which really isn't all that far away.

A huge long-term opportunity, if you are risk tolerant

Still, at the end of the day, AST SpaceMobile is a money-losing start-up. It is only appropriate for aggressive growth investors. However, if you think this stock could turn into a 10-bagger, the delay in launching satellites isn't likely to be material enough to kill your investment thesis. It may take a little longer for AST SpaceMobile to live up to your business development expectations, but with a long list of partners, it likely has ample time (and access to capital, if needed) to keep moving steadily forward.

Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.